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Behavioural patterns that explain aspects of political economy
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Behavioural patterns that explain aspects of political economy

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  • 1. Source: Adapted from MINDSPACE: Influencing behaviour through public policy, Cabinet Office and Institute for Government Citizens’ preferences often diverge from economically “perfect rationality” Known preference patterns (“cognitive shortcuts”) that diverge from “perfect rationality” Loss aversion Placing much more importance on avoiding losses than securing gains Availability bias Being overly concerned about unlikely, but memorable or vivid, events Anchoring Being heavily influenced by your starting point (e.g., sense of entitlement) Short-termism Preferring small, immediate rewards to larger, more distant ones Inertia Putting off decisions involving complexity, self-doubt or inconvenience