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Freedom of choice and bounded rationality A brief appraisal of behavioral economists plea for light paternalism

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  • Roberta Muramatsu
  • Patrícia Fonseca

Abstract

Behavioral economics has addressed interesting positive and normative questions underlying the standard rational choice theory. More recently, it suggests that, in a real world of boundedly rational agents, economists could help people to improve the quality of their choices without any harm to autonomy and freedom of choice. This paper aims to scrutinize available arguments for and against current proposals of light paternalistic interventions mainly in the domain of intertemporal choice. It argues that incorporating the notion of bounded rationality in economic analysis and empirical findings of cognitive biases and self-control problems cannot make an indisputable case for paternalism. JEL Classification: B40; B41; D11; D91.

Suggested Citation

  • Roberta Muramatsu & Patrícia Fonseca, 2012. "Freedom of choice and bounded rationality A brief appraisal of behavioral economists plea for light paternalism," Brazilian Journal of Political Economy, Center of Political Economy, vol. 32(3), pages 445-458.
    • Handle: RePEc:ekm:repojs:v:32:y:2012:i:3:p:445-458:id:363
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    More about this item

    Keywords

    freedom; choice; bounded rationality; paternalism; behavioral economics;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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