Economic regulators have woken up to the potential of new behavioural techniques – it’s now commonplace to hear the mantra that consumers should be able to “access, assess, and act” when taking decisions. However, Frontier have found that this may not accurately describe how consumers really behave.
Frontier’s latest bulletin explains that in order to get the best out of behavioural economics, regulators need to break their own deeply ingrained habit of supposing that consumer decision-taking should always be rational: in addition to helping consumers do the “three As” regulators need to think about B – how consumers actually behave when taking decisions.
Frontier regularly advises clients in a range of regulated sectors on behavioural economics.
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