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The voltage effect in behavioural economics

Why do some great ideas make it big while others fail to take off? According to leading US economist Professor John List, it comes down to a single question: Can the idea scale? Successful ideas have "high voltage": a set of characteristics that predict their ability to scale. Drawing on his new book, The Voltage Effect and his original research, Prof List offers fascinating insights into the realms of business, government, education, and public health, along with proven strategies for avoiding voltage ‘drop’ and for engineering voltage ‘gains’. Behavioral Economics (BE) and lab/field experiments in the previous decades have contributed to the deepening scientific knowledge by uncovering mechanisms, producing key interventions, and estimating program effects. This represented a logical first step, as experimentalists sought to provide deeper empirical insights and theoretical tests as part of the credibility revolution of the 1990s. Nevertheless, what has been lacking is a scientific understanding of how to make optimal use of the scientific insights generated for policy purposes. Prof List denotes this the “scale-up” problem, which revolves around several important questions, such as: Do the BE insights we find in the petri dish scale to larger markets and settings? When we scale the BE intervention to broader and larger populations, should we expect the same level of efficacy that we observed in the small-scale setting? If not, then what are the important threats to scalability? What can the researcher do from the beginning of their scholarly pursuit to ensure eventual scalability and avoid voltage drops?