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B. In part B of the chapter, the authors discuss “nudges” that have been proposed by...

B. In part B of the chapter, the authors discuss “nudges” that have been proposed by behavioral economists. Choose two nudges from among those suggested. Explain how they are supposed to work, and then offer your assessment on whether, based on the analysis presented in the book and the Instructor Comments, they would be a good or bad idea

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Answer #1

1. Nudge theory is a behavioural study where it includes study of the fluctuations of decision of a consumer with small suggestion or positive boost up.

2. Advantage would be improving the efficiency of resources and saving the government by encouraging necessary actions.

3. Disadvantage would be misusing them by selling products to consumers they don't need.

4. Displaying positive reviews after the app is an example of a nudge and other example would be special offers at a restaurant.

5. To properly use them, transparency and retaining choice with the consumer finally is a good way to implement.

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