Behavioral Economics Policy Impact and Future Directions (2023) / Chapter Skim
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While economists continue to consider behavioral influences in their work, behavioral economics is a narrower field that draws on insights from the behavioral sciences; often builds on those insights; and, most important, incorporates those insights into economic models of human behavior.
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The committee was charged to review evidence about the application of behavioral economics to key public policy objectives in a range of domains and synthesize what has been learned from this body of work, to suggest guiding principles for future work and applications, and to offer direction for future research. To carry out its charge, the committee explored the history and theoretical foundation of the field and the available research in six public policy domains: health, retirement benefits, social safety net benefits, climate change, education, and criminal justice.
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The committee applied these five core principles in our examination of research in the six selected policy domains and reached two conclusions. Conclusion 11-1: Core principles of behavioral economics have been tested repeatedly across six domains -- health, retirement benefits, social safety net benefits, climate change, education, and (to a lesser extent)
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The research demonstrating positive effects for behavioral economics interventions typically shows modest effect sizes. However, as is particularly evident in the work on climate change -- a challenge of unmeasurable magnitude -- the application of combinations of individually modest interventions can cumulatively bring important changes and benefits for relatively little cost.
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Despite strong evidence across domains and contexts that intervention strategies based on behavioral economics can have significant effects on important policy objectives, it is challenging to apply this evidence beyond the scale and setting of a focused research study. A substantial number of individual studies of interventions have been carried out across the six domains we explored, but far fewer studies have followed up promising results with replication studies and systematic efforts at scale.
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Specific changes in the way behavioral economics research is typically funded and conducted will strengthen the field. Recommendation 12-1: Researchers, funders of research, university leaders, and journal editors in behavioral economics should take steps to support the replicability and generalizability of behavioral econom ics research, more fully acknowledge publication bias and take steps to detect its presence, and counter publication bias using a variety of approaches.
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