Behavioral Economics and Regulatory Analysis
Identifieur interne : 000219 ( Main/Merge ); précédent : 000218; suivant : 000220Behavioral Economics and Regulatory Analysis
Auteurs : Lisa A. Robinson [États-Unis, Niger] ; James K. Hammitt [États-Unis, France]Source :
- Risk Analysis [ 0272-4332 ] ; 2011-09.
English descriptors
- Teeft :
- Alternative approach, Ambiguous risks, Annual discount rate, Annual review, Anomaly, Available research, Aversion, Behavioral, Behavioral anomalies, Behavioral economics, Behavioral economists, Behavioral issues, Behavioral research, Budget constraints, Cambridge university press, Carefullyconsidered preferences, Choices people, Consumer sovereignty, Contingent valuation, Correct measure, Critical review, Current state, Decision rules, Different discount rates, Discount rate, Discount rates, Discounting, Drug administration, Economic analysis, Economic literature, Economic model, Economic theory, Economics, Endowment effect, Environmental, Environmental economics, Environmental improvements, Environmental protection agency, Equity considerations, Executive departments, Executive order, Executive orders, Exponential, Exponential discounting, Federal agencies, Federal regulation, Federal regulations, Future generations, Hammitt, High rates, Homeland security, Hyperbolic, Hyperbolic discounting, Income effects, Individual behavior, Individual choices, Individual preferences, Intergenerational equity, Intertemporal choice, Kahneman, Latter issue, Less attention, Life expectancy, Loss aversion, Many studies, Market prices, Market rates, Medical decision, Monetary terms, Monetary value, Monetary values, More work, Mortality risk, Mortality risk reduction, Mortality risks, National highway safety administration, Ndings, Neoclassical, Neoclassical model, Nonmarket goods, Normative, Normative preferences, Numerous studies, Obama administration, Opportunity costs, Other types, Other words, Personal characteristics, Policy analysis, Political economy, Positive model, Pragmatic role, Preference, Present value, Pretax rate, Princeton university press, Private goods, Property right, Prospect theory, Psychological attributes, Psychological responses, Public economics, Public goods, Public policy, Quarterly journal, Reference state, Regulatory, Regulatory affairs, Regulatory analysis, Regulatory analysis description, Regulatory option, Regulatory review, Resource economics, Risk analysis, Risk change, Risk characteristics, Risk magnitude, Risk reduction, Risk reductions, Safety regulations, Same individuals, Same time, Second edition, Sensitivity analysis, Small risk changes, Standard model, Statistical life, Sunstein, Thaler, Time period, Time preference, Time preferences, Undiscounted costs, Utility theory, Visual aids.
Abstract
Behavioral economics has captured the interest of scholars and the general public by demonstrating ways in which individuals make decisions that appear irrational. While increasing attention is being focused on the implications of this research for the design of risk‐reducing policies, less attention has been paid to how it affects the economic valuation of policy consequences. This article considers the latter issue, reviewing the behavioral economics literature and discussing its implications for the conduct of benefit‐cost analysis, particularly in the context of environmental, health, and safety regulations. We explore three concerns: using estimates of willingness to pay or willingness to accept compensation for valuation, considering the psychological aspects of risk when valuing mortality‐risk reductions, and discounting future consequences. In each case, we take the perspective that analysts should avoid making judgments about whether values are “rational” or “irrational.” Instead, they should make every effort to rely on well‐designed studies, using ranges, sensitivity analysis, or probabilistic modeling to reflect uncertainty. More generally, behavioral research has led some to argue for a more paternalistic approach to policy analysis. We argue instead for continued focus on describing the preferences of those affected, while working to ensure that these preferences are based on knowledge and careful reflection.
Url:
DOI: 10.1111/j.1539-6924.2011.01661.x
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<term>Annual review</term>
<term>Anomaly</term>
<term>Available research</term>
<term>Aversion</term>
<term>Behavioral</term>
<term>Behavioral anomalies</term>
<term>Behavioral economics</term>
<term>Behavioral economists</term>
<term>Behavioral issues</term>
<term>Behavioral research</term>
<term>Budget constraints</term>
<term>Cambridge university press</term>
<term>Carefullyconsidered preferences</term>
<term>Choices people</term>
<term>Consumer sovereignty</term>
<term>Contingent valuation</term>
<term>Correct measure</term>
<term>Critical review</term>
<term>Current state</term>
<term>Decision rules</term>
<term>Different discount rates</term>
<term>Discount rate</term>
<term>Discount rates</term>
<term>Discounting</term>
<term>Drug administration</term>
<term>Economic analysis</term>
<term>Economic literature</term>
<term>Economic model</term>
<term>Economic theory</term>
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<term>Executive orders</term>
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<term>Exponential discounting</term>
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<term>Federal regulation</term>
<term>Federal regulations</term>
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<term>Market rates</term>
<term>Medical decision</term>
<term>Monetary terms</term>
<term>Monetary value</term>
<term>Monetary values</term>
<term>More work</term>
<term>Mortality risk</term>
<term>Mortality risk reduction</term>
<term>Mortality risks</term>
<term>National highway safety administration</term>
<term>Ndings</term>
<term>Neoclassical</term>
<term>Neoclassical model</term>
<term>Nonmarket goods</term>
<term>Normative</term>
<term>Normative preferences</term>
<term>Numerous studies</term>
<term>Obama administration</term>
<term>Opportunity costs</term>
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<term>Other words</term>
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<term>Policy analysis</term>
<term>Political economy</term>
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<term>Present value</term>
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<term>Property right</term>
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<term>Public goods</term>
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<term>Regulatory analysis</term>
<term>Regulatory analysis description</term>
<term>Regulatory option</term>
<term>Regulatory review</term>
<term>Resource economics</term>
<term>Risk analysis</term>
<term>Risk change</term>
<term>Risk characteristics</term>
<term>Risk magnitude</term>
<term>Risk reduction</term>
<term>Risk reductions</term>
<term>Safety regulations</term>
<term>Same individuals</term>
<term>Same time</term>
<term>Second edition</term>
<term>Sensitivity analysis</term>
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<term>Standard model</term>
<term>Statistical life</term>
<term>Sunstein</term>
<term>Thaler</term>
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<front><div type="abstract" xml:lang="en">Behavioral economics has captured the interest of scholars and the general public by demonstrating ways in which individuals make decisions that appear irrational. While increasing attention is being focused on the implications of this research for the design of risk‐reducing policies, less attention has been paid to how it affects the economic valuation of policy consequences. This article considers the latter issue, reviewing the behavioral economics literature and discussing its implications for the conduct of benefit‐cost analysis, particularly in the context of environmental, health, and safety regulations. We explore three concerns: using estimates of willingness to pay or willingness to accept compensation for valuation, considering the psychological aspects of risk when valuing mortality‐risk reductions, and discounting future consequences. In each case, we take the perspective that analysts should avoid making judgments about whether values are “rational” or “irrational.” Instead, they should make every effort to rely on well‐designed studies, using ranges, sensitivity analysis, or probabilistic modeling to reflect uncertainty. More generally, behavioral research has led some to argue for a more paternalistic approach to policy analysis. We argue instead for continued focus on describing the preferences of those affected, while working to ensure that these preferences are based on knowledge and careful reflection.</div>
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