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How behavioral decision research can enhance consumer welfare: from freedom of choice to paternalistic intervention

Author: Carmon, Ziv ; Wertenbroch, Klaus ; Ratner, Rebecca K. ; Soman, Dilip ; Zauberman, Gal ; Ariely, Dan ; Keller, Punam A. ; Kim, B. Kyu ; Lin, Fern ; Malkoc, Selin ; Small, Deborah A.INSEAD Area: MarketingIn: Marketing Letters, vol. 19, no. 3-4, December 2008 Language: EnglishDescription: p. 383-397.Type of document: INSEAD ArticleNote: Please ask us for this itemAbstract: Decision-making researchers have largely focused on showing errors and biases in consumers' decision-making processes without paying much attention to the social welfare and policy implications of these systematic behaviors. In this paper, we explore how findings and methods in behavioral decision research can be used to help consumers improve their decision making and enhance their well-being. We first review select findings in behavioral decision research to explain why consumers need help in decisions, and based on these findings, suggest various interventions that could be effective within the scope of libertarian paternalism. Ethics and effectiveness of the interventions are also discussed
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Decision-making researchers have largely focused on showing errors and biases in consumers' decision-making processes without paying much attention to the social welfare and policy implications of these systematic behaviors. In this paper, we explore how findings and methods in behavioral decision research can be used to help consumers improve their decision making and enhance their well-being. We first review select findings in behavioral decision research to explain why consumers need help in decisions, and based on these findings, suggest various interventions that could be effective within the scope of libertarian paternalism. Ethics and effectiveness of the interventions are also discussed

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