Why Behavioral Economics May Turn Irrational Patients Rational

The field of behavioral economics is premised on the fact that people are irrational. By harnessing tools, such as incentives, healthcare providers and drugmakers are trying to change patient behavior as a way to improve outcomes and keep people heathy. Susan Garfield, principal in the life sciences practice of EY, discussed the opportunities for the application of behavioral economics in the healthcare realm, the role digital technologies can play in enabling this approach, and what companies are doing today to move this from academic to industry practice.