Introduction
Behavioural economics is an interdisciplinary field that combines traditional economics with psychology and other social sciences to understand how people make economic decisions in real life. It is based on the idea that human beings do not always act completely rationally and that their decisions are influenced by a range of cognitive and emotional biases.
In the last decade, it has become a valuable tool for public policy making, offering insights to address a variety of social, economic, and environmental challenges. This is thanks to the recognition of people's irrationality, the design of incentives, the simplification of decision-making processes, the adaptability of strategies to societal preference and the adjustment of policies according to empirical evidence.
In this regard, the use of behavioural economics in policy design offers numerous benefits, such as increased policy effectiveness, greater equity and fairness, cost-effectiveness, greater transparency, and adaptability. By incorporating behavioural insights, policy makers can create more effective, equitable and sustainable policies that better meet society's needs.
Thus, by understanding and addressing human cognitive biases and limitations, public policy can be more effective in promoting desired outcomes, such as health, financial security, tax collection, environmental sustainability, education, gender equity, government transparency, among others.
In line with previous editions of the workshop, this activity will be a space to showcase best practices in this area, as well as a vehicle to train public officials on the usefulness of behavioural economics and its tools to achieve better public policies, through the exchange of experiences, the development of practical cases and the approach to local problems.
Objectives
- Understand the conceptual foundations of behavioural economics.
- Share best practices and experiences of public policies developed under a behavioural approach.
- Analyse the design of economic policies based on behavioural economics.
- Introduce the implementation of economic policies based on behavioural economics in the Colombian context.
- Develop project proposals to address local problems using a behavioural approach.
Event information
The IV Workshop on public policy instruments based on behavioural economics is organized by the Latin American and Caribbean Economic System (SELA) and the Inter-American Development Bank (IDB), through the Behavioural Economics Group.
• Date: 23 and 24 April 2024
• Modality: this workshop will be held in a hybrid format (face-to-face and virtual), under a theoretical-practical scheme.
Face-to-face: This workshop will take place, under a theoretical-practical scheme, in the Tayrona Room, located at Carrera 7 N 71-21, Torre B Piso 19. Edificio Avenida Chile, Bogotá, Colombia.
Virtual: Please register through the following link: https://bit.ly/49Ad3jq (only applies for sessions on 23/04/2024).
• Aimed at: The theoretical session is open to all. The practical session will be by invitation by the organisers, aimed at Colombian public officials in charge of the design and implementation of public policies in fiscal, financial and planning matters, at national and municipal level (limited places).
• Language: Spanish
Contacts
Coordination of Economic Recovery
Tel: +58 212 9557108/07
E-mail: recuperacion_economica@sela.org
Elisabet Torres
Analyst of Economic Recovery
Tel: +58 212 9557109
E-mail: etorres@sela.org
Agenda
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23 April 2024 |
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Moderator: Elisabet Torres, Analyst of Economic Recovery of the Latin American and Caribbean Economic System (SELA) |
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08:30-09:00 |
REGISTRATION |
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09:00-09:20 |
OPENING SESSION - WELCOMING REMARKS
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09:20 – 11:20 |
SESSION I. INTRODUCTION TO BEHAVIOURAL ECONOMICS Trainer: Julia Seither Afonso, Senior Lecturer in Economics at the Universidad del Rosario and Director of the Rosario Experimental and Behavioural Economics Lab (REBEL) and LACEA-BRAIN. Objective: Present the conceptual foundations of behavioural economics and its application to public policies. This session will answer the following questions:
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11:20 – 11:40 |
Coffee Break | Break time | Official group photo |
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11:40 – 12:40 |
SESSION II. BEST PRACTICES AND LESSONS LEARNED
Objective: Present successful cases of actions conducted in the region, their results, and the challenges they had to face in the design and implementation of the strategy based on behavioural economics. This will be a space for questions and answers. |
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12:40 – 13:40 |
Lunch |
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13:40 – 16:00 |
SESSION II (Cont.) BEST PRACTICES AND LESSONS LEARNED
Successful cases of interventions carried out in the region will be presented. It will be a space for questions and answers. |
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24 April 2024 (face-to-face only) |
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Moderator: Elisabet Torres, Analyst of Economic Recovery of the Latin American and Caribbean Economic System (SELA) |
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08:30-09:00 |
REGISTRATION |
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09:00-10:30 |
SESSION III. INTER-AMERICAN DEVELOPMENT BANK (IDB) METHODOLOGY Trainer: Lina Díaz, Economist specialising in behavioural issues. Objective: Introduce the implementation of public policies based on behavioural economics. In this session, the trainer will present the use of behavioural economics tools and the improvement of public management. |
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10:30 – 10:45 |
Coffee Break | Break time |
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10:45 – 12:00 |
SESSION IV. IMPLEMENTING THE INTER-AMERICAN DEVELOPMENT BANK (IDB) METHODOLOGY Trainer: Indhira Ramírez, Economist, member of the IDB Behavioural Economics Group. Objective: Introduce the implementation of public policies based on behavioural economics. In this session, participants will be able to interact in working groups by applying the behavioural economics tools to a given case study. Participants will be asked to develop project proposals using the methodological guide provided. |
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12:00 – 13:00 |
Lunch |
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11:15 – 13:30 |
SESSION IV (Cont.). IMPLEMENTING THE INTER-AMERICAN DEVELOPMENT BANK (IDB) METHODOLOGY The development of a proposal for a public policy intervention, using a behavioural approach, will be pursued. |
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13:30 – 15:00 |
Lunch |
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13:00 – 14:45 |
SESSION IV (Cont.). IMPLEMENTING THE INTER-AMERICAN DEVELOPMENT BANK (IDB) METHODOLOGY Trainers:
The development of a proposal for a public policy intervention, using a behavioural approach, will be pursued. |
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14:45-15:45 |
SESSION V. Presentation of proposals Objective:Present the proposals for strategies developed by the working groups to address a local problem, under a behavioural approach. |
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15:45 – 16:00 |
CLOSING SESSION |
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