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Applying Behavioral Economics

Applying Behavioral Economics. Crystal C. Hall University of Washington Evans School of Public Affairs. Overview. Key insights from BE Examples of behavioral research in the field Small group exercises Large group discussion/questions. Behavioral Research: Some Themes. Use of heuristics

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Applying Behavioral Economics

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  1. Applying Behavioral Economics Crystal C. Hall University of Washington Evans School of Public Affairs

  2. Overview • Key insights from BE • Examples of behavioral research in the field • Small group exercises • Large group discussion/questions

  3. Behavioral Research: Some Themes • Use of heuristics • Loss aversion, status quo bias • Framing • Mental accounting, anchoring • Power of defaults/reminders • Cognitive priming • Social identity, self-affirmation(related to stereotype threat) • Channel factors matter! • Exploration of assumptions • Divergence between intentions and behaviors

  4. Some key steps • Fully understand the context and process • Identify key program goals (behaviors!) • Map the process • Design intervention/evaluation

  5. Defining the problem • Specific question/intervention/problem to address • Clearly defined by some behavior (or lack of) • Finding a critical moment!

  6. A “loose” agreement not ideal • Need accountability • Some resources

  7. Researcher/Practitioner Partnerships • Need capacity to effectively test interventions • Need specific problem/question

  8. Find critical moments! • This is most important! • What is a key decision point? • Avoid decisions that require frequent monitoring!

  9. Examples from the field…

  10. (Hernandez, 2010)

  11. Johnson & Goldstein, 2003

  12. Taking Information about EITC

  13. Thought experiment • Incentive program for voucher recipients • Financial match for savings pre-move • Similar to IDA programs • Assumption: individuals value this large windfall, motivated to relinquish voucher • Real preference(?): view losing voucher as a substantial loss, motivated to keep safety net

  14. Thought experiment • Loss aversion as a driver of behavior? (Kahneman & Tversky, 1979) • Experiments to test could explore: • Savings intention w/ different messaging • Reframing of this benefit • Cost of incorrect assumption • Poor marketing • Inappropriate counseling/support mechanisms • More financial instability?

  15. How to get started?

  16. Clearly define your question/behavior • Share experiences • Consider high impact opportunities

  17. Behavioral Research: Some Themes • Use of heuristics • Loss aversion, status quo bias • Framing • Mental accounting, anchoring • Power of defaults/reminders • Cognitive priming • Social identity, self-affirmation (related to stereotype threat) • Channel factors matter! • Divergence between intentions and behaviors

  18. What came up? • What part was most difficult? • What issues might you face in implementation • Staffing, cost, data management/analysis • Beneficial to work with a researcher?

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