Bounded Rationality and Public Policy: A Perspective from Behavioural Economics

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Springer Science & Business Media, Jun 10, 2009 - Business & Economics - 304 pages
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This 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.
 

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Contents

1 Introduction
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
8 Agency and Dependency
187
9 Tax Policy
207
NonStandard Fiscal Policy
227
11 Stated Preference and NonMarket Decisions
259
References
285
Index
313
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