Rebecca K. Ratner, Dilip Soman, Gal Zauberman, Dan Ariely, Ziv Carmon, Punam A. Keller, B. Kyu Kim, Fern Lin, Selin Malkoc, Deborah A. Small, Klaus Wertenbroch
Decision-making researchers have largely focused on showing errors and biases in consumers' decision-making processes without paying much attention to the social welfare and policy implications of these systematic behaviors. In this paper, we explore how findings and methods in behavioral decision research can be used to help consumers improve their decision making and enhance their well-being. We first review select findings in behavioral decision research to explain why consumers need help in decisions, and based on these findings, suggest various interventions that could be effective within the scope of libertarian paternalism. Ethics and effectiveness of the interventions are also discussed. © 2008 Springer Science+Business Media, LLC.
Robert H. Smith School of Business, University of Maryland, College Park, MD 20742, United States; Rotman School, University of Toronto, Toronto, ON M5S 3E6, Canada; Wharton School, University of Pennsylvania, Philadelphia, PA 19104, United States; Duke University, Durham, NC 27708, United States; INSEAD, Singapore, Singapore; Tuck School of Business, Dartmouth College, Hanover, NH 03755, United States; Olin Business School, Washington University in St. Louis, St. Louis, MO 63130, United States; INSEAD, Fontainebleau, France
