What is richard thaler behavioral economics theory upsc?
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Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical theory.
A nudge, as we will use the term, is any aspect of the choice architecture that alters people's behavior in a predictable way without forbidding any options or significantly changing their economic incentives.In this form, drawing on behavioral economics, the nudge is more generally applied to influence behaviour.
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