Bounded Rationality and Public Policy

Name: Bounded Rationality and Public Policy
Brand: Springer-Verlag New York Inc.
SKU: 9781402094729
Price: 1149.43 RON
Availability: InStock

A Perspective from Behavioural Economics

Autor: Alistair Munro

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Legare: Copertă tare

Editura: Springer-Verlag New York Inc.

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The economist s advice to society rests largely on a picture of citizens as infinitely rational bein...

Informații despre carte

Autor

Alistair Munro

Limbă

engleză

Legare

Carte - Copertă tare

Publicat

2009

Pagini

304

EAN

9781402094729

ISBN

1402094728

Enbook ID

01418764

Editura

Springer-Verlag New York Inc.

Greutate

1440

Dimensiuni

155 x 235 x 25

Descriere completă

The economist s advice to society rests largely on a picture of citizens as infinitely rational beings, shrewd, calculating and above all consistent in their behaviour. But as the last thirty years of economic experiments and field work has revealed, humans are far from perfectly consistent. On the contrary, choices and preferences often seem highly sensitive to context. Systematic deviations from rationality anomalies are widespread and they have been well-documented in the laboratory and the field. What then can the economist say about desirable public policies?§Bounded Rationality and Public Policy brings together the work of experimental economists and applies it to public economics. Experimental evidence on anomalies such as the endowment effect, anchoring and mental accounts is presented and critically appraised. The implications of bounded rationality for the efficient boundaries of the state are considered. The author argues that in general bounded rationality does not imply a larger optimal role for the state and indeed the converse may be true. New kinds of policies based on the framing and labeling of choices are discussed and their impact is analysed. The author also considers optimal tax and benefit policy and the best role for stated preference and other methods widely employed in non-market valuation.

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Bounded Rationality and Public Policy

A Perspective from Behavioural Economics

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