This revision update looks at some of topical behavioural economics issues and examples of nudge interventions designed to change the behaviour or households, customers and businesses. Richard Thaler, the 2017 Nobel Prize winner states that “Behavioural economists ask questions mostly about the way people make economic choices/ judgments or the way particular financial systems (retirement plans, tax codes, etc.) affect those responses.” There is certainly no shortage of economic and social issues and problems to which elements of behavioural science might be applied. There is no unique model of behavioural economics but what is emerging is an approach that relies more on accumulating evidence using field experiments and then adopting a more rigorous cost-benefit assessment of the impact of different behavioural nudges.

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