Journal of Advances in Developmental Research

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Using Incentives in Behavioral Economics: A Meta-Analysis Evaluating How Financial vs. Social Nudges Change Consumer Behavior

Author(s) Archana Pandey
Country India
Abstract The paradigm of behavioural economics has brought about a revolution in terms of our understanding of the nature of consumer decisions. Classical economics assumes that consumers are rational individuals whose behavior is determined by price stimuli. However, reality shows us that consumer behavior is heavily determined by such non-economic factors as psychology and social norms. The current research will conduct a meta-analysis of scientific literature in behavioural economics, investigating which of two approaches is more efficient: using financial incentives and social nudges to impact consumer behavior. This paper aims at identifying under which conditions financial incentives outweigh social behavior or vice versa. The analysis of existing evidence shows that monetary incentives lead to significant initial results and relatively weak sustainability after removing the incentive. On the contrary, social nudges lead to weaker initial behavioural response and greater persistence. Cultural norms, socio-economic status, cognitive load, and other context variables determine the effectiveness of different kinds of behavioural policy. Thus, combining both types of incentives can be seen as the most efficient way of influencing consumer behavior.
Keywords Behavioural economics, nudges, incentives, consumer behavior, social norms, financial incentives, meta-analysis, public policy
Field Mathematics > Economy / Commerce
Published In Volume 11, Issue 2, July-December 2020
Published On 2020-11-06
Cite This Using Incentives in Behavioral Economics: A Meta-Analysis Evaluating How Financial vs. Social Nudges Change Consumer Behavior - Archana Pandey - IJAIDR Volume 11, Issue 2, July-December 2020.
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