INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016
Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI)
Traditional economic models have long operated under the premise of rational decision-making by individuals consequently overlooking the complex interplay of human psychology in decision-making processes. On the other hand, behavioural economics, takes into consideration heuristics, biases, as well as the effective use of nudges. This research paper explores the extent to which behavioural economics is able to challenge the long-standing assumption of rationality in the context of policy design and implementation. The aforementioned is facilitated by a comprehensive literature review of the foundations of rationality that presents itself in traditional economics and its models and theories, Following this, an introduction to behavioural economics is presented with a specific focus on highlighting its ability to acknowledge and further integrate psychological phenomena into economic analysis. The latter half of this paper delves into the practical application of behavioural economics in policy-making and implementation and also evaluates real-life examples wherein this framework has been effectively employed. The paper ultimately concludes that behavioural economics does challenge the assumption of rationality in policy design and implementation to a great extent, however, it does not represent a replacement for rationality altogether. Instead, policymakers may implement an integrated approach whereby the strengths of both principles are leveraged to achieve desired policy outcomes.
"Reevaluating Rationality: Exploring the Impact of Behavioral Economics on Policy Design and Implementation", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.8, Issue 9, page no.b120-b131, September-2023, Available :http://www.ijnrd.org/papers/IJNRD2309113.pdf
Downloads:
000118759
ISSN:
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016
An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator
Facebook Twitter Instagram LinkedIn