Identify a scenario in the world where incentives are involved. They are everywhere. What type of incentive is it? Does it work?
January 31, 2024January 31, 2024
Discipline: Economics
From an economic perspective, incentives are the material rewards and penalties received or promised for behaving in a certain way (hence the label ‘behavioral economics’). But incentives are not just economic – incentives come in three flavors:
Economic Incentives – Material gain/loss (doing what’s best for us)
Social Incentives – Reputation gain/loss (being seen to do the right thing)
Moral Incentives – Conscience gain/loss (doing/not doing the ‘right’ thing)
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