• Hanumanthaiah.M

This paper examines the integration of behavioural economics into public policy to foster better consumer decision-making. Traditional economic models often assume rational behaviour, yet real-world decisions are frequently influenced by cognitive biases and heuristics. By leveraging insights from behavioural economics, policymakers can design interventions that align more closely with actual consumer behaviour. This research explores various behavioural interventions, such as nudges and default options, through case studies in retirement savings, health, and energy consumption. The findings demonstrate that these interventions can significantly improve consumer choices and overall welfare. However, the study also addresses ethical considerations, such as the potential for paternalism and the importance of transparency in policy implementation. The paper concludes that while behavioural economics offers valuable tools for enhancing public welfare, it is crucial to balance effectiveness with ethical considerations to ensure equitable and transparent policy design.

Behavioural Economics, Public Policy, Consumer Decision-Making, Cognitive Biases, Retirement Savings, Energy Consumption, Ethical Considerations, Paternalism.

"“The Role of Behavioural Economics in Public Policy: Encouraging Better Consumer Decisions.”", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 5, page no.p611-p616, May-2023, Available :http://www.jetir.org/papers/JETIR2305G83.pdf

"“The Role of Behavioural Economics in Public Policy: Encouraging Better Consumer Decisions.”", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 5, page no. ppp611-p616, May-2023, Available at : http://www.jetir.org/papers/JETIR2305G83.pdf