A Research Agenda for Economic Psychology
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A Research Agenda for Economic Psychology

Edited by Katharina Gangl and Erich Kirchler

This book presents state of the art reviews on classical and novel research fields in economic psychology. Internationally acknowledged experts and the next generation of younger researchers summarize the knowledge in their fields and outline promising avenues of future research. Chapters include fundamental as well as applied research topics such as the psychology of money, experience-based product design and the enhancement of financial capabilities. The book is targeted particularly towards researchers and advanced students looking to update their knowledge and refresh their thinking on future research developments.
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Chapter 7: The interplay between intrinsic motivation, financial incentives and nudges in sustainable consumption

Daniel Schwartz, Taciano L. Milfont and Denis Hilton

Abstract

In this chapter, the authors review and discuss the drivers that affect sustainable consumption by focusing on behavioural interventions employed in public policies by private organizations and governments. They differentiate interventions that may promote intrinsic (pro-environmental or prosocial) motivation from those that consider extrinsic factors, such as financial incentives and reputational motivation. They also discuss how policy tools, called nudges, can affect behaviour without a substantial change in the available choice set or its associated economic incentives. They find that the effect of providing financial incentives on sustainable consumption is mixed, and that financial incentives may mobilize non-economic drivers in a similar way to nudges. These considerations invite a closer examination of what is considered intrinsic motivation in the domain of sustainable consumption and how it should be measured, as well as how green financial incentives can be structured and framed in a way that favour nudging effects as well as purely economic price effects.

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