Alan Newman: The FCA Paper on Behavioural Economics – 3 Observations and a Request
In April this year the topic that the FCA chose for its first Occasional Paper was Behavioural Economics. The Paper has much to commend it but there are a number of shortcomings which, if left unchallenged, could undermine the potential for consumer and industry benefit. For the purposes of this brief article I offer three observations but first we need a bit of scene setting. Our ancestors were governed by three imperatives: finding food; making sure they didn’t end up as food for something else; and sex. Pretty much the same imperatives that apply today in Canary Wharf or Croydon.…
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