Can we be guided to 'better' decision making? and should we... In this episode of the Marginal Babble Podcast, I sit down with Dr Jingnan (Cecilia) Chen to discuss behavioural nudges, how they can be used to guide our decision making and the ethical questions they pose. Dr Chen has a PhD in Economics from George Mason University, and her research focuses on Behavioural Economics and Game Theory. As ever referenced research material is included below. Enjoy! Timestamps: 00:00 Opening 00:30 Introduction 01:12 What is a ''Nudge"? 02:01 Examples of Nudges 03:59 Ethics of Nudge Use 08:01 "When a nudge is (not) enough" Research Discussion 16:56 What is a Prisoners Dilemma? 20:21 Prisoners Dilemma in the Research 24:35 Takeaways from the Study 29:35 Is the use of Students Compromising Scientific Research? 31:43 Governmental Use of Nudges 34:28 Are Nudges Cost-Effective? 38:39 Should Nudge Use Be Regulated? 40:24 Subscription Auto-Renewals 45:52 What Behavioural Economics Research Should Be Conducted in the Future? 48:55 Cecilia's Other Research 50:23 Outro Dr Cecilia Chen: https://business-school.exeter.ac.uk/people/profile/index.php?web_id=Cecilia_Chen References: 1) When Choice is Demotivating: Can One Desire Too Much of a Good Thing?, Iyengar & Lepper, 2000 https://faculty.washington.edu/jdb/345/345%20Articles/Iyengar%20%26%20Lepper%20(2000).pdf 2) The meaning of default options for potential organ donors, Davidai et al, 2012 https://www.pnas.org/doi/10.1073/pnas.1211695109 3) How to Spot—and Avoid—Dark Patterns on the Web, Eric Ravenscraft, 2020 https://www.wired.com/story/how-to-spot-avoid-dark-patterns/ 4) When a nudge is (not) enough: Experiments on social information and incentives, Jingnan (Cecilia) Chen et al, 2021 https://www.sciencedirect.com/science/article/abs/pii/S0014292121000647 5) Prisoner’s Dilemma, CFI, 2023 https://corporatefinanceinstitute.com/resources/economics/prisoners-dilemma/ 6) Pareto Efficiency, Game Theory 101, 2023 https://gametheory101.com/courses/game-theory-101/pareto-efficiency/ 7) Sustainable Development of the Ocean Economy! | Marginal Babble Ep.11 with Dr Ethan Addicott, Marginal Babble Podcast, 2023 https://youtu.be/hrGOEvdgOfU 8) “Nudge Unit”, Jill Rutter, 2020 https://www.instituteforgovernment.org.uk/article/explainer/nudge-unit 9) Behavioural Economics - What is Loss Aversion?, tutor2u.com, 2023 https://www.tutor2u.net/economics/reference/behavioural-economics-loss-aversion 10) How Much Choice is Too Much? Contributions to 401(k) Retirement Plans, Iyengar et al, 2004 https://academic.oup.com/book/36222/chapter-abstract/315665311?redirectedFrom=fulltext&login=false 11) Axioms of Consumer Preference and Theory of Choice, David Autor, 2010 https://dspace.mit.edu/bitstream/handle/1721.1/109484/14-03-fall-2010/contents/lecture-notes/MIT14_03F10_lec03.pdf 12) The Prize in Economic Sciences 2017, nobelprize.org, 2023 https://www.nobelprize.org/prizes/economic-sciences/2017/popular-information/ 13) Subscription Businesses Are Booming. Here’s How to Value Them, McCarthy & Fader, 2017 https://hbr.org/2017/12/subscription-businesses-are-booming-heres-how-to-value-them 14) She uncovered key drivers of gender differences in the labour market, nobelprize.org, 2023 https://www.nobelprize.org/prizes/economic-sciences/2023/press-release/ 15) How Much Will Climate Change Reduce Productivity in a High-Technology Supply Chain? Evidence from Silicon Wafer Manufacturing, Chen et al, 2023 https://link.springer.com/article/10.1007/s10640-023-00803-4 Socials: Tiktok: https://www.tiktok.com/@marginalbabble Instagram: https://www.instagram.com/maxdorey96/ Twitter: https://twitter.com/MaxDorey1 LinkedIn: https://www.linkedin.com/in/maxwell-dorey-7958a4128/