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Assumptions, behavioral findings, and policy analysis

  • Jack L. Knetsch

    (Professor of Economics and Resource Management, School of Resource and Environmental Management, Simon Fraser University)

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    Recent empirical studies indicate that many standard economic assumptions used in policy analyses do not reflect people's preferences and choices as well as modifications based on behavioral findings. Differences in the areas of time preferences and the large disparity between valuations of gains and losses illustrate the issues and the distortions that present analyses likely impose.

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    Article provided by John Wiley & Sons, Ltd. in its journal Journal of Policy Analysis and Management.

    Volume (Year): 14 (1995)
    Issue (Month): 1 ()
    Pages: 68-78

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    Handle: RePEc:wly:jpamgt:v:14:y:1995:i:1:p:68-78
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    1. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard, 1986. "Fairness as a Constraint on Profit Seeking: Entitlements in the Market," American Economic Review, American Economic Association, vol. 76(4), pages 728-41, September.
    2. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
    3. Baumol,William J. & Oates,Wallace E., 1988. "The Theory of Environmental Policy," Cambridge Books, Cambridge University Press, number 9780521322249, October.
    4. Dermot Gately, 1980. "Individual Discount Rates and the Purchase and Utilization of Energy-Using Durables: Comment," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 373-374, Spring.
    5. repec:tpr:qjecon:v:99:y:1984:i:3:p:507-21 is not listed on IDEAS
    6. Kahneman, Daniel & Thaler, Richard H, 1991. "Economic Analysis and the Psychology of Utility: Applications to Compensation Policy," American Economic Review, American Economic Association, vol. 81(2), pages 341-46, May.
    7. repec:tpr:qjecon:v:107:y:1992:i:2:p:573-97 is not listed on IDEAS
    8. Robert J. Shiller & Maxim Boycko & Vladimir Korobov, 1990. "Popular Attitudes Towards Free Markets: The Soviet Union and the United States Compared," NBER Working Papers 3453, National Bureau of Economic Research, Inc.
    9. Colin F. Camerer & Howard Kunreuther, 1989. "Decision processes for low probability events: Policy implications," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 8(4), pages 565-592.
    10. Richard Thaler, 1985. "Mental Accounting and Consumer Choice," Marketing Science, INFORMS, vol. 4(3), pages 199-214.
    11. Knetsch, Jack L., 1992. "Preferences and nonreversibility of indifference curves," Journal of Economic Behavior & Organization, Elsevier, vol. 17(1), pages 131-139, January.
    12. Gregory, Robin & Lichtenstein, Sarah & MacGregor, Donald, 1993. "The Role of Past States in Determining Reference Points for Policy Decisions," Organizational Behavior and Human Decision Processes, Elsevier, vol. 55(2), pages 195-206, July.
    13. Frey, Bruno S. & Pommerehne, Werner W., 1993. "On the fairness of pricing -- An empirical survey among the general population," Journal of Economic Behavior & Organization, Elsevier, vol. 20(3), pages 295-307, April.
    14. Knetsch, Jack L, 1989. "The Endowment Effect and Evidence of Nonreversible Indifference Curves," American Economic Review, American Economic Association, vol. 79(5), pages 1277-84, December.
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