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CPE
(Centre for Public Economics) > Events
Events
2011 Events
CSC Behavioural Economics Symposium &
Book Launch on “Behavioural Economics and Policy Design: Examples from Singapore"
November 9, 2011 | 0925 - 1215 hours
Auditorium, Civil Service College
Much of modern economics is based on the assumption of rational and utility-maximising agents who have perfect information and unlimited motivation in pursuing their goals. However, on an everyday basis, individuals frequently make choices and behave in very different ways. Many of us eat foods we know are unhealthy; invest based on hunches and rumours; care more about relative gains and losses than absolute ones; and disregard the future far more than we should.
Behavioural economics is a growing field of research that draws on insights from cognitive psychology and the behavioural sciences. It seeks to explain phenomena such as the above, and in so doing, develop more realistic models of how people think and make economic decisions. Bestselling books in recent years such as Richard Thaler and Cass Sunstein’s “Nudge: Improving Decisions about Health, Wealth and Happiness” and Dan Ariely’s “Predictably Irrational: The Hidden Forces that Shape Our Decisions” demonstrate how behavioural and cognitive factors are at play in a broad range of situations, from savings to healthcare, advertising, transport and climate change.
While some scholars believe that behavioural economics provides a useful complement to the dominant “rational actor” paradigm, others believe that it represents a fundamental challenge to the idea of Homo Economicus, and that economic predictions and policies that assume rational agency can go dangerously wrong. In the wake of the 2007-9 financial crisis, it is even more important that policymakers design incentives and regulations that accommodate how people actually choose and behave, rather than how they should if they were fully rational.
What are the cognitive and behavioural factors that influence our decision-making? Why do people ignore important information that can help them make better decisions? What are the implications for the effective design of public policy in Singapore? And how can governments and policymakers attempt to overcome these cognitive and psychological biases themselves? This Behavioural Economics Symposium convenes policymakers, authors and experts to discuss these salient questions and topics.
CSC’s new book on “Behavioural Economics and Policy Design: Examples from Singapore”, edited by Donald Low, will be launched at this Symposium.
Highlights of the Symposium
| Welcome Address by Dean and CEO, Civil Service College |
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Lionel Yeo
Dean and CEO, Civil Service College |
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Welcome Address |
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| Opening Address by Guest of Honour |
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Ravi Menon
Managing Director, Monetary Authority of Singapore |
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Opening Speech
Click here to view Video |
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| Lecture on “Wilful Blindness: Implications and Lessons for Policymakers” |
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Margaret Heffernan
Author of “Wilful Blindness: Why We Ignore the Obvious at Our Peril” |
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Presentation Slides
Click here to view Video |
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| Speech on “Biases and Heuristics in Policymaking: From Behavioural Economics to Behavioural Political Economics” |
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Donald Low
Editor of “Behavioural Economics and Policy Design: Examples from Singapore” and
Vice President, Economic Society of Singapore |
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Presentation Slides
Click here to view Video |
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| Our Panelists |
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Margaret Heffernan |
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Donald Low |
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Thia Jang Ping
Director, Economics Division, Ministry of Trade and Industry and
Head, Centre for Public Economics, Civil Service College |
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| Our Moderator |
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David Skilling
Director of Landfall Strategy and CSC Fellow |
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