Hayekian behavioral economics
Bibliographic Data
| ID | 13109253 |
|---|---|
| Authors | Cass R Sunstein (0000-0003-4194-3008, Harvard University Press, corresponding author) |
| Year | 2021 |
| Volume | 7 |
| Issue | 1 |
| Pages | 170-188 |
| Publication date | 2021-03-19 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Behavioural Public Policy (JOURNAL) |
| Journal identifiers | ISSN: 2398-063X • E-ISSN: 2398-0648 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/bpp.2021.3 |
| OpenAlex | W3139445798 |
| Language | EN |
| Citations received | 8 |
| References cited | 42 |
One of Friedrich Hayek's most important arguments pointed to the epistemic advantages of the price system, regarded as an institution. As Hayek showed, the price system incorporates the information held by numerous, dispersed people. Like John Stuart Mill, Hayek also offered an epistemic argument on behalf of freedom of choice. A contemporary challenge to that epistemic argument comes from behavioral economics, which has uncovered an assortment of reasons why choosers err, and also pointed to possible distortions in the price system. But, even if those findings are accepted, what should public institutions do? How should they proceed? A neo-Hayekian approach would seek to reduce the knowledge problem by asking what individual choosers actually do under epistemically favorable conditions. In practice, that question can be disciplined by asking five subsidiary questions: (1) What do consistent choosers, unaffected by self-evidently irrelevant factors, end up choosing? (2) What do informed choosers choose? (3) What do active choosers choose? (4) When people are free of behavioral biases, including (say) present bias or unrealistic optimism, what do they choose? (5) What do people choose when their viewscreen is broad, and they do not suffer from limited attention? These questions are illustrated with reference to the intense controversy over fuel economy standards
Argument (complex analysis · Austrian School · Behavioral economics · Economics · Epistemology · Freedom of choice · Institution · Microeconomics · Mill · Neoclassical economics · Optimism · Political science · Positive economics · Social science · Sociology · Climate Change Policy and Economics · Energy, Environment, and Transportation Policies · Global Energy and Sustainability Research · Law · Philosophy
Reappraising consumption nudging—on liberty in the age of climate catastrophe
Debiasing or regularisation? Two interpretations of the concept of ‘true preference’ in behavioural economics
Towards a Responsible Liberalism
Hayekian psychological economics
The unsolved Hayekian knowledge problem in behavioral economics
The tacit dimension and behavioural public policy
Come on, man!’ On errors, choice, and Hayekian behavioral economics
Being good and doing good in behavioral policymaking
What Works
The Constitution of Liberty
Beyond Revealed Preference
Shrouded Attributes, Consumer Myopia, and Information Suppression in Competitive Markets
Against Autonomy
Hayekian welfare states
Is There an Energy Efficiency Gap
When to consider boosting
The Good, the Bad, and the Ugly
Rear Visibility and Some Unresolved Problems for Economic Analysis (With Notes on Experience Goods)
Most Consumers Don’t Buy Hybrids
Regulating Internalities
Reforming Environmental Law
Hayek on Mill
Should We Tax Sugar-Sweetened Beverages? An Overview of Theory and Evidence
| Citations per year | 1.6 |
|---|---|
| Citation span | 2021 - 2026 (6) |
| Highly cited | No |