A marginalized ethnic group’s tradition of blatantly displaying wealth gives some valuable insights on financial behavior in the XXIst century world. Moreover, “Conspicuous saving” offers valuable insights for the design of consumer financial products aimed at increasing financial security. (7 min read + an invitation).
In the majority of presentations on applied behavioral science, it is strongly emphasized the fact that Nudges are low-cost (cheap) interventions/ changes that have a disproportionally large impact on the desired outcome.
I believe that this is, mostly, an exaggerated claim. Nudges are cheap in the same way medicines are cheap. Manufacturing one pill doesn’t cost much, and the pill, usually, is highly effective in achieving the desired outcome.
In the case of Nudges, behavioral interventions such...
Behavioral design means influencing what people do (behavior) by modifying (designing) the environment in which the behavior takes place.
The changes in context (aka. behavioral interventions) can have different levels of firmness - the extent to which they restrict the users' freedom exhibiting behaviors that are different from the one desired by the designers.
At the first level of firmness, the changes in the environment are subtle and aim at guiding behavior.