Policymakers can learn from behavioural insights, says Norwegian paper
A working paper, published by Norges Bank on November 6, stresses the importance of considering behavioural economics in the formulation of economic policy.
The author, Steinar Holden, discusses the field's practical relevancy, for example the importance of fairness considerations when setting wages, and the need for pension schemes to counteract under-saving.
The vast uncertainty that exists about future trends and events, the author says, allows for large fluctuations in economic agents'
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