International Journal of Social Science & Economic Research
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Title:
KNOWLEDGE IS POWER: BEHAVIORAL ECONOMIC TOOLS FOR EMPOWERING CONSUMER DECISIONS

Authors:
Arsh Agarwal

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Arsh Agarwal
Modern School Barakhamba Road

MLA 8
Agarwal, Arsh. "KNOWLEDGE IS POWER: BEHAVIORAL ECONOMIC TOOLS FOR EMPOWERING CONSUMER DECISIONS." Int. j. of Social Science and Economic Research, vol. 6, no. 5, May 2021, pp. 1607-1613, doi.org/10.46609/IJSSER.2021.v06i05.018. Accessed May 2021.
APA 6
Agarwal, A. (2021, May). KNOWLEDGE IS POWER: BEHAVIORAL ECONOMIC TOOLS FOR EMPOWERING CONSUMER DECISIONS. Int. j. of Social Science and Economic Research, 6(5), 1607-1613. Retrieved from doi.org/10.46609/IJSSER.2021.v06i05.018
Chicago
Agarwal, Arsh. "KNOWLEDGE IS POWER: BEHAVIORAL ECONOMIC TOOLS FOR EMPOWERING CONSUMER DECISIONS." Int. j. of Social Science and Economic Research 6, no. 5 (May 2021), 1607-1613. Accessed May, 2021. doi.org/10.46609/IJSSER.2021.v06i05.018.

References

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Abstract:
The field of behavioral economics is being researched greatly, to understand the types of tools to influence consumer behavior in more positive and sustainable directions. It is apparent that individual choices and purchasing power have a great impact on the environment. An informed consumer base as well as a transparent manufacturing process is key to ensuring a sustainable and healthy economy. To remedy the situation of information asymmetry and ensure that both consumers and producers are acting in a sustainable manner, governments and stakeholders can collaborate to employ a myriad of behavioral economic tools. This paper aims to provide an overview of the various available tools and examine the theoretical foundations of behavioral economics. The paper then maps out the most effective tools to employ to encourage sustainable consumption, and provides the benefits, drawbacks and risks of employing different approaches. The paper then poses policy recommendations for the way forward to establish long term behavioral interventions to minimise risk and maximise transparency and impact.

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