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Behavioral Economics and Neuroeconomics of Environmental Values

Author

Listed:
  • Phoebe Koundouri

    (School of Economics, Athens University of Economics and Business, Athens, Greece)

  • Barbara Hammer

    (Machine Learning Group, Faculty of Technology, Bielefeld University, Bielefeld, Germany)

  • Ulrike Kuhl

    (Machine Learning Group, Faculty of Technology, Bielefeld University, Bielefeld, Germany)

  • Alina Velias

    (ReSEES Research Laboratory, Athens University of Economics and Business, Athens, Greece)

Abstract

Identifying mechanisms of real-life human decision-making is central to inform effective, human-centric public policy. Here, we report larger trends and synthesize preliminary lessons from behavioral economic and neuro-economic investigations focusing on environmental values. We review the currently available evidence at different levels of granularity, from insights into how individuals value natural resources (individual level), evidence from work on group externalities, common pool resources, and social norms (social group level) to the study of incentives, policies, and their impact (institutional level). At each level, we identify viable directions for future scientific research and actionable items for policy-makers. Coupled with new technological and methodological advances, we suggest that behavioral economic and neuroeconomic insights may inform an effective strategy to optimize environmental resources. We conclude that the time is ripe for action to enrich policies with scientifically grounded insights, making an impact in the interest of current and future generations.

Suggested Citation

  • Phoebe Koundouri & Barbara Hammer & Ulrike Kuhl & Alina Velias, 2023. "Behavioral Economics and Neuroeconomics of Environmental Values," Annual Review of Resource Economics, Annual Reviews, vol. 15(1), pages 153-176, October.
    • Handle: RePEc:anr:reseco:v:15:y:2023:p:153-176
    DOI: 10.1146/annurev-resource-101722-082743
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    More about this item

    Keywords

    behavioral economics; neuroeconomics; environmental values; individual decision-making; common pool resources; policy;
    All these keywords.

    JEL classification:

    • Q50 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - General
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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