Invited Talk:A Building Momentum for Global Sustainability Using the Principles of Behavioral Economics

Despite the current threat from climate change, plastic collecting in the world’s oceans, and the steady loss of biodiversity, the world continually fails to take action with regard to our rapidly changing ecosystem. Unfortunately, waiting on governments to act is no longer a viable option. Rapid change is needed and the pace of diplomacy is simply too slow. Democratic governments are reactionary and due to the principle of hyperbolic discounting, taking action to solve future problems is not a priority, even as the threat of potential ecological catastrophe draws ever closer. Change is in the hands of individuals, and it is our decisions and behaviors that will influence the future of our planet and our ability to inhabit it. Therefore, building momentum for sustainable behavior must begin with individuals. The neoliberal approach to environmental protection posits that individuals are motivated by rational self-interest, and that economic incentives are necessary to achieve environmental goals. However, recent research suggests that monetary gain alone actually negatively impacts behavior, and often neglects the rural poor. As a result, models for projects designed to benefit the environment need more than just a monetary incentive, they must incorporate all three pillars of sustainability: environment, economy and society. This contribution will describe the role behavioral economics plays in the choices made by producers and consumers.