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In a real-world scenario, the adoption of mobile money in many African countries has been successful not just due to its convenience, but also because it addresses behavioral aspects like trust (through agent networks) and provides immediate feedback on transactions, which can be more appealing than traditional banking for individuals with present bias [22] [23]. Similarly, agricultural extension services using mobile apps can provide timely, localized information and peer comparisons, leveraging social learning and reducing information asymmetry for farmers .
In conclusion, my view is through a behavioral economics lens, would emphasize that technology's ability to aid country development is deeply intertwined with human psychology. Successful implementation requires a nuanced understanding of how individuals make decisions, how they respond to incentives, and how social dynamics influence adoption and utilization. By designing technologies and policies that are "behaviorally informed," countries can maximize the developmental impact of technological innovations .
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John Lok
I had graduated business Administration Science Degree in Common Wealth Open University. MY perspective on how behavioral economics applies to technology's role in country development can be understood by examining how cognitive biases and heuristics influence the adoption, utilization, and impact of technological innovations in developing nations. Behavioral economics, a field that integrates insights from psychology and economics, posits that individuals often deviate from purely rational decision-making, a concept crucial when considering technology diffusion and its developmental outcomes
