Which statement is correct, in relation to behavioural economics?

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Question restatement: Which statement is correct, in relation to behavioural economics?

Option a: 'Behavioural nudges involve imposing financial penalties on people who make the wrong decisions; and providing financial rewards for those who make the right decisions.' This is not accurate. Behavioural nudges typically steer people toward better decisions through subtle changes in choice architecture without forcing penalties or substantial financial incentives. The description in this option mischaracterizes nudges as punitive and financially reward-based, which is misleading about the core concept of nudging.

Option b: 'Behavioural economics theories are based around the assumption that human beings are motivated by psychological, social and emotional factors.' This aligns with the central idea of behavioural economics. It emphasizes that decisions are influenced by cognitive biases, social influences, emotions, and other non-quantitative factors, rather than assuming perfectly rational agents.

Option c: 'Behavioural economics theories are only ever used by firms, in order to influence customers to buy more.' This statement is too narrow and incorrect. While firms use behavioural insights in marketing and product design, behavioural economics as a field is also applied in public policy, healthcare, finance, education, and many other domains to improve outcomes, not solely to increase purchases.

Option d: 'Behavioural economics theories assume people are rational and will accurately weigh the costs and benefits of a choice.' This contradicts the core premise of behavioural economics, which critiques the assumption of full rationality and highlights systematic deviations from rational choice due to biases and heuristics.

Summary of reasoning across options: Option a misstates the nature of nudges by implying penalties and financial rewards are the primary mechanism, which conflicts with the subtle, non-coercive design of nudges. Option c overgeneralizes the domain of application, ignoring the broad use in policy and social programs beyond commercial contexts. Option d incorrectly asserts rationality as the baseline, whereas behavioural economics explicitly studies bounded rationality and deviations from it. Only option b accurately reflects the foundational view that psychological, social, and emotional factors shape economic behavior, which is a hallmark of behavioural economics.

Which statement is correct, in relation to behavioural economics?

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