In June 2008 the Social Marketing Foundation (SMF) published a report highlighting the potential of behavioural economics to help policymakers analyse problems associated with consumer behaviour and find policy solutions and interventions to tackle them.
It does so by examining behavioural change theory from an economic perspective and focuses on three key drivers of behaviours: external factors (the financial and effort costs well known by policymakers), internal factors (habits and cognitive processes) and social factors (societal norms and cultural attitudes).
The study looks at a wide range of examples from across the international public policy spectrum to better understand the drivers behind people's choices and behaviour, and distills the messages into a tool for policymakers to improve the future development and design of policy solutions.
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