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(Mis)Applications of Behavioral Economics to Regulation: The Importance of Public Choice Architecture Open Access

In this paper, I evaluate the recent promotion of libertarian paternalism as a viable means of coordinating market activities. In doing so, I challenge the notion that “anti-antipaternalism” logically follows from the findings in behavioral economics. For behavioral economic policy to be effective, advocates must show how policy will be rendered effectively through public institutions. I argue that the central dilemma of the field of behavioral law and economics is that it lacks analysis of the public choice architecture within which the improvement of private choice architecture would take place. Without an accompanying theory of the public institutions by which behavioral economic policy will be implemented, the promotion of these types of policy prescriptions is premature.

Descriptions

Author
Smith, Adam C.
GW Unit
Regulatory Studies Center
Date Created
8/1/2011
Type of Work
Other
Rights
Attribution 3.0 United States

Keyword
Regulation
Working Paper
Public Policy
Regulatory Studies
Behavioral Economics
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Language
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Previous Publication Information
Permanent Link
https://scholarspace.library.gwu.edu/files/nv9352905

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Sandra Delaney
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File author: Adam Smith
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