1.4 Behavioural economics and economic policy Flashcards
1
Q
What is choice architecture?
A
A framework setting out different ways in which choices can be presented to consumers, and the impact of that presentation on consumer decision making
2
Q
What is default choice?
A
An option that is selected automatically unless an alternative is specified
3
Q
What are mandated choices?
A
People are required by law to make a decision
4
Q
What is framing?
A
How something is presented can influence your decision making
5
Q
What is restricted choice?
A
Offering people a limited number of choices so that they are not overwhelmed by the situation
