Nudge, nudge - behavioural economics has entered the mainstream

THE year 2017 may eventually turn out to be the year when behavioural economics entered the mainstream after a leading practitioner in the field won a Nobel Prize for his work. Behavioural economics is the study of how psychology affects the economic decision-making processes of individuals and institutions. Research in the field has led governments such as those in the UK and US to create teams of behavioural scientists to find ways to tweak citizens' behaviour to improve their welfare, for example, by helping more people enrol in retirement plans.

Throughout 2017, we asked experts in economics, psychology and other areas to address the power of this burgeoning field, as well as its potential for misuse.

One of the ways that behavioral scientists try to nudge people's behaviour is through "default" choices.