A University of Stirling economist has highlighted how behavioural economics can be used to improve decision-making, during a TEDx talk.
Dr Conny Wollbrant, director of the Behavioural Science Centre at the University, was invited to speak at a mini conference in Glasgow, on 'The myth of rationality'.
His talk, 'How small nudges can lead to better decisions', explored how insights from behavioural economics can be used to improve decision making - both on an individual and society-wide level.
In economics, the 'rational choice' model is used to predict behaviour. Behavioural economics, however, has shown that people deviate from this rational model in their decision making, not only in single instances, but systematically.
Behavioural economists use this understanding of human behaviour to create nudges – a method of changing behaviour in a predictable way by changing the choice environment.
The event, which was organised by the University of Glasgow, was part of the TEDx programme - local, self-organised events that bring people together to share a TED-like experience.