People and policy : behavioural economics and its policy implications
Dickson, Alex and Fongoni, Marco (2015) People and policy : behavioural economics and its policy implications. Fraser of Allander Economic Commentary, 38 (3). pp. 93-106. ISSN 2046-5378
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Abstract
The standard approach of economic modelling and policy analysis is to assume that people are homo economicus: a rational and self-interested economic man. However, a well-documented body of evidence suggests that human decision makers depart from this assumption in several interesting ways. This paper explores three key behavioural aspects – loss aversion; present-biased preferences; and social preferences. It considers the evidence to support them; how behavioural economists have modified economic models to capture the implications of each modification; and how they offer new insights on the scope and efficacy of a wide range of policy interventions.
Creators(s): |
Dickson, Alex ![]() ![]() | Item type: | Article |
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ID code: | 52087 |
Keywords: | behavioural economics, loss aversion, reference-dependent preferences, present-biased preferences, social preferences, procrastination, reciprocity, public policy, Economic Theory, Commerce, Economics, Econometrics and Finance(all) |
Subjects: | Social Sciences > Economic Theory Social Sciences > Commerce |
Department: | Strathclyde Business School > Economics Strathclyde Business School > Fraser of Allander Institute |
Depositing user: | Pure Administrator |
Date deposited: | 04 Mar 2015 16:39 |
Last modified: | 06 Mar 2021 02:03 |
Related URLs: | |
URI: | https://strathprints.strath.ac.uk/id/eprint/52087 |
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