This roundtable examined the policy implications of behavioural economics – a relatively new field that applies insights from psychology to economic issues and analysis. Participants discussed the contribution that behavioural economics can make to a broader understanding of people’s motivation and behaviour in markets and the implications for policy and regulatory approaches. Behavioural economics has particular relevance to consumer policy, and insights gained through the roundtable made a useful contribution to the Commission’s inquiry on Australia’s consumer policy framework.
The invitees included senior government officials, academics, consultants, journalists and representatives from consumer groups. Keynote presentations were given by Professor Eldar Shafir from Princeton University and Professor Bruno Frey from Zurich University.