Regulators are waking up to the power of behavioural economics to understand markets, assess competition and improve consumer outcomes. Is it a passing fad or will it replace traditional economics? This article argues for a middle way – that behavioural economics is a valuable new arrow in the quiver of a modern telecoms regulator, one that complements and brings out the best from traditional regulatory frameworks.
Behavioural economics is the incorporation of psychological insights into economics – a process that has been underway for a long time. Behavioural insights can complement the traditional economic understanding of markets and add to the telecoms regulator’s toolbox.
Behavioural economics is becoming popular because it promises to improve competition and consumer outcomes. But as TIM HOGG asks, is it a paradigm shift, a passing fad - or somewhere in between?
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