Time for behavioral political economy? An analysis of articles in behavioral economics
AbstractThis study analyzes leading research in behavioral economics to see whether it contains advocacy of paternalism and whether it addresses the potential cognitive limitations and biases of the policymakers who are going to implement paternalist policies. The findings reveal that 20.7% of the studied articles in behavioral economics propose paternalist policy action and that 95.5% of these do not contain any analysis of the cognitive ability of policymakers. This suggests that behavioral political economy, in which the analytical tools of behavioral economics are applied to political decision-makers as well, would offer a useful extension of the research program. Such an extension could be related to the concept of robust political economy, according to which the case for paternalism should be subjected to “worst-case” assumptions, such as policymakers being less than fully rational. Copyright Springer Science+Business Media, LLC 2012
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Bibliographic InfoArticle provided by Springer in its journal The Review of Austrian Economics.
Volume (Year): 25 (2012)
Issue (Month): 3 (September)
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Web page: http://www.springerlink.com/link.asp?id=100335
Behavioral economics; Anomalies; Rationality; Homo economicus; Public choice; Robust political economy; JEL Classification D03; D78;
Other versions of this item:
- Berggren, Niclas, 2011. "Time for behavioral political economy? An analysis of articles in behavioral economics," Ratio Working Papers 166, The Ratio Institute.
- D03 - Microeconomics - - General - - - Behavioral Microeconomics; Underlying Principles
- D78 - Microeconomics - - Analysis of Collective Decision-Making - - - Positive Analysis of Policy Formulation and Implementation
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Behavioural blackboards
by Eric Crampton in Offsetting Behaviour on 2012-02-27 18:00:00
- Paternalism - for children, and for the lower orders
by Eric Crampton in Offsetting Behaviour on 2012-06-05 00:00:00
- Behavioural politics
by jamesz in TVHE on 2012-07-30 00:36:02
- Shastitko, A., 2011. "Errors of I and II Types in Economic Exchanges with Third Party Enforcement," Journal of the New Economic Association, New Economic Association, issue 10, pages 125-148.
- Libman, Alexander, 2012.
"Перераспределительные Конфликты И Факторы Культуры В Новой Политической Экономии
[Redistributive Conflicts and Culture in the," MPRA Paper 48192, University Library of Munich, Germany.
- Eric Crampton & Matt Burgess & Brad Taylor, 2011. "The Cost of Cost Studies," Working Papers in Economics 11/29, University of Canterbury, Department of Economics and Finance.
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