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Behavioral Economics and Institutional Innovation

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  • Robert Shiller
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    Abstract

    Behavioral economics has played a fundamental role historically in innovation in economic institutions, even long before behavioral economics was recognized as a discipline. Examples from history, notably that of the invention of workers' compensation, illustrate this point. Though scholarly discussion develops over decades, actual innovation tends to occur episodically, particularly at times of economic crisis. Fortunately, some of the major professional societies, the Verein fur Sozialpolitik, the American Economic Association and their successors, have managed to keep a broad discourse going, involving a variety of research methods including some that may be described today as behavioral economics, thereby maintaining an environment friendly to institutional innovation. Further, the broad expansion of behavioral economics that is going on today can be expected to yield even more such important institutional innovations.

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    File URL: http://icfpub.som.yale.edu/publications/2564
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    Bibliographic Info

    Paper provided by Yale School of Management in its series Yale School of Management Working Papers with number amz2564.

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    Date of creation: 01 Feb 2005
    Date of revision: 01 Mar 2005
    Handle: RePEc:ysm:somwrk:amz2564

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    Web page: http://icf.som.yale.edu/
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    Related research

    Keywords: Economics innovation; invention; psychological economics; institutional economics; social insurance; workers'compensation; American Economic Association; Germany; Verein fur Sozialpolitik;

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