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How behavioral decision research can enhance consumer welfare: From freedom of choice to paternalistic intervention |
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| Authors: | Rebecca K Ratner Dilip Soman Gal Zauberman Dan Ariely Ziv Carmon Punam A Keller B Kyu Kim Fern Lin Selin Malkoc Deborah A Small Klaus Wertenbroch |
| Institution: | 1. Robert H. Smith School of Business, University of Maryland, College Park, MD, 20742, USA 2. Rotman School, University of Toronto, Toronto, ON, M5S 3E6, Canada 3. Wharton School, University of Pennsylvania, Philadelphia, PA, 19104, USA 4. Duke University, Durham, NC, 27708, USA 5. INSEAD, Singapore, Singapore 6. Tuck School of Business, Dartmouth College, Hanover, NH, 03755, USA 7. Olin Business School, Washington University in St. Louis, St. Louis, MO, 63130, USA 8. INSEAD, Fontainebleau, France |
| Abstract: | 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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