The Behavioural Turn in Consumer Policy: Perspectives and Clarifications

Abstract

In this article, we critically discuss the potential of the new behavioural turn in consumer policy. Although, we welcome this revolution, we also claim that misguided expectations may be dangerous. We focus on methodological and normative aspects, which are not sufficiently discussed in the policy domain, in particular on the lessons that can be learned from randomized control trials and the normative side of the intervention. Some implications for consumer policies are drawn, proposing a new taxonomy of interventions.

Keywords: counterfactualism, behavioural economics, normative criteria.

JEL Classification: C9, D2, D60