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Behavioral Public Economics: Welfare and Policy Analysis with Non-Standard Decision-Makers

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B. Douglas Bernheim
Antonio Rangel

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Abstract

This paper has two goals. First, we discuss several emerging approaches to applied welfare analysis under non-standard ("behavioral") assumptions concerning consumer choice. This provides a foundation for Behavioral Public Economics. Second, we illustrate applications of these approaches by surveying behavioral studies of policy problems involving saving, addiction, and public goods. We argue that the literature on behavioral public economics, though in its infancy, has already fundamentally changed our understanding of public policy in each of these domains.

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Publisher Info
Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 11518.

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Date of creation: Aug 2005
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Handle: RePEc:nbr:nberwo:11518

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Find related papers by JEL classification:
D0 - Microeconomics - - General
D1 - Microeconomics - - Household Behavior
D6 - Microeconomics - - Welfare Economics
D9 - Microeconomics - - Intertemporal Choice and Growth
H0 - Public Economics - - General
H1 - Public Economics - - Structure and Scope of Government
H4 - Public Economics - - Publicly Provided Goods

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. B. Douglas Bernheim & Jonathan Skinner & Steven Weinberg, 1997. "What Accounts for the Variation in Retirement Wealth Among U.S. Households?," NBER Working Papers 6227, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Michael Hurd & Susann Rohwedder, 2003. "The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement," Working Papers 03-12, RAND Corporation Publications Department. [Downloadable!]
    Other versions:
  3. A. L. Robb & J. B. Burbidge, 1989. "Consumption, Income, and Retirement," Canadian Journal of Economics, Canadian Economics Association, vol. 22(3), pages 522-42, August. [Downloadable!] (restricted)
  4. B. Douglas Bernheim, 1989. "The Timing of Retirement: A Comparison of Expectations and Realizations," NBER Chapters, in: The Economics of Aging, pages 335-358 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
  5. Gary E Bolton & Axel Ockenfels, 1997. "A Theory of Equity, Reciprocity, and Competition," Levine's Working Paper Archive 1889, David K. Levine. [Downloadable!]
  6. Palfrey, Thomas R & Prisbrey, Jeffrey E, 1997. "Anomalous Behavior in Public Goods Experiments: How Much and Why?," American Economic Review, American Economic Association, vol. 87(5), pages 829-46, December. [Downloadable!] (restricted)
  7. Daniel S. Hamermesh, 1984. "Consumption During Retirement: The Missing Link in the Life Cycle," NBER Working Papers 0930, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. Patrick J. Bayer & B. Douglas Bernheim & John Karl Scholz, 1996. "The Effects of Financial Education in the Workplace: Evidence from a Survey of Employers," Working Papers 96011, Stanford University, Department of Economics. [Downloadable!]
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  9. Harbaugh, William T., 1998. "What do donations buy?: A model of philanthropy based on prestige and warm glow," Journal of Public Economics, Elsevier, vol. 67(2), pages 269-284, February. [Downloadable!] (restricted)
  10. Walstad, William B & Soper, John C, 1988. "A Report Card on the Economic Literacy of U.S. High School Students," American Economic Review, American Economic Association, vol. 78(2), pages 251-56, May.
  11. Warshawsky, Mark, 1987. "Sensitivity to Market Incentives: The Case of Policy Loans," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 286-95, May. [Downloadable!] (restricted)
  12. Bernheim, B. Douglas & Garrett, Daniel M. & Maki, Dean M., 2001. "Education and saving:: The long-term effects of high school financial curriculum mandates," Journal of Public Economics, Elsevier, vol. 80(3), pages 435-465, June. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ricardo J. Caballero & Arvind Krishnamurthy, 2007. "Collective Risk Management in a Flight to Quality Episode," NBER Working Papers 12896, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Fosgerau, Mogens, 2008. "Hedonic preferences, symmetric loss aversion and the willingness to pay-willingness to accept gap," MPRA Paper 10041, University Library of Munich, Germany. [Downloadable!]
  3. Frank A Cowell, 2007. "Income Distribution and Inequality," STICERD - Distributional Analysis Research Programme Papers 94, Suntory and Toyota International Centres for Economics and Related Disciplines, LSE. [Downloadable!]
  4. Werner Güth & Rupert Sausgruber, 2008. "Voting between tax regimes to fund a public good," Economics of Governance, Springer, vol. 9(4), pages 287-303, October. [Downloadable!] (restricted)
  5. Paul Dolan & Robert Metcalfe, 2008. "Comparing Willingness-to-Pay and Subjective Well-Being in the Context of Non-Market Goods," CEP Discussion Papers dp0890, Centre for Economic Performance, LSE. [Downloadable!]
  6. Dohmen Thomas & Falk Armin & Huffman David & Marklein Felix & Sunde Uwe, 2008. "Biased Probability Judgment: Representative Evidence for Pervasiveness and Economic Outcomes," Research Memoranda 008, Maastricht : ROA, Research Centre for Education and the Labour Market. [Downloadable!]
  7. Louis Kaplow, 2006. "Myopia and the Effects of Social Security and Capital Taxation on Labor Supply," NBER Working Papers 12452, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Hans-Werner Sinn, 2009. "Please bring me the New York Times," International Tax and Public Finance, Springer, vol. 16(1), pages 124-135, February. [Downloadable!] (restricted)
  9. Alan J. Auerbach, 2006. "The Choice Between Income and Consumption Taxes: A Primer," NBER Working Papers 12307, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  10. Eric Rasmusen, 2008. "Internalities and Paternalism: Applying the Compensation Criterion to Multiple Selves across Time," Working Papers 2008-13, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy. [Downloadable!]
  11. Jonathan Skinner, 2007. "Are You Sure You're Saving Enough for Retirement?," NBER Working Papers 12981, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  12. Elodie Brahic & Valérie Clément & Nathalie Moureau & Marion Vidal, 2008. "A la recherche des Merit Goods," Working Papers 08-08, LAMETA, Universtiy of Montpellier, revised Jun 2008. [Downloadable!]
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