Behavioural Economics and Policy Design: Examples from Singapore - Hardcover

This book is a treasure trove of cases in the application of behavioural economics in Singapore and shows how policymakers may not always get it right at first but are always learning and adapting to do better the next time. -- Ravi Menon "Managing Director, Monetary Authority of Singapore" This stimulating book clearly describes the relevance of the behavioural economics perspective to important policy debates and demonstrates the value that it adds to policy design and outcomes. Policymakers around the world will learn a lot from the real world policy applications described in the book. -- Dr David Skilling "Director, Landfall Strategy Group, Fellow of the Civil Service College, Singapore" This book is a succinct collection and articulation of behavioural economics applied in public policy. It is also one of the best primers on the subject and an essential read for all government and business leaders. -- Samuel M Lam "President, Linkage Asia" This book will provide a springboard for future collaborations between researchers and policymakers in the Singapore Civil Service, and it is a 'must read' for anyone interested in Singapore's public policies. -- Professor David Chan "Director of Behavioural Sciences Institute, Singapore Management University" This book gives many examples of how the design of public policies in Singapore integrated classical economic principles with the emerging insights from behavioural economics. The synthesis of economic and psychological approaches exemplifies Singapore's purposeful experimentation and innovation in public policy. -- Professor Neo Boon Siong "Nanyang Business School, NTU, lead author of the best-selling book, Dynamic Governance"

Analysts of government have frequently noted how Singapore's policies are grounded in rigorous economics thinking. Policies are designed to be economically efficient even if they are not always popular. This pioneering book takes a different approach. It aims to demonstrate how successful policies in Singapore have integrated conventional economic principles with insights from the emerging field of behavioural economics even before the latter became popular. Using examples from various policy domains, it shows how good policy design often requires a synthesis of insights from economics and psychology. Policies should not only be compatible with economic incentives, but should also be sensitive to the cognitive abilities, limitations and biases of citizens. Written by policy practitioners in the Singapore government, this book is an important introduction to how behavioural economics and the findings from cognitive psychology can be intelligently applied to the design of public policies. As one of the few books written on the subject, it promises to stimulate wider interest in the subject among researchers, policymakers and anyone interested in the design of effective public policies.