Climate change nudges are behavioral interventions for mitigating global warming. I suggest that we are at the dawn of the era of climate change nudges.
, making it the largest public statement in the history of the economics profession. The statement called for the institution of a carbon tax to address climate change.a series of previous blog postsEven as I wrote about the importance of instituting sensible carbon tax policies, the behavioral economist in me realized that there was strong psychological resistance by the public to imposing these taxes.
With the preceding remarks as preamble, let me explain why behavioral economics, and especially nudges, lie at the heart of what Leonhardt writes. Most people code taxes as losses. Therefore, the benefits of programs that are funded with taxes must produce gains large enough to compensate for the psychological asymmetry in the way that people weigh losses and gains in their minds. Moreover, the benefits from programs funded by taxes must be salient, in order for those programs to be attractive. If benefits are opaquely framed, then the inherent asymmetry will only be exaggerated.
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