Advanced counter-biasing / Jeffrey Carpenter (Middlebury College and IZA), Kevin Benscheidt (Middlebury College) ; IZA Institute of Labor Economics
VerfasserCarpenter, Jeffrey P. In der Gemeinsamen Normdatei der DNB nachschlagen ; Benscheidt, Kevin
KörperschaftForschungsinstitut zur Zukunft der Arbeit In der Gemeinsamen Normdatei der DNB nachschlagen
ErschienenBonn, Germany : IZA Institute of Labor Economics, March 2019
Elektronische Ressource
Umfang1 Online-Ressource (28 Seiten) : Diagramme
SerieDiscussion paper ; no. 12253
URNurn:nbn:de:hbz:5:2-185812 Persistent Identifier (URN)
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Advanced counter-biasing [0.82 mb]
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Zusammenfassung (Englisch)

Viewed through the lens of the prominent two-system model of decision making, behavioral economics is seen as studying the tension between impulses (System 1) and rationality (System 2). In this context, two strategies, "de-biasing" informing agents of their biases and "counter-biasing" using "nudges" to activate biases to positively influence choice, have improved the welfare of behavioral agents. We advance the notion of counterbiasing by demonstrating that one bias (present bias) can be pit against another (choking at high stakes) to counteract the ill effects of the second. Our results demonstrate the potential of counter-biasing as an effective policy tool.