Bounded Rationality and Public Policy: A Perspective from Behavioural EconomicsThis book is about bounded rationality and public policy. It is written from the p- spective of someone trained in public economics who has encountered the enormous literature on experiments in decision-making and wonders what implications it has for the normative aspects of public policy. Though there are a few new results or models, to a large degree the book is synthetic in tone, bringing together disparate literatures and seeking some accommodation between them. It has had a long genesis. It began with a draft of a few chapters in 2000, but has expanded in scope and size as the literature on behavioural economics has grown. At some point I realised that the geometric growth of behavioural - search and the arithmetic growth of my writing were inconsistent with an am- tion to be exhaustive. As such therefore I have concentrated on particular areas of behavioural economics and bounded rationality. The resulting book is laid out as follows: Chapter 1 provides an overview of the rest of the book, goes through some basic de?nitions and identi?es themes. |
Contents
1 | |
2 Anomalies | 17 |
3 Information Learning and Markets | 49 |
4 Markets and Reference Dependent Preferences | 74 |
5 Welfare | 93 |
6 Public Policy and Bounded Rationality | 133 |
7 Standard Fiscal Policy and Merit Wants | 162 |
Other editions - View all
Bounded Rationality and Public Policy: A Perspective from Behavioural Economics Alistair Munro No preview available - 2009 |
Bounded Rationality and Public Policy: A Perspective from Behavioural Economics Alistair Munro No preview available - 2009 |
Bounded Rationality and Public Policy: A Perspective from Behavioural Economics Alistair Munro No preview available - 2010 |
Common terms and phrases
accept agents allocation alternative anomalies argument assumption Axiom Bateman behaviour behavioural economics benefits bias bounded rationality bundle candidate carers Chapter choose citizens compared consider consumer consumption context contingent valuation convergence cost decision decision-making decoy defined Econ Rev elicitation endowment effect equilibrium evidence ex ante ex post example experimental experiments feasible framing effects given Hicksian implies incentives income individual welfare instance loss aversion market failure mental accounting merit wants Munro non-market optimal option outcome Pareto Pareto efficient partial valuation payoff pension period possible potentially preference elicitation preference reversal probability problem produce prospect theory Psychol public policy rational choice reference dependent preferences relationship savings social Springer Science+Business Media standard status quo status quo bias subjects Sugden Suppose technical efficiency Thaler RH typically utility vector Vickrey auction viewed welfare economics willingness to pay