Nudges for responsible finance? A survey of interventions targeted at financial decision making

Author:

Gajewski Jean‐Francois1,Heimann Marco1,Meunier Luc2ORCID,Ohadi Sima3

Affiliation:

1. Finance Jean Moulin University Lyon 3 Lyon France

2. Finance ESSCA School of Management Angers France

3. Behavioral Research Odonatech Grenoble France

Abstract

AbstractIn a comprehensive review, we investigate how nudges can help financial decisionmakers allocate funds according to ethical considerations to promote sustainable development. We begin by identifying the main nudge frameworks and highlighting their many similarities, including the use of default options, making information more salient, and manipulating the framing of incentives. While nudges have been used in personal finance primarily to promote saving for retirement or avoiding credit card debt, they can also encourage socially responsible investment (SRI). We propose potential nudges in SRI and provide a primer on nudge implementation by reviewing methods for selecting effective nudges and ensuring their ethical acceptability.

Funder

IDEXLYON

Publisher

Wiley

Subject

Management, Monitoring, Policy and Law,Strategy and Management,Development

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