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Toward A Behavioral Foundation of Normative Economics

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  • Dold, Malte F.
  • Schubert, Christian

Abstract

While behavioral economics has had a major impact on positive theorizing in economics, it remains unclear what exactly those new insights about deviations from rational choice mean in terms of policy implications. Given the ever-rising interest in the new, psychologically informed economics, this paper outlines the way in which reasoning about the normative implications of behavioral economics has developed in the last decade. We argue that behavioral economics has inspired new thinking about the prospect of ‘behavioral normative economics’ (BNE). The paper sketches important approaches in the field, discusses their theoretical shortcomings, and outlines some initial ideas on how to conceptualize individuals’ identity as a key task in BNE. We suggest that the dualistic concepts of the individual should be abandoned in favor of a notion of a unified self that is constituted by its capacity to learn and reflect upon new preferences on a continuous basis.

Suggested Citation

  • Dold, Malte F. & Schubert, Christian, 2018. "Toward A Behavioral Foundation of Normative Economics," Review of Behavioral Economics, now publishers, vol. 5(3-4), pages 221-241, December.
    • Handle: RePEc:now:jnlrbe:105.00000097
    DOI: 10.1561/105.00000097
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    Cited by:

    1. Dold, Malte & Lewis, Paul, 2022. "F.A. Hayek on the political economy of endogenous preferences: An historical overview and contemporary assessment," Journal of Economic Behavior & Organization, Elsevier, vol. 196(C), pages 104-119.
    2. Bauer, Johannes M., 2022. "Toward new guardrails for the information society," Telecommunications Policy, Elsevier, vol. 46(5).

    More about this item

    Keywords

    Behavioral; Identity; Nudging; Normative Economics; Welfare;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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