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Time for behavioral political economy? An analysis of articles in behavioral economics

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  • Niclas Berggren

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Abstract

This 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 Info

Article provided by Springer in its journal The Review of Austrian Economics.

Volume (Year): 25 (2012)
Issue (Month): 3 (September)
Pages: 199-221

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Handle: RePEc:kap:revaec:v:25:y:2012:i:3:p:199-221

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Web page: http://www.springerlink.com/link.asp?id=100335

Related research

Keywords: Behavioral economics; Anomalies; Rationality; Homo economicus; Public choice; Robust political economy; JEL Classification D03; D78;

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References

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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Behavioural blackboards
    by Eric Crampton in Offsetting Behaviour on 2012-02-27 18:00:00
  2. Paternalism - for children, and for the lower orders
    by Eric Crampton in Offsetting Behaviour on 2012-06-05 00:00:00
  3. Behavioural politics
    by jamesz in TVHE on 2012-07-30 00:36:02
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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Cited by:
  1. Schnellenbach, Jan & Schubert, Christian, 2014. "Behavioral public choice: A survey," Freiburg Discussion Papers on Constitutional Economics 14/03, Walter Eucken Institut e.V..
  2. 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.
  3. 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, New Economic Association, issue 10, pages 125-148.
  4. Libman, Alexander, 2012. "Перераспределительные Конфликты И Факторы Культуры В Новой Политической Экономии
    [Redistributive Conflicts and Culture in the New Political Economy]
    ," MPRA Paper 48192, University Library of Munich, Germany.

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