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Prof. Richard H. Thaler was awarded the Nobel Memorial Prize in
Economic Sciences for his contributions to behavioural economics. Prof. Thaler is the
author of a best-selling book, “Nudge” about helping people to make better
decisions. He has advanced the understanding of behavioural economics in many
ways.

At FEEM, behavioural economics is used to assess the behavioural
elements which affect the decisions of individuals, corporations and
institutions in the realm of environmental choices. The aim of this area is to
apply the insights developed in behavioural economics and social psychology to
provide a more complete understanding of how environmental policies are
developed. Research uses experimental methods based on randomization which
allow establishing the causal relations between behavioural factors and
environmental outcomes. For two examples of projects applying behvaioural
economics to the environment, see PENNY and COBHAM.

Behavior is also one of the main research interests of Prof. Elke U.
Weber, one of the members of the new Scientific Advisory Board of FEEM. Prof.
Weber is the Jerome A. Chazen Professor of International Business at Columbia
Business School and Professor of Psychology and Earth Institute Professor at
Columbia University. Working at the intersection of psychology and economics, Prof. Weber is an expert on behavioral models of judgment and decision making
under risk and uncertainty. She investigates psychologically and neurally
plausible ways to model individual differences in risk taking and discounting,
specifically in risky financial situations and environmental decisions.