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An Old Measure of Decision-Making Quality Sheds New Light on Paternalism

Author

Listed:
  • Shachar Kariv
  • Dan Silverman

Abstract

Definitive judgment about the quality of decision-making is made difficult by twin problems of measurement and identification. A measure of decision-making quality is hard to formalize, to quantify, and to make practical for use in a variety of choice environments; and it is difficult to distinguish differences in decision-making quality from unobserved differences in preferences, information, beliefs, or constraints. In this paper, we describe a widely applicable set of tools for theoretical analysis and experimental methods for addressing these problems. These tools and methods can indicate a more targeted approach to ilight paternalismj polices aimed at improving decision-making quality.

Suggested Citation

  • Shachar Kariv & Dan Silverman, 2013. "An Old Measure of Decision-Making Quality Sheds New Light on Paternalism," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 169(1), pages 29-44, March.
  • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(201303)169:1_29:aomodq_2.0.tx_2-o
    DOI: 10.1628/093245613X660384
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    Cited by:

    1. Christine Jolls, 2013. "Product Warnings, Debiasing, and Free Speech: The Case of Tobacco Regulation," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 169(1), pages 53-78, March.
    2. Syngjoo Choi & Shachar Kariv & Wieland M?ller & Dan Silverman, 2014. "Who Is (More) Rational?," American Economic Review, American Economic Association, vol. 104(6), pages 1518-1550, June.
    3. Hoel, Jessica B. & Schwab, Benjamin & Hoddinott, John, 2016. "Self-control exertion and the expression of time preference: Experimental results from Ethiopia," Journal of Economic Psychology, Elsevier, vol. 52(C), pages 136-146.
    4. Jonathan D. Ketcham & Nicolai V. Kuminoff & Christopher A. Powers, 2016. "Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program: Comment," American Economic Review, American Economic Association, vol. 106(12), pages 3932-3961, December.

    More about this item

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • P43 - Economic Systems - - Other Economic Systems - - - Finance; Public Finance
    • P46 - Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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