“Small Miracles” — Behavioral Insights to Improve Development Policy: The World Development Report 2015

Abstract

Rational actor models dominate much modern economic thinking. But rational choice theory cannot explain the striking effects of the policies discussed in the World Bank’s latest World Development Report (World Bank Group 2015). In his review of the report in The New York Times , David Brooks celebrates the behavioral approach to development because it creates opportunities for policy interventions that produce “small miracles” from the perspective of traditional economics. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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