Behavioural economics is an interdisciplinary field that combines traditional economics with psychology and other social sciences to understand how people make economic decisions in real life. It is based on the idea that human beings do not always act completely rationally and that their decisions are influenced by a range of cognitive and emotional biases.

In the last decade, it has become a valuable tool for public policy making, offering insights to address a variety of social, economic, and environmental challenges. This is thanks to the recognition of people’s irrationality, the design of incentives, the simplification of decision-making processes, the adaptability of strategies to societal preference and the adjustment of policies according to empirical evidence.

In this regard, the use of behavioural economics in policy design offers numerous benefits, such as increased policy effectiveness, greater equity and fairness, cost-effectiveness, greater transparency, and adaptability. By incorporating behavioural insights, policy makers can create more effective, equitable and sustainable policies that better meet society’s needs.

Thus, by understanding and addressing human cognitive biases and limitations, public policy can be more effective in promoting desired outcomes, such as health, financial security, tax collection, environmental sustainability, education, gender equity, government transparency, among others.

In line with previous editions of the workshop, this activity will be a space to showcase best practices in this area, as well as a vehicle to train public officials on the usefulness of behavioural economics and its tools to achieve better public policies, through the exchange of experiences, the development of practical cases and the approach to local problems.

1. Understand the conceptual foundations of behavioural economics.
2. Share best practices and experiences of public policies developed under a behavioural approach.
3. Analyse the design of economic policies based on behavioural economics.
4. Introduce the implementation of economic policies based on behavioural economics in the Colombian context.
5. Develop project proposals to address local problems using a behavioural approach.

The IV Workshop on public policy instruments based on behavioural economics is organized by the Latin American and Caribbean Economic System (SELA) and the Inter-American Development Bank (IDB), through the Behavioural Economics Group.

• Date: 23 and 24 April 2024
• Time: 09:00 – 16:00 (Colombian time)
• Modality: This workshop will be held in a hybrid format (face-to-face and virtual), under a theoretical-practical scheme.

Face-to-face: This workshop will be held in person, under a theoretical-practical scheme, in the Sala Tayrona, located at carrera 7 N 71-21, Torre B Piso 19. Edificio Avenida Chile, Bogotá, Colombia.

Virtual: Please register through the following link: https://bit.ly/49Ad3jq (only applies to sessions on 23/04/2024)

• Aimed at: The theoretical session is open to all participants. The practical session will be by invitation by the organisers, aimed at Colombian public officials in charge of the design and implementation of public policies in fiscal, financial and planning matters, at national and municipal level (limited places).
• Language: Spanish

Economic Recovery Coordination

Tel: +58 212 9557108/07

E-mail: recuperacion_economica@sela.org

Elisabet Torres

Economic Recovery Analyst

Tel: +58 212 9557109

E-mail: etorres@sela.org