Category: Applications of Nudges
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Applications of Nudges: Organ Donation
After looking at how nudges can be used to promote healthier lifestyles, we move on to organ donation – how can we maximise the number of people agreeing to donate organs while protecting the wishes of the donors and their families? The reason why organ donation is being considered separately to health is that the…
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Applications of Nudges: Health
After assessing how nudges can be used in the case study of retirement savings, we will now look at other applications, starting with health – how do we encourage people to live the healthiest lives possible without forcing any decisions upon them? One way in which nudges can be used to improve general health is…
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Retirement Savings Schemes: Investment Options Pt.2
In the previous article, we looked at some of the problems and mistakes that occur when evaluating and selecting the right investment fund. Now, we will look at solutions, seeing examples in countries like Sweden of what has worked (as well as what hasn’t!) The first method to resolve this problem is by encouraging people…
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Retirement Savings Schemes: Investment Options Pt.1
So far, we have observed how to get more people to sign up to effective savings programmes, and then make sure they save more than enough. However, while this money is being saved, there is no point in just letting them sit to gather dust – inflation will batter and devalue these savings over time.…
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Retirement Savings Schemes: Savings Rates Pt.2
In the previous article, we looked at some of the biases and heuristics that impacted the amount saved, and were introduced to the Save More Tomorrow programme (SMarT). Here, we will have a look at a few other issues and delve deeper into the SMarT programme, why it is effective and any drawbacks as well.…
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Retirement Savings Schemes: Savings Rates Pt.1
After assessing how to boost enrolment, we will now look at how much is actually saved. Now that we have people saving responsibly for their future, how do we get them to save as much as reasonably possible? Another issue is choosing how much is contributed, as the individual will have to take into account…
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Retirement Savings Schemes: Enrolment
There are three main stages in retirement savings schemes which require nudging. In this article, we will look at the first, enrolment – how do we maximise the number of people saving effectively? There is a multitude of problems that occur when employers and governments try to implement these schemes. Firstly, there is the issue…
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Retirement Savings Schemes: Intro
Now that we have explored what nudges are and the different heuristics and biases that make them necessary, we will look at different examples of where nudges can be applied and why they would be needed (i.e. the heuristics/biases that we are trying to counter). To begin this series of articles, we will be looking…
Economics 101 