What can behavioural economics say about GB energy consumers?
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Ofgem has implicitly used insights from behavioural economics for many years to help consumers by improving the functioning of the GB energy retail markets. In this discussion paper, we make these insights explicit. We draw together evidence from a wide range of sources to examine the over-arching themes from behavioural economics that are relevant to the GB energy retail markets and the Retail Market Review. This paper examines themes from the literature on behavioural economics and how these can help us understand consumer behaviour in the GB energy retail markets. It also forms part of the supporting analysis for the Retail Market Review.