Abstract
Unemployment is an issue that continues to persist around the world. It has many negative consequences on an individual, such as lower self-esteem, and this paper looks at how these effects could be mitigated, by ensuring the reemployment of these individuals, through a behavioral economics approach. Understanding and examining the heuristics of anchoring effect, status quo bias, and framing, allows us to shape new policies and amend existing ones that mitigate these negative effects. This happens as these new policies nudge both policymakers, and recently unemployed individuals to make decisions that would benefit them in situations regarding unemployment.
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