2.4 Behavioural Economics and Economic Policy
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6 Terms
What is choice architecture
Refers to the design of decision environments, including how choices are presented, organised, and framed.
What is framing
Refers to the way choices are ways choices are worded or presented, which can affect individuals decisions
What is a nudge
A nudge is a subtle policy shift that encourages people to make decisions that are in their broad self interest without restricting their freedom of choice
What are default choices
Pre-set options that take effect if individuals do not make an active choice
What is restricted choice
Involves limiting the range of options available to simplify decision making
What is mandated choice
Mandated choice requires individuals to make an active decision rather than passively accepting a default
Note 
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