Peer review, psychology and the economy

Question 1

What is a peer review?

Answer 1

Peer review is the final stage of psychological research. This is the point at which research findings are subject to scrutiny from a panel of specialists (usually from the British Psychological Society).

Once the peer review has been completed, the research can
become part of a journal, published in textbooks, or discussed at conferences.

Question 2

On average, what does absence from work cost the British Economy?

Answer 2

£15 billion

Question 3

Which three mental health issues are responsible for a third of all time off work?

Answer 3

Depression, anxiety and stress

Question 4

How many work days are lost (on average) each year by a person suffering with stress, anxiety and depression?

Answer 4

24

Question 5

What percentage of mothers are in full time employment?

Answer 5

29%

Question 6

Psychology and the economy: the nudge unit?

Answer 6

The Behavioural Insights Team (the Nudge Unit) is a government organisation set up to apply behavioural economics to try and improve economic policy and to save the UK government money.

By employing tactics from behavioural Psychology, the government can increase payments for things such as tax and vehicle offences, encourage people to join government schemes, and reduce financial waste.

Question 7

What are some examples of the Nudge units work?

Answer 7

Drawing the attention of those who fail to pay Vehicle Excise Duty

BIT implemented a trial that included adding picture of the offending vehicle in the letters sent to non-payers of Vehicle Excise Duty that lead to an increase of the payment rates from 40% to 49%.

Using social norms to increase tax payments

BIT tested whether adding a notice that most people pay their taxes on time to the letters sent from HM Revenue and Customs would have effect on the payments made by those receiving the message. Trials increased payment rates significantly.