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FOCUS - Osservatorio Brexit N. 1 - 21/06/2017

 Brexit. A Behavioural Perspective

On 29th March 2019, the last day for the UK’s planned departure from the EU and the date the Brexit withdrawal agreement should have come into force, the BBC, in a charming example of British understatement, described Brexit as ‘an enormous distraction’. Traditional rational economists may be baffled by the UK’s apparently irrational actions. From a behavioural perspective, however, the Brexit process displays classic characteristics of psychological bias and emotional decision-making overriding rational choice.  After three years and three prime ministers, Brixit remains as contentious, divisive and intractable as ever. Driven by populist politics, the fear, held by a significant percentage of voters, that their frustrations can be resolved through isolation, whether by building a wall or trade wars, has taken centre stage on both sides of the Atlantic.

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