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Die Psychologie begrenzt rationaler Wirtschaftspolitik: Das Beispiel des Reformstaus

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  • Heinemann Friedrich

    (Zentrum für Europäische Wirtschaftsforschung (ZEW), D - 68034 Mannheim)

Abstract

Mainstream economists are reluctant to integrate features of bounded rationality into their behavioural assumptions. However, particularly in the field of economic policy the scope for limited rationality is given, since voters lack incentives for rational reasoning concerning their voting decision. The explanatory power of limited rationality is demonstrated for the example of reform resistance. Status quo preferences, endowment effects and loss aversion are typical deviations from full rationality and explain resistance against beneficial reforms even if there is full information and no uncertainty. From this psychological perspective, a major precondition for the implementation of reforms is the loss of status quo as an available option. Test runs of policy options may also be helpful for overcoming psychological reform resistance.

Suggested Citation

  • Heinemann Friedrich, 2001. "Die Psychologie begrenzt rationaler Wirtschaftspolitik: Das Beispiel des Reformstaus," Zeitschrift für Wirtschaftspolitik, De Gruyter, vol. 50(1), pages 96-112, April.
    • Handle: RePEc:lus:zwipol:v:50:y:2001:i:1:p:96-112:n:7
    DOI: 10.1515/zfwp-2001-0107
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    Cited by:

    1. Friedrich Heinemann & Theocharis Grigoriadis, 2016. "Origins of reform resistance and the Southern European regime," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 43(4), pages 661-691, November.
    2. Friedrich Heinemann & Michael Förg & Eva Jonas & Eva Traut‐Mattausch, 2008. "Psychologische Restriktionen wirtschaftspolitischer Reformen," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 9(4), pages 383-404, November.
    3. Heinemann, Friedrich, 2004. "Explaining Reform Deadlocks," ZEW Discussion Papers 04-39, ZEW - Leibniz Centre for European Economic Research.
    4. Theocharis Grigoriadis & Friedrich Heinemann, 2013. "Origins of Reform Resistance and the Southern European Regime. WWWforEurope Working Paper No. 20," WIFO Studies, WIFO, number 46881.

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