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» Applying behavioural insights to regulated markets | The Behavioural Insights Team

See on Scoop.itBounded Rationality and Beyond

It’s clear that regulated markets are not currently delivering the best outcomes for UK consumers. In the UK, we are collectively overpaying for mobile phone contracts by £355 million a year and almost 9.5 million households would be able to save over £300 each year by switching energy provider. In last week’s Queen’s Speech, the Government outlined its plans to bring forward a Better Markets Bill, to ‘open up markets, boost competition, give consumers more power and choice and make economic regulators work better.’ Here at the Behavioural Insights Team, we have been grappling with these issues over the past five years, and today we are publishing our latest, and most comprehensive, report covering this area: Applying behavioural insights to regulated markets, commissioned by Citizens Advice. In the report we set out a new vision, arguing that placing behavioural insights at the heart of regulation will reap significant benefits for consumers. Behavioural science offers both explanations for, and solutions to, behaviour that leads to consumers paying more than they need to and sticking with suppliers even when there are better deals and higher customer satisfaction elsewhere in the market. UK regulators are increasingly incorporating behavioural science into their approach, indeed the FCA has its own Behavioural Economics and Data Science Unit. However, we believe there are real opportunities to build upon the foundations already laid.

See on behaviouralinsights.co.uk



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