<In probably the most well-known example, spillage around the toilet, an age old problem for at least half of the human race, was cut by -80% using an ingeniously simple 

intervention.>

The 2017 Nobel Prize in Economics was awarded to Professor Richard Thaler for his contributions to behavioural economics. Prof Thaler's work essentially questions the economic dogma of the so-called "rational man" as defined by classical economic theory, who makes decisions based on weighing the additional benefits against the additional costs of every single option.

Behavioural Economics is an area of work that studies how psychology broadens the scope of traditional economic theory. It offers insights in addressing some common issues as how we can nudge communities to participate and take responsibility using low-cost and simple interventions.

The assumption within the standard or mainstream economics, that individuals act to maximize their long-term best interest, have stable preferences, and are consistent