A New Approach to Financial Policies and Regulations
Edited by Riccardo Viale, Shabnam Mousavi, Barbara Alemanni and Umberto Filotto
Chapter 3: A taxonomy of behavioural policies
Conventional economic theory has been the traditional base for public policymaking for many years; however, over the last decade a new behavioural movement has inspired interventions in several countries. In practice, policymakers have so far agreed on an array of policies often labelled as ‘behavioural policies’. The behavioural suffix in policy application is used to describe quite heterogeneous and diverse interventions. It is often unclear to which aspect of a policy formulation the term ‘behavioural’ refers, where practitioners, policy-makers and researchers often use or assume quite different definitions of the term ‘behavioural’. This chapter tries to put order on the different uses separating methods, insights and proper rules in particular in financial policymaking. The behavioural approach is not in antithesis with the conventional, rational approach but it represents a natural progression. Nudges and boosts, while distinct and somehow in contrast, are policy approaches ranging at the further end of this progression.
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