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Libertarian Paternalism - The Impact Of Nudges On Individual Decision-Making

Author

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  • Viktor Laskov

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

This paper introduces the concept of libertarian paternalism and examines the current literature representing the stances for and against libertarian paternalism as a legitimate approach to policymaking. The paper builds itself from the essential argument of whether neoclassical economic models are in need of improvement and presents the field of behavioural economics as an adequate source of knowledge in the pursuit of proper frameworks describing actual economic behaviour. The paper identifies insight gained from fields such as evolutionary biology and psychology as vital for the development of a more accurate picture of the economic agent. It emphasises the importance of understanding the human cognitive framework when devising solutions to societal economic problems.

Suggested Citation

  • Viktor Laskov, 2020. "Libertarian Paternalism - The Impact Of Nudges On Individual Decision-Making," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 19(1), pages 99-108, December.
    • Handle: RePEc:sko:yrbook:v:19:y:2020:i:1:p:99-108
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