This document discusses behavioral economics concepts and policy interventions. It summarizes key concepts like loss aversion, default choices, and herd behavior. It then examines several policies using behavioral insights, including the UK sugar levy, auto-enrollment pensions, and presumed consent for organ donation. It evaluates whether nudges can significantly impact behaviors at scale and addresses potential unintended consequences and limitations of behavioral policies.
This document provides an introduction to key concepts in behavioural economics. It discusses how behavioural economics differs from traditional economics by acknowledging that people are not always rational decision-makers and can be influenced by biases. Some of the biases and concepts mentioned include loss aversion, anchoring effects, default biases, framing effects, availability heuristic, herd behaviour, and bounded rationality. The document also notes how behavioural economics draws on evidence from psychology and neuroscience to better understand human decision-making.
This document introduces concepts from behavioural economics, which challenges the assumption that people always make rational decisions. It discusses how social, emotional, and cognitive factors can influence choices. People have bounded rationality and use mental shortcuts like heuristics. Choices are affected by defaults, framing, norms, and biases. Behavioural economics aims to "nudge" better choices through approaches like changing defaults or using social norms, rather than mandates. However, some argue that nudges could be seen as paternalistic or that consumers are not as irrational as behavioral economics assumes.
This document introduces concepts from behavioural economics, including bounded rationality and heuristics. It discusses how social, emotional, and psychological factors can influence economic decisions in non-rational ways. Examples are given of how choice architecture, defaults, framing, and other cognitive biases shape choices. Behavioural economics aims to design "nudges" through subtle changes that guide people towards making beneficial decisions. However, some argue that nudging risks excessive paternalism or underestimating consumer rationality.
This presentation looks at behavioural nudges used by different businesses. Nudges are interventions that preserve freedom of choice but that nonetheless influence people’s decisions. Our decisions are often heavily affected by behavioural biases, instinctively we favour the default option
Choices are contextual and we are also deeply affected by social norms.
The document provides an introduction to key concepts in behavioural economics. It discusses how behavioural economics studies human psychology and decisions that sometimes diverge from rational self-interest. It outlines several cognitive biases and phenomena like loss aversion, status quo bias, herd behavior, framing effects, and anchoring. The document also contrasts the traditional economic assumptions of homo economicus with a more psychologically accurate perspective of real human behavior.
The document discusses market failures and government interventions to address them. It provides examples of market failures such as pollution, traffic congestion, and underprovision of public goods. It also lists government policy tools like taxes, subsidies, and regulations that can be used to correct market failures and achieve more efficient resource allocation.
The document discusses various types of maximum prices or price caps that governments may implement, including caps on housing rents, energy prices, CEO pay, mobile roaming charges, and interest rates charged by payday lenders. It analyzes the effects of price caps using supply and demand diagrams, noting they may result in shortages if set below the market equilibrium price. Price caps also risk unofficial "black market" prices emerging above the capped level. The document evaluates price caps in different markets, outlines potential benefits in terms of consumer welfare but also downsides like reduced profits and investment.
Market failures can occur in several ways, including underproduction or overproduction of goods, and when production or consumption affects third parties through externalities. This leads to inefficient allocation of resources.
Market failures are caused by imperfect knowledge, differentiated goods, immobile resources, market power, inability of the market to provide certain goods/services, and existence of external costs and benefits. Government intervention may be needed to address market failures through policies like regulation, taxes/subsidies, and altering property rights.
This document provides an introduction to key concepts in behavioural economics. It discusses how behavioural economics differs from traditional economics by acknowledging that people are not always rational decision-makers and can be influenced by biases. Some of the biases and concepts mentioned include loss aversion, anchoring effects, default biases, framing effects, availability heuristic, herd behaviour, and bounded rationality. The document also notes how behavioural economics draws on evidence from psychology and neuroscience to better understand human decision-making.
This document introduces concepts from behavioural economics, which challenges the assumption that people always make rational decisions. It discusses how social, emotional, and cognitive factors can influence choices. People have bounded rationality and use mental shortcuts like heuristics. Choices are affected by defaults, framing, norms, and biases. Behavioural economics aims to "nudge" better choices through approaches like changing defaults or using social norms, rather than mandates. However, some argue that nudges could be seen as paternalistic or that consumers are not as irrational as behavioral economics assumes.
This document introduces concepts from behavioural economics, including bounded rationality and heuristics. It discusses how social, emotional, and psychological factors can influence economic decisions in non-rational ways. Examples are given of how choice architecture, defaults, framing, and other cognitive biases shape choices. Behavioural economics aims to design "nudges" through subtle changes that guide people towards making beneficial decisions. However, some argue that nudging risks excessive paternalism or underestimating consumer rationality.
This presentation looks at behavioural nudges used by different businesses. Nudges are interventions that preserve freedom of choice but that nonetheless influence people’s decisions. Our decisions are often heavily affected by behavioural biases, instinctively we favour the default option
Choices are contextual and we are also deeply affected by social norms.
The document provides an introduction to key concepts in behavioural economics. It discusses how behavioural economics studies human psychology and decisions that sometimes diverge from rational self-interest. It outlines several cognitive biases and phenomena like loss aversion, status quo bias, herd behavior, framing effects, and anchoring. The document also contrasts the traditional economic assumptions of homo economicus with a more psychologically accurate perspective of real human behavior.
The document discusses market failures and government interventions to address them. It provides examples of market failures such as pollution, traffic congestion, and underprovision of public goods. It also lists government policy tools like taxes, subsidies, and regulations that can be used to correct market failures and achieve more efficient resource allocation.
The document discusses various types of maximum prices or price caps that governments may implement, including caps on housing rents, energy prices, CEO pay, mobile roaming charges, and interest rates charged by payday lenders. It analyzes the effects of price caps using supply and demand diagrams, noting they may result in shortages if set below the market equilibrium price. Price caps also risk unofficial "black market" prices emerging above the capped level. The document evaluates price caps in different markets, outlines potential benefits in terms of consumer welfare but also downsides like reduced profits and investment.
Market failures can occur in several ways, including underproduction or overproduction of goods, and when production or consumption affects third parties through externalities. This leads to inefficient allocation of resources.
Market failures are caused by imperfect knowledge, differentiated goods, immobile resources, market power, inability of the market to provide certain goods/services, and existence of external costs and benefits. Government intervention may be needed to address market failures through policies like regulation, taxes/subsidies, and altering property rights.
Download these notes and other resources at https://WeAreQurious.com/Economics
Teaching, learning and revision notes for Subsidies in A-Level Economics and IB Economics for all exam boards (Edexcel, AQA, OCR, Eduqas).
Externalities are spill-over effects from production and consumption where no compensation is paid. They can be positive or negative. Negative production externalities occur when the social costs of production exceed private costs, such as pollution from factories. This leads to overproduction and deadweight loss. Positive consumption externalities exist when social benefits exceed private benefits, like public education, resulting in underconsumption. Government intervention may be needed to correct market failures from externalities and achieve social optimum. Externalities must be evaluated on their net social impact rather than in isolation.
Tutor2u - Government Intervention – Subsidiestutor2u
Exam questions involving drawing subsidy diagrams are typically found demanding by many students so please remember to revise this area of the course properly and get in lots of practise for this type of government intervention. If your analysis is accurate, you will frequently be given plenty of scope to critically evaluate the role of subsidies particularly when it comes to addressing different types of market failure. Strong evaluation understands the importance of elasticity in assessing the impact and also considers alternatives to subsidies by the government.
The document discusses indirect taxes imposed by governments that increase producer supply costs. It provides examples of major indirect taxes in the UK such as VAT, fuel duties, and tobacco taxes. It explains how indirect taxes impact market equilibrium through shifting supply curves. The effect of the tax depends on the price elasticity of both supply and demand. Indirect taxes can generate substantial tax revenues for governments.
1) Governments provide subsidies to producers and consumers to influence markets. Subsidies lower costs of production, shifting supply curves outward and lowering prices while increasing quantities traded.
2) The total spending on a subsidy equals the subsidy per unit multiplied by output. Subsidies are justified to encourage investment, protect jobs, and achieve social and political goals, but they may reduce efficiency and create dependency.
3) Cost-benefit analyses evaluate subsidies by valuing their costs and benefits, but some impacts are difficult to value and projections involve uncertainty.
Supply-side policies aim to improve the productive potential of an economy through various market-led and state intervention approaches. Market-led policies focus on making markets more competitive through deregulation and tax cuts, while state intervention aims to overcome market failures. The objectives of supply-side policies include improving skills, productivity, investment, and competitiveness. Successful supply-side policies could achieve sustained low inflation growth and reduce unemployment. However, the effects of supply-side policies can take a long time to materialize and not all policies effectively pick winners. Evaluating their impact also requires considering demand-side conditions and issues like inequality and sustainability.
The price mechanism has four main functions: 1) Allocation of scarce resources through prices that signal relative scarcity. 2) Rationing of scarce resources when demand exceeds supply through higher prices deterring some consumers. 3) Signalling changes in market conditions through price adjustments that inform producers and consumers. 4) Incentivizing consumers and suppliers by changing incentives in response to price changes. In an economy like the UK, prices resolve issues of trade-offs and opportunity costs. The rationing and signalling functions are then discussed in more detail with examples.
The document discusses various macroeconomic policy objectives and potential trade-offs between them. It notes that achieving all objectives simultaneously is difficult due to conflicts that can arise. Examples of trade-offs include: reducing unemployment can cause higher inflation due to capacity constraints; rapid economic growth can lead to worsening inflation and hurt trade balances if incomes rise quickly. Supply-side policies and exchange rate tools can help address some trade-offs. Value judgments are involved in deciding which objectives to prioritize.
Specialisation and the division of labour allow economic agents to focus on specific tasks in the production process and trade surplus goods with others. This increases productivity and output. Adam Smith observed workers in a pin factory where labour was divided into 18 steps, finding productivity increased 500 times over individual pin makers. While specialisation provides benefits like lower costs and prices, it can reduce worker motivation from repetitive tasks and lead to quality and turnover issues. Money developed to facilitate trade from bartering by serving as a medium of exchange, unit of account, store of value, and method of deferred payment. This allows specialisation and greater economic welfare.
The document provides an overview of an A-level Economics taster lesson. It defines economics as the study of how society allocates its scarce resources among competing needs and wants. It discusses different ways resources could be allocated by the government or market. It also lists expectations for students taking the course and suggests further research topics in economics.
People do not always make rational decisions due to the costs of thinking. While it seems intuitive to answer that a ball costs $1 in the baseball problem, the correct answer is 50 cents. Studies of choice show that relative rates of responding match relative rates of reinforcement, as described by the matching law. However, people and animals sometimes deviate from rational choice, preferring immediate rewards over larger delayed rewards due to impatience. Commitment devices can help increase self-control over time-inconsistent preferences.
This document discusses various types of market failures including public goods, externalities, information gaps, and merit/demerit goods. It provides examples and diagrams to illustrate different market failures. Key concepts are defined such as economic and social welfare, allocative efficiency, and types of government intervention to address market failures like taxes, subsidies, and regulations. Methods of evaluating government policies to correct market failures are also outlined.
This document provides an overview of key concepts from behavioural economics. It discusses:
1) How traditional economic models assume humans are rational actors who make utility-maximizing decisions, while behavioral economics recognizes humans have biases that influence decisions.
2) Various psychological factors ("messengers") that influence human behavior, including incentives, social norms, defaults, priming, and affect/emotions.
3) Specific cognitive biases and heuristics that shape decisions, such as loss aversion, availability heuristic, and status quo bias.
4) How understanding these behavioral influences can help design "nudges" to encourage healthier, safer, or more beneficial choices.
15 Behavioural Economics Principles to increase ConversionsSiteVisibility
This presentation demonstrates the value of understanding and using a variety of behavioural economics principles to achieve results in your digital marketing campaign.
The document discusses the market forces of supply and demand. It defines demand and supply, and explains how demand and supply curves are determined by various factors. The demand curve shows the relationship between price and quantity demanded, while the supply curve shows the relationship between price and quantity supplied. The market reaches equilibrium when quantity demanded equals quantity supplied at the market price.
Here are the definitions for the terms in the question:
1. Inferior goods - Goods for which demand decreases when income increases, as consumers switch to higher quality substitutes when they become richer.
2. Giffen goods - Rare goods that people demand more of as the price rises because it is considered a necessity, and it becomes a higher priority when money is tight.
3. Consumer surplus - The difference between the maximum price a consumer would be willing to pay for a good or service and the actual price paid. It measures the benefit consumers receive from purchases.
4. Perfectly elastic demand - Demand curve is horizontal, meaning any change in price results in an infinite change in quantity demanded between zero and
The document discusses various types of maximum prices or price caps that governments and regulators impose, including caps on housing rents, energy prices, CEO pay, mobile roaming charges, water prices, payday loan interest rates, and pension charges. It analyzes the effects of price caps using supply and demand diagrams, noting they may lead to shortages and black markets. The document also evaluates the merits and drawbacks of price caps in different markets, such as increasing fairness but also potentially reducing investment if profits fall.
The Influence of Monetary and Fiscal Policy on Aggregate DemandChris Thomas
The document discusses how monetary and fiscal policy can influence aggregate demand. It explains that monetary policy works through interest rates, affecting money supply and demand. Fiscal policy involves changing government spending and taxes. Both can shift aggregate demand curves, countering economic fluctuations. However, policy effects are debated as actions may lag and destabilize the economy. The multiplier and crowding-out effects also impact how policy influences aggregate output levels.
Government intervention aims to address market failures, but can lead to government failure through unintended consequences. Government failure occurs when a policy intervention deepens an existing market failure or creates a new one. Some causes of government failure include decisions made due to political self-interest, low value for money from public sector spending, short-term policymaking, regulatory capture, disincentives from specific policies, information failures, and the law of unintended consequences producing unanticipated outcomes. While well-intentioned, government policies do not always achieve their goals and may have damaging effects.
At IRRV Scotland Conference 2018 in Crieff Deven Ghelani, Founder and Director of Policy in Practice, was invited to speak about analysis and policy updates on Universal Credit.
In his presentation Deven talked about the Social Security Act in Scotland and Universal Credit, covering how different demographic groups are likely to be impacted. He highlighted analysis that Scottish local authorities can do with the household level data they collect on their local income households and gave examples of how other local authorities use this data to identify, target and track vulnerability.
For further details please contact hello@policyinpractice.co.uk or visit www.policyinpractice.co.uk.
Download these notes and other resources at https://WeAreQurious.com/Economics
Teaching, learning and revision notes for Subsidies in A-Level Economics and IB Economics for all exam boards (Edexcel, AQA, OCR, Eduqas).
Externalities are spill-over effects from production and consumption where no compensation is paid. They can be positive or negative. Negative production externalities occur when the social costs of production exceed private costs, such as pollution from factories. This leads to overproduction and deadweight loss. Positive consumption externalities exist when social benefits exceed private benefits, like public education, resulting in underconsumption. Government intervention may be needed to correct market failures from externalities and achieve social optimum. Externalities must be evaluated on their net social impact rather than in isolation.
Tutor2u - Government Intervention – Subsidiestutor2u
Exam questions involving drawing subsidy diagrams are typically found demanding by many students so please remember to revise this area of the course properly and get in lots of practise for this type of government intervention. If your analysis is accurate, you will frequently be given plenty of scope to critically evaluate the role of subsidies particularly when it comes to addressing different types of market failure. Strong evaluation understands the importance of elasticity in assessing the impact and also considers alternatives to subsidies by the government.
The document discusses indirect taxes imposed by governments that increase producer supply costs. It provides examples of major indirect taxes in the UK such as VAT, fuel duties, and tobacco taxes. It explains how indirect taxes impact market equilibrium through shifting supply curves. The effect of the tax depends on the price elasticity of both supply and demand. Indirect taxes can generate substantial tax revenues for governments.
1) Governments provide subsidies to producers and consumers to influence markets. Subsidies lower costs of production, shifting supply curves outward and lowering prices while increasing quantities traded.
2) The total spending on a subsidy equals the subsidy per unit multiplied by output. Subsidies are justified to encourage investment, protect jobs, and achieve social and political goals, but they may reduce efficiency and create dependency.
3) Cost-benefit analyses evaluate subsidies by valuing their costs and benefits, but some impacts are difficult to value and projections involve uncertainty.
Supply-side policies aim to improve the productive potential of an economy through various market-led and state intervention approaches. Market-led policies focus on making markets more competitive through deregulation and tax cuts, while state intervention aims to overcome market failures. The objectives of supply-side policies include improving skills, productivity, investment, and competitiveness. Successful supply-side policies could achieve sustained low inflation growth and reduce unemployment. However, the effects of supply-side policies can take a long time to materialize and not all policies effectively pick winners. Evaluating their impact also requires considering demand-side conditions and issues like inequality and sustainability.
The price mechanism has four main functions: 1) Allocation of scarce resources through prices that signal relative scarcity. 2) Rationing of scarce resources when demand exceeds supply through higher prices deterring some consumers. 3) Signalling changes in market conditions through price adjustments that inform producers and consumers. 4) Incentivizing consumers and suppliers by changing incentives in response to price changes. In an economy like the UK, prices resolve issues of trade-offs and opportunity costs. The rationing and signalling functions are then discussed in more detail with examples.
The document discusses various macroeconomic policy objectives and potential trade-offs between them. It notes that achieving all objectives simultaneously is difficult due to conflicts that can arise. Examples of trade-offs include: reducing unemployment can cause higher inflation due to capacity constraints; rapid economic growth can lead to worsening inflation and hurt trade balances if incomes rise quickly. Supply-side policies and exchange rate tools can help address some trade-offs. Value judgments are involved in deciding which objectives to prioritize.
Specialisation and the division of labour allow economic agents to focus on specific tasks in the production process and trade surplus goods with others. This increases productivity and output. Adam Smith observed workers in a pin factory where labour was divided into 18 steps, finding productivity increased 500 times over individual pin makers. While specialisation provides benefits like lower costs and prices, it can reduce worker motivation from repetitive tasks and lead to quality and turnover issues. Money developed to facilitate trade from bartering by serving as a medium of exchange, unit of account, store of value, and method of deferred payment. This allows specialisation and greater economic welfare.
The document provides an overview of an A-level Economics taster lesson. It defines economics as the study of how society allocates its scarce resources among competing needs and wants. It discusses different ways resources could be allocated by the government or market. It also lists expectations for students taking the course and suggests further research topics in economics.
People do not always make rational decisions due to the costs of thinking. While it seems intuitive to answer that a ball costs $1 in the baseball problem, the correct answer is 50 cents. Studies of choice show that relative rates of responding match relative rates of reinforcement, as described by the matching law. However, people and animals sometimes deviate from rational choice, preferring immediate rewards over larger delayed rewards due to impatience. Commitment devices can help increase self-control over time-inconsistent preferences.
This document discusses various types of market failures including public goods, externalities, information gaps, and merit/demerit goods. It provides examples and diagrams to illustrate different market failures. Key concepts are defined such as economic and social welfare, allocative efficiency, and types of government intervention to address market failures like taxes, subsidies, and regulations. Methods of evaluating government policies to correct market failures are also outlined.
This document provides an overview of key concepts from behavioural economics. It discusses:
1) How traditional economic models assume humans are rational actors who make utility-maximizing decisions, while behavioral economics recognizes humans have biases that influence decisions.
2) Various psychological factors ("messengers") that influence human behavior, including incentives, social norms, defaults, priming, and affect/emotions.
3) Specific cognitive biases and heuristics that shape decisions, such as loss aversion, availability heuristic, and status quo bias.
4) How understanding these behavioral influences can help design "nudges" to encourage healthier, safer, or more beneficial choices.
15 Behavioural Economics Principles to increase ConversionsSiteVisibility
This presentation demonstrates the value of understanding and using a variety of behavioural economics principles to achieve results in your digital marketing campaign.
The document discusses the market forces of supply and demand. It defines demand and supply, and explains how demand and supply curves are determined by various factors. The demand curve shows the relationship between price and quantity demanded, while the supply curve shows the relationship between price and quantity supplied. The market reaches equilibrium when quantity demanded equals quantity supplied at the market price.
Here are the definitions for the terms in the question:
1. Inferior goods - Goods for which demand decreases when income increases, as consumers switch to higher quality substitutes when they become richer.
2. Giffen goods - Rare goods that people demand more of as the price rises because it is considered a necessity, and it becomes a higher priority when money is tight.
3. Consumer surplus - The difference between the maximum price a consumer would be willing to pay for a good or service and the actual price paid. It measures the benefit consumers receive from purchases.
4. Perfectly elastic demand - Demand curve is horizontal, meaning any change in price results in an infinite change in quantity demanded between zero and
The document discusses various types of maximum prices or price caps that governments and regulators impose, including caps on housing rents, energy prices, CEO pay, mobile roaming charges, water prices, payday loan interest rates, and pension charges. It analyzes the effects of price caps using supply and demand diagrams, noting they may lead to shortages and black markets. The document also evaluates the merits and drawbacks of price caps in different markets, such as increasing fairness but also potentially reducing investment if profits fall.
The Influence of Monetary and Fiscal Policy on Aggregate DemandChris Thomas
The document discusses how monetary and fiscal policy can influence aggregate demand. It explains that monetary policy works through interest rates, affecting money supply and demand. Fiscal policy involves changing government spending and taxes. Both can shift aggregate demand curves, countering economic fluctuations. However, policy effects are debated as actions may lag and destabilize the economy. The multiplier and crowding-out effects also impact how policy influences aggregate output levels.
Government intervention aims to address market failures, but can lead to government failure through unintended consequences. Government failure occurs when a policy intervention deepens an existing market failure or creates a new one. Some causes of government failure include decisions made due to political self-interest, low value for money from public sector spending, short-term policymaking, regulatory capture, disincentives from specific policies, information failures, and the law of unintended consequences producing unanticipated outcomes. While well-intentioned, government policies do not always achieve their goals and may have damaging effects.
At IRRV Scotland Conference 2018 in Crieff Deven Ghelani, Founder and Director of Policy in Practice, was invited to speak about analysis and policy updates on Universal Credit.
In his presentation Deven talked about the Social Security Act in Scotland and Universal Credit, covering how different demographic groups are likely to be impacted. He highlighted analysis that Scottish local authorities can do with the household level data they collect on their local income households and gave examples of how other local authorities use this data to identify, target and track vulnerability.
For further details please contact hello@policyinpractice.co.uk or visit www.policyinpractice.co.uk.
IRRV2015 - Progress on Welfare Reform by Deven GhelaniPolicy in Practice
The IRRV Annual Conference 2015 featured this presentation by Deven Ghelani about Progress on Welfare Reform.
Understanding the impact of cumulative and future welfare reforms on individual residents was at the heart of Deven's talk.
Stark insights from welfare reform impact analysis work done with Leeds City Council and Birmingham City Council were shared.
Deven outlined how specific welfare reforms have different impacts and what these mean to individual residents.
Policy makers in local authorities need to make sure that their policies are appropriate to local needs. Yet, without the insights that councils like Leeds and Birmingham have secured, the risk is that support programmes are blanket and wasteful, not targeted and effective.
Lessons learned: our year modelling Council Tax Reduction SchemesPolicy in Practice
In this webinar Policy in Practice gave a review of the 150 or so council tax reduction (CTR) support schemes we modelled for local authority clients in 2019. Zoe Charlesworth, Head of Policy, and Megan Mclean, Policy and Operations Analyst, recapped on highlights from our analysis, discussed trends we've identified and considered what this means for local authorities in 2020.
For more information visit www.policyinpractice.co.uk, call 0330 088 9242 or email hello@policyinpractice.co.uk
Regulating Lifestyle - The Emergence of a New European Policy on Alcohol, Die...Alberto Alemanno
Should governments regulate lifestyle by developing a lifestyle policy, affecting tobacco, alcohol and diets? Should they be allowed to change individual behavior to attain legitimate public health goals, such as higher life expectancy and improved public health?
The European Union has recently recognized the growing impact of NCDs, including cardiovascular diseases, cancers, chronic respiratory diseases and diabetes, on the EU's economy and the well-being of its citizens and has consequently started to develop policies intended to tackle the four main factors to which they are linked. Nevertheless, if common themes emerge between the different EU policies intended to promote healthier lifestyles, no attempt has yet been made to systematize them.
Behavioural Economics Workshop, OECD, Paris - 31 March 2014 - Pete LunnOECD Governance
Presentation by Pete Lunn, ESRI, at the Behavioural Economics Workshop, OECD, Paris - 31 March 2014. More information at www.oecd.org/gov/behavioural-economics.htm
Healthy retail presentation - 11.00am to 12.30pm 27 October 22 University of ...ILC- UK
We want to support retailers to better understand the evidence around healthy ageing.
We want to inspire action in retailers in relation their role supporting healthy ageing.
We want to transform how the retail sector sees and serves older customers.
Tackling debt, financial resilience and vulnerability at LACEFPolicy in Practice
Deven Ghelani, Director and founder of Policy in Practice, was invited to speak at the Local Authority Civil Enforcement Forum on the topic of 'Debt, Financial Resilience and Vulnerability'. He focused on our early intervention work on arrears with local authorities who are using data analytics insights to identify vulnerability, target support and track change.
For further information visit www.policyinpractice.co.uk, call 0330 088 9242 or email hello@policyinpractice.co.uk
Plugging the gap between energy poverty management and the lived experience: ...Leonardo ENERGY
As an introduction we will elaborate on the current policy and activities in the Netherlands and the UK, to show differences and promising examples of new ideas on how to tackle energy poverty. Accordingly, we will articulate a new approach to energy poverty policy, based on bringing insights from a multi-disciplinary understanding of the lived experience of energy poverty into policy design. We argue that understanding the lived experience of energy poverty is critical in designing appropriate policies, which are both effective and aligned with people’s day-to-day lives. In addition, the range of disciplines that examine the lived experience of energy poverty (housing, employment, education, social policy, health, energy etc.) help to give breadth to our understanding of this challenging condition. We propose five principles for policy design, informed by a multi-disciplinary understanding of the lived experience. These principles can be applied at a range of scales (local, regional, national and super-national).
This document discusses changes to health and social care in the UK and their potential impact on the Jewish community. It notes that individuals will receive personal budgets to spend on care rather than money going to organizations. This may lead clinical groups to signpost people to cheaper non-Jewish providers. However, over-relying on non-Jewish care could threaten the viability of Jewish providers. The document recommends educating the Jewish community about communal assets and resolving to promote Jewish care through an information campaign.
Government failure occurs when a government intervention intended to address a market failure instead leads to deeper market inefficiencies or creates new failures. There are several potential causes of government failure, including political self-interest influencing policy, policies focusing on quick fixes rather than long-term solutions, and unintended consequences of policies. Examples of government failure include farm support policies influenced by lobbying groups and IT projects in the NHS going over budget. Evaluating government intervention requires considering issues like value judgments, incentives, social impacts, and the power of markets.
Government failure occurs when a government intervention intended to address a market failure instead leads to deeper market inefficiencies or creates new failures. There are several potential causes of government failure, including political self-interest influencing policy, policies focusing on quick fixes rather than long-term solutions, and unintended consequences of policies. Examples of government failure include farm support policies influenced by lobbying groups and IT projects in the NHS going over budget. Evaluating government intervention requires considering issues like value judgments, incentives, social impacts, and the power of markets.
A lower benefit cap is being rolled out from 7 November 2016. Policy in Practice has been helping local authorities across the country to determine who will be impacted. In this webinar we shared some of the recent work we're doing with London Borough Croydon to help them identify potential exemptions, and prioritise both financial and employment support to affected households.
We were joined by Asha Vyas, Head of Enablement and Welfare, LB Croydon, who shared background and details about the key strategies the council is now following, as a result of the work with Policy in Practice.
View the slides to learn:
1. How we proactively identified which households will be affected by the lower benefit cap, and by how much.
2. How the most vulnerable households were segmented into 6 different groups, and what the characteristics of those groups are
3. What different strategies the council is now executing for each of those groups to mitigate the impact of the lower benefit cap
4. How our work builds on the DWP benefit cap scans and how it can help you identify potential exemptions
Webinar: Unlock the power of national, regional and local dataPolicy in Practice
View these webinar slides to learn about national, regional and local case studies.
You will hear:
1. Nationally: How the two child limit to tax credits is set to drive child poverty up by 10% by 2020
2. Regionally: First wave results from our work tracking income, employment and poverty for over half a million low-income households across London
3. Locally: How Winchester City Council's data led strategy uncovered hidden pockets of poverty
Background
The post-2015 welfare reforms will take almost £13bn a year from claimants by 2020-21, bringing the cumulative loss since 2010 to £27bn a year. This is equivalent to £690 a year for every adult of working age, according to analysis by Centre for Regional Economic and Social Research.
Professor Christina Beatty said that the worst is yet to come for those who will be most severly hit, namely low income families with children. She urged local authorities to plan ahead for the impact.
Understanding exactly which low income households will be impacted by the welfare reforms, and how, is the challenge. Policy in Practice works with local authorities to do just that.
Our Low Income Family Tracker combines local authority data with a powerful modelling engine to show the aggregate and cumulative impact of reforms on each household so that local authorities can get the right support to those who need help the most, before crisis hits.
More info
Visit http://policyinpractice.co.uk/low-income-family-tracker/ for more details or email hello@policyinpractice.co.uk.
Complete Economic Environment & Business Unit 4 revisionManishadhokia3105
The document provides an overview of complete economic environment and business unit 4 revision notes. It covers several topics related to markets and government intervention, including how markets work, causes of market failure, externalities, regulation, macroeconomic problems, and fiscal and monetary policy options. The key points are that markets can fail due to externalities, public goods, and imperfect competition, leading to inefficient outcomes. Government policies like regulation, taxes, and spending are aimed at addressing market failures and macroeconomic stability goals like growth, employment and price stability.
- Social care in England supports over 1.8 million people annually with a total spend of £16 billion. It assists those over 18 with independence, participation in society, and protection.
- Challenges include an aging population that will increase those needing care by 1.7 million by 2026, rising expectations of choice and universal coverage, and fiscal pressures as costs rise 2% annually while funding only increases by 2%.
- Reforms propose integrating services better, supporting the workforce, and introducing a quality framework. Funding options center around partnership models where people pay a set amount and the government covers the rest, or insurance models to cover additional costs.
Oxfam is concerned with the long-term systemic causes of food poverty and hunger. It sees rising food bank use as indicative of wider economic inequality issues in the UK. To effectively address the problem, better data on the scope and impacts of food insecurity is needed, as are policies to reduce in-work poverty and low pay.
This document summarizes a conference on creating a sustainable older society in the UK by 2020. It discusses challenges of an aging population such as increasing numbers of older people needing care and people with dementia. Presenters addressed issues like healthcare sustainability, social care funding reforms, and the need for greater individual savings and retirement planning. Data showed the percentage of GDP spent on health, pensions and social care will rise significantly. The conference highlighted the need for stable social care policies, improved financial advice, and policy changes to support new retirement funding products that could help cover long-term care costs.
This document discusses consumer choice and decisions. It covers the different types of decisions consumers make regarding commerce, employment, business, legal issues, and the environment. It also discusses factors consumers consider when making purchases like comparison shopping based on price, quality, and location. The document outlines legislation protecting consumers, such as the Competition and Consumer Act, and different payment options including cash, credit cards, and EFTPOS.
Semelhante a Behavioural Economics Update 2019 (20)
The document outlines ways to challenge and enrich ambitious economics students. It recommends encouraging students to think counter-intuitively, write in more depth, and explore the work of interesting economists. Suggested activities include student reading groups, an online magazine, investor challenges, economics societies, entrepreneurship competitions, external essay competitions, and external enrichment lectures and summer schools. The goal is for students to be ambitious, questioning, develop context awareness, and build a portfolio of economics and finance experiences.
In this revision presentation we look at recent trends in UK trade union membership, consider how trade unions can affect both pay and employment and challenge the textbook view that union-negotiated pay increases inevitably have negative consequences for employment.
In this revision presentation we cover key examples of pure and quasi public goods and consider the arguments for and against an increase in government spending on public goods.
Poverty Reduction Policies in Low Income Countriestutor2u
This revision presentation covers some of the main causes of continued high levels of extreme poverty in low and middle income countries and considers a range of pro-poor government interventions designed to increase productivity and regular employment and waged income in formal labour markets.
You don’t need to produce a lot of evidence in your macroeconomics exams but knowing some basic and key facts and figures can make your answers stand out from the crowd! Here is a quickfire journey through twenty important economic numbers that won’t change before the exam – use them to support your answer and impress the examiner!
Quantitative easing (QE) involves central banks creating new money to buy financial assets, lowering interest rates and increasing the money supply. The Bank of England has purchased £445 billion in assets through QE as of 2019.
Advantages of QE include giving central banks an additional monetary policy tool beyond interest rates, helping to prevent deflation, boosting business confidence and exports. Disadvantages include potentially worsening wealth inequality, risking inflation, distorting capital allocation, and reducing pension incomes. The impact of QE on the real economy has uncertain time lags and effectiveness.
This document discusses the advantages and disadvantages of countries joining the eurozone and adopting the euro as their single currency. The key advantages include eliminating currency conversion costs to boost trade, attracting more investment, increasing price transparency for consumers, and providing a more stable currency. However, joining also means losing independent monetary policy tools and interest rates being set by the ECB for the entire bloc rather than individual countries. Sharing a currency also means the risks of economic downturns in trading partners are increased. Recent data on unemployment, inflation, debt levels, and Germany's economic slowdown are also presented.
Supply-side policies aim to increase potential economic growth through microeconomic reforms that improve market efficiency. Examples discussed include privatizing industries like Royal Mail; reducing business regulations; lowering taxes on individuals and corporations; welfare reforms to incentivize work; education reforms; increasing wages; changing migration policies; investing in infrastructure for transport, energy, and housing; and establishing regional enterprise zones with tax breaks.
Microeconomics - Great Applied Examples for Examstutor2u
In this presentation, I have chosen loads of current examples that you might want to use as context in your microeconomics exams. We look at examples from different market structures, recent mergers and takeovers, the world's most valuable companies, the largest employer, unicorn business, de-mergers, the biggest initial public offerings (IPOs) and much else. Hopefully a useful video to go through to add some super examples into your revision notes.
This revision presentation considers the variety of stakeholders impacted by business activity. How will a change in objectives, such as a move from profit maximisation to revenue maximisation have an effect on different stakeholders?
This revision presentation looks at profit satisficing as an alternative objective for businesses. Why might firms satisfice? What are some of the possible consequences for economic welfare and efficiency?
There are different types and sizes of firms in the UK economy. Types include public limited companies, privately-owned firms, start-ups, state-owned businesses, social enterprises, co-operatives, and partnerships. In terms of size, micro businesses have 0-9 employees, small to medium sized businesses (SMEs) have 10-250 employees, and large businesses employ over 250 people. The document also discusses business births and deaths in the UK economy.
In this short revision video, we look at the substantial productivity gap between the UK and many of the UK’s major competitor countries.
Paul Krugman, the Nobel Prize-winning economist said twenty fives years ago that “Productivity isn’t everything, but in the long run it is almost everything,”
In this presentation we consider the theory of wage-setting with a monopsony employer and the possible impact that a trade union might have on wages and employment. We also look at efficiency wage theory and mutual gains from pay bargaining between stakeholders.
This document discusses various types of labour market failures including skills gaps, geographical immobility, economic inactivity, inequality, discrimination, and monopsony power. It provides examples and analysis of each failure using diagrams. Potential policy remedies are outlined for each failure, such as increasing apprenticeships, improving housing affordability, raising the minimum wage, and enhancing workers' rights. The impact of minimum wages on monopsony employers is analyzed using a diagram showing how a minimum wage can increase employment levels and wages by counteracting monopsony power.
A market is where buyers and sellers interact to transact, which can occur in-person or digitally. The forces of supply and demand determine market prices and equilibrium. A market can be divided into sub-markets that cater to different consumer groups. For example, the car market contains sub-markets for electric, hybrid and gas-powered vehicles, while the housing market has sub-markets for residential and commercial property. Pharmaceutical companies view sales in country-level sub-markets.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
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4. Some topical
behavioural
economics
issues
Impact of the UK
sugar levy
Tackling gambling
addiction
Pension auto
enrolment
Organ donation &
presumed consent
Risks from the
rent to own
market
Behaviours during
water scarcity
5. Do we need to
move towards
2nd generation
nudges in
behavioural
policy?
Can nudges
make a
significant
difference at
scale?
6. The EAST framework for behavioural change
Easy - harness the power of
defaults, make change
relatively costless
Attractive – consider using
financial rewards or other
incentives
Social – use the power of
networks, encourage
changes in social norms
Timely - prompt people
when receptive, focus on
immediate costs & benefits
7. Impact of Sugar Levy in the UK
Sugar levy
Producers
Reformulation
Zero sugar
drinks
Consumers
Relative prices
and demand
Herd behaviour
effects
8. Is the Sugar Levy working?
Sales of low and no sugar soft drinks have surged since the Sugar Levy was introduced – so too demand for milk-based
drinks which are currently not part of the Sugar Levy. Many manufacturers have reformulated their products.
9. The Sugar Levy
Distribution of soft drinks sales volume in England 2015-2017, by sugar levy group
65%
27%
8%
71%
23%
6%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
Less than 5g 5 to 8g Over 8g
Shareofsales
2015 2017
The thresholds – 5g/100ml and 8g/100ml – were set because industry
would be able to reformulate to meet them, substituting sugar without
compromising the consumer price or quality of popular drinks. (Source: BIT)
10. Fixed odds
betting
terminals
• 33,000 machines in
Britain
• Gambling from
FOBTs = £1.7 billion
in 2018
• A £2 max stake was
imposed April 2019
• Will this policy
nudge work?
• The causes of
problem gambling
are very complex
11. Rent-to-own
market
1. Rent to own is where
you rent a product
over a fixed period of
time and eventually
own it.
2. Many customers are
on low incomes and
are influenced by low
monthly instalments
(the anchoring effect)
3. Financial Conduct
Authority (FCA) is now
capping the interest
charged in the UK rent-
to-buy market
New guidelines from FCA set a 100% credit cap, meaning rent-to-own
stores can only charge interest up to the value of the product
13. Auto enrolment for
pensions
Auto-enrolment is the scheme set up by the UK
government in 2012 to make sure that everyone,
whether they work for a supermarket or the corner shop,
gets a private pension to add to their state pension.
Auto-enrolment changes the default choice for people.
They can opt out if they want to.
Aims of auto enrolment:
• Increase household saving in a tax efficient way
• Allow more people to retire early if affordable
• Take advantage of compound interest over long term
• Benefit from employer’s & government contribution
Opt-out rate in UK is around 8-10%– implying 90%+ of
people have chosen to stay in the system. But this may
change if minimum contributions rise (loss aversion).
14. Move to
presumed
consent for
organ donation
From Spring 2020, all
adults in England will be
considered to have
consented to be an
organ donor when they
die unless they had
recorded a decision not
to donate or are in one
of the excluded groups
There are more than
6,000 people currently
waiting for an organ in
the UK. Three people
die each day while on
the waiting list
80% of people in
England support organ
donation but only 38%
have opted in.
17. Social norms and social recognition
• Water map publicizing homes compliant within a 50L limit
• Social learning through trusted influencers on social media
Timely real time information and advice
• Presenting daily water level in major dams on a dashboard
• Creating and communicating proxies (one flush = 10 litres)
Changing the default
• Reductions in water pressure to reduce waste / leakage
• Turning off the taps in rest rooms – hand sanitize instead
19. Evaluating
behavioural
nudges
1. Nudge theory may help change minor
behaviours but less so in addressing deeper
problems such as alcoholism, drug
dependence and street/gang violence
2. Important to distinguish between soft
nudges (changing choice architecture,
providing more information) and harder
nudges (i.e. controlling what is available for
sale, limits on quantity)
3. The samples used in lab testing for
psychological biases might be flawed e.g.
relying on sampling mainly white, middle
class students – not replicable in real world
4. Do nudges sustain? Or does the impact
wear off with time? (diminishing returns)
5. Impact of nudges are rarely as significant as
big decisions e.g. introducing a carbon tax
This revision update looks at some of topical behavioural economics issues and examples of nudge interventions designed to change the behaviour or households, customers and businesses. Richard Thaler, the 2017 Nobel Prize winner states that “Behavioural economists ask questions mostly about the way people make economic choices/ judgments or the way particular financial systems (retirement plans, tax codes, etc.) affect those responses.” There is certainly no shortage of economic and social issues and problems to which elements of behavioural science might be applied. There is no unique model of behavioural economics but what is emerging is an approach that relies more on accumulating evidence using field experiments and then adopting a more rigorous cost-benefit assessment of the impact of different behavioural nudges.
We start this webinar by re-visiting some important behavioural ideas.
Loss aversion - we attach a greater value to losses than a similar gain – people will often go out of their way to avoid a loss
Bounded rationality happens when we can’t really process all the information especially in a world of complexity
Present bias – is when we prefer immediate gain and gratification over long term benefits
Choice overload - occurs as a result of too many choices being available to consumers for example in the savings market or when choosing insurance deals
Default choice - default options are pre-set courses of action that take effect if nothing is specified by the decision maker – as we will see, changing the default choice can be an important behavioural intervention
Presumed consent - presumed consent is alternatively known as an 'opt-out' system and is being used in England from 2020 onwards when presumed consent will be used for organ donations for all adults aged 18 or over
Social norms - behavioural expectations or rules within a group of people
Altruism - when people make sacrifices to benefit others without expecting a personal reward
Herd behaviour - when people do what others are doing instead of using their own information or making independent decisions
Framing - Choices can be presented in a way that highlights the positive or negative aspects of the same decision, leading to changes in their relative attractiveness
Choice architecture - influencing choice by changing the manner in which options are presented to people; for example, by setting defaults, framing, or adding decoy options.
We are seeing behavioural interventions across a growing range of markets from the products we consume such as sugar drinks to the tactics used by hotel booking web sites to nudge us into making a reservation.
Richard Thaler was awarded the Nobel Prize in Economics in 2017 for his contributions to our understanding of how behavioural science can change orthodox economic models. The assumption of pure rationality has been a corner stone of traditional theory for decades but we can now challenge and question this in nearly every circumstance.
Nudges are interventions to encourage behaviour change for better outcomes
Humans are social beings whose behaviour is often strongly influenced and shaped by the behaviour of others especially in close-knit social networks / smaller communities. Behavioural economics does not assume that humans make choices in isolation, or to serve their own interest
The sugar tax, officially known as the Soft Drinks Industry Levy came into effect in April 2018 and consists of two bands: one for soft drinks containing more than five grams of sugar per 100 ml and a higher band for drinks containing more than eight grams of sugar per 100 ml. Beverages that are exempt include pure fruit juices, milkshakes and yoghurt drinks.
The sugar levy has nudged many companies to reformulate their products with lower sugar content so they are either no longer subject to the tax, or fall within a lower tax bracket.
From a behavioural perspective, reformulation is appealing as it doesn’t require individuals to change their habits to improve their health
Reformulation also means the benefits are shared widely across the population, and not just enjoyed by the most health conscious
Year-to-date (up to end of October) receipts from the Sugar Levy were £153.8 million
Classic Coke sales in the UK were down 14.8% in the 12 months to September 2018
AG Barr stopped making the original full-sugar version of Irn Bru last January – but the move prompted a backlash among Irn-Bru loyalists.
The company incurred £1.4m of costs as part of its ongoing sugar reduction and reformulation programme, with Irn-Bru sugar-free variants now accounting for 40% of the total brand.
Flavoured milk is exempt from the soft drinks industry levy
Fixed odds betting terminals (FOBTs) are electronic machines, sited in betting shops, which contain a variety of games, including roulette. Each machine accepts bets for amounts up to a pre-set maximum and pays out according to fixed odds on the simulated outcomes of games. Critics point out that it is possible to lose large amounts of money and claim that the machines have a causal role in problem gambling. The gambling industry says there is no evidence of a causal link between B2s and problem gambling. It also claims that reducing the maximum stake to £2, as some critics have been campaigning for, would put betting shops and jobs at risk.
Academic research suggests that the causes of problem gambling are complex and are not well understood.
The Financial Conduct Authority (FCA) is now capping the rent-to-buy market.
The Financial Conduct Authority (FCA) have said it wants to "reduce harm" to people who rent-to-own (RTO) - where you rent a product over a fixed period of time and eventually own it.
While paying in instalments may help those who can't easily pay upfront, it often means customers end up paying much more, in some cases hundreds of pounds in interest.
New guidelines will set a 100% credit cap, meaning rent-to-own stores will only be able to charge interest up to the value of the product, bringing costs down by hundreds.
For example, if you bought a sofa worth £100, the maximum interest you could pay is £100, meaning £200 in total.
The updated rules will also prevent firms increasing their prices for other goods and services sold with an RTO agreement – for example, theft and accidental damage cover, extended warranties, or arrears charges – to recoup lost revenue from the price cap.
Humans have a strong scarcity bias. We unconsciously assume things that are scarce are valuable and things that are relatively abundant are not. The scarcity bias impulse frequently kicks in when we are told that a product such as a ticket to a sports event or a desired hotel room is in short supply and we might miss a great deal unless we book/pay now! Booking.com uses most of the behavioural tricks in the manual to accumulate orders. If it didn't work, they wouldn't do it!
Now the Competition and Markets Authority - the UK's main competition watchdog has instructed hotel booking sites such as Booking.com to end 'misleading' sales. It will be interesting to see just what material changes are made to the design (or choice architecture) of these booking websites.
The hotel booking and price comparison websites were manipulating the information they had on the number of bookings and type of bookings in order to exploit consumers and rush them into making bookings. Consumers have tended to trust price comparison websites and all of these firms marketed their sites very heavily. This is because asymmetric information exists between the two parties, and this was causing market failure in that consumers were rushed into making bookings and therefore over-consuming in the market.
This is a classic example of how changing the default choice can have a big impact on outcomes
Switching from an opt-in system (where people have to sign up) to an opt-out system (where people are automatically in) has led to 10 million people in the UK newly saving for retirement
April 2019 - the minimum contribution levels will automatically increase from 5% to 8% (3% from employers and 5% from employees)
"Women’s pension savings face a double whammy, as women typically earn less and are more likely to work part time and take career breaks to care for children or elderly relatives
Auto-enrolment does little to address this inequality, as millions of women are prevented from saving altogether as they earn less than the £10,000 auto enrolment trigger.
A recent study of opt in and opt out countries among OECD countries found that, compared to opt-in countries, opt-out countries had fewer living donors per million population (4.8 versus 15.7, respectively) with no significant difference in deceased donors (20.3 versus 15.4, respectively)
Cape Town was set to run dry on April 12, 2018, leaving its 3.7 million residents without tap water.
“Day Zero” was narrowly averted through drastic cuts in municipal water consumption and last-minute transfers from the agricultural sector.
The City of Cape Town implemented significant water restrictions in a bid to curb water usage, and succeeded in reducing its daily water usage by more than half to around 500 million liters (130,000,000 US gal) per day in March 2018
Reductions in water pressure – a change in the default
Appealing to social norms and giving people timely information
70% of water usage in the city is residential
Increased demand for private boreholes
Rising demand for hand sanitisers
Increased demand for butts to collect rainwater