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Psychology Implies Paternalism? Bounded Rationality may Reduce the Rationale to Regulate Risk-Taking

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  • Nathan Berg

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  • Gerd Gigerenzer

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  • Nathan Berg & Gerd Gigerenzer, 2007. "Psychology Implies Paternalism? Bounded Rationality may Reduce the Rationale to Regulate Risk-Taking," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 28(2), pages 337-359, February.
  • Handle: RePEc:spr:sochwe:v:28:y:2007:i:2:p:337-359
    DOI: 10.1007/s00355-006-0169-0
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    References listed on IDEAS

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    1. Colin Camerer & Linda Babcock & George Loewenstein & Richard Thaler, 1997. "Labor Supply of New York City Cabdrivers: One Day at a Time," The Quarterly Journal of Economics, Oxford University Press, vol. 112(2), pages 407-441.
    2. Richard H. Thaler & Shlomo Benartzi, 2004. "Save More Tomorrow (TM): Using Behavioral Economics to Increase Employee Saving," Journal of Political Economy, University of Chicago Press, vol. 112(S1), pages 164-187, February.
    3. Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
    4. Lorenz Goette & David Huffman & Ernst Fehr, 2004. "Loss Aversion and Labor Supply," Journal of the European Economic Association, MIT Press, vol. 2(2-3), pages 216-228, 04/05.
    5. Richard H. Thaler & Cass R. Sunstein, 2003. "Libertarian Paternalism," American Economic Review, American Economic Association, vol. 93(2), pages 175-179, May.
    6. Gabriel D. Carroll & James J. Choi & David Laibson & Brigitte C. Madrian & Andrew Metrick, 2009. "Optimal Defaults and Active Decisions," The Quarterly Journal of Economics, Oxford University Press, vol. 124(4), pages 1639-1674.
    7. Bruno Frey & Alois Stutzer, 2014. "Economic Consequences of Mispredicting Utility," Journal of Happiness Studies, Springer, vol. 15(4), pages 937-956, August.
    8. Elster, Jon, 1991. "Local justice : How institutions allocate scarce goods and necessary burdens," European Economic Review, Elsevier, vol. 35(2-3), pages 273-291, April.
    9. Cosmides, Leda & Tooby, John, 1994. "Better than Rational: Evolutionary Psychology and the Invisible Hand," American Economic Review, American Economic Association, vol. 84(2), pages 327-332, May.
    10. Nathan Berg & Donald Lien, 2003. "Tracking error decision rules and accumulated wealth," Applied Mathematical Finance, Taylor & Francis Journals, vol. 10(2), pages 91-119.
    11. Cass R. Sunstein & Richard H. Thaler, 2003. "Libertarian paternalism is not an oxymoron," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 48(Jun).
    12. Alan Kirman, 1993. "Ants, Rationality, and Recruitment," The Quarterly Journal of Economics, Oxford University Press, vol. 108(1), pages 137-156.
    13. Sunstein, Cass R & Schkade, David A & Kahneman, Daniel, 2000. "Do People Want Optimal Deterrence?," The Journal of Legal Studies, University of Chicago Press, vol. 29(1), pages 237-253, January.
    14. L. Randall Wray & Stephanie Bell, 2004. "Introduction," Chapters,in: Credit and State Theories of Money, chapter 1 Edward Elgar Publishing.
    15. Richard W. Kopcke & Jane Sneddon Little & Geoffrey M.B. Tootell, 2004. "How humans behave: implications for economics and economic policy," New England Economic Review, Federal Reserve Bank of Boston, pages 3-35.
    16. Sheshinski, Eytan, 2000. "Optimal Policy to Influence Individual Choice Probabilities," MPRA Paper 55490, University Library of Munich, Germany, revised Dec 2002.
    17. Caplan, Bryan, 2001. "Rational Ignorance versus Rational Irrationality," Kyklos, Wiley Blackwell, vol. 54(1), pages 3-26.
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    Citations

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    Cited by:

    1. Berg, Nathan & Kim, Jeong-Yoo, 2010. "Demand for Self Control: A model of Consumer Response to Programs and Products that Moderate Consumption," MPRA Paper 26593, University Library of Munich, Germany.
    2. Berg, Nathan & Biele, Guido & Gigerenzer, Gerd, 2010. "Does consistency predict accuracy of beliefs?: Economists surveyed about PSA," MPRA Paper 26590, University Library of Munich, Germany.
    3. Schubert, Christian, 2015. "Opportunity And Preference Learning," Economics and Philosophy, Cambridge University Press, vol. 31(02), pages 275-295, July.
    4. Nathan Berg & Gerd Gigerenzer, 2010. "As-if behavioral economics: neoclassical economics in disguise?," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(1), pages 133-166.
    5. Pasche, Markus, 2014. "Soft Paternalism and Nudging - Critique of the Behavioral Foundations," MPRA Paper 61140, University Library of Munich, Germany.
    6. Berg, Nathan, 2014. "Success from satisficing and imitation: Entrepreneurs' location choice and implications of heuristics for local economic development," Journal of Business Research, Elsevier, vol. 67(8), pages 1700-1709.
    7. repec:eee:jbrese:v:82:y:2018:i:c:p:127-140 is not listed on IDEAS
    8. Schnellenbach, Jan & Schubert, Christian, 2015. "Behavioral political economy: A survey," European Journal of Political Economy, Elsevier, vol. 40(PB), pages 395-417.
    9. Berg, Nathan, 2010. "Behavioral Economics," MPRA Paper 26587, University Library of Munich, Germany.
    10. Akhtaruzzaman, M. & Berg, Nathan & Hajzler, Christopher, 2017. "Expropriation risk and FDI in developing countries: Does return of capital dominate return on capital?," European Journal of Political Economy, Elsevier, vol. 49(C), pages 84-107.
    11. Andrea Polonioli, 2013. "Re-assessing the Heuristics debate," Mind & Society: Cognitive Studies in Economics and Social Sciences, Springer;Fondazione Rosselli, vol. 12(2), pages 263-271, November.
    12. Martin Binder, 2014. "Should evolutionary economists embrace libertarian paternalism?," Journal of Evolutionary Economics, Springer, vol. 24(3), pages 515-539, July.
    13. Zhao Yong & Wu Xinlin, 2016. "Retracted: Intrinsic Preferences, Revealed Preferences and Bounded Rational Decisions," Systems Research and Behavioral Science, Wiley Blackwell, vol. 33(1), pages 205-205, January.
    14. Schnellenbach, Jan & Schubert, Christian, 2014. "Behavioral public choice: A survey," Freiburg Discussion Papers on Constitutional Economics 14/03, Walter Eucken Institut e.V..
    15. Markus Pasche, 2013. "What Can be Learned from Behavioural Economics for Environmental Policy?," Jena Economic Research Papers 2013-020, Friedrich-Schiller-University Jena.
    16. Berg, Nathan, 2009. "Illusive competition in school reform: Comment on Merrifield's "Imagined evidence and false imperatives"," MPRA Paper 26371, University Library of Munich, Germany.
    17. repec:beh:jbepv1:v:2:y:2018:i:1:p:45-51 is not listed on IDEAS

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