Behavioral Economics for Cost-Benefit Analysis

Benefit Validity When Sovereign Consumers Seem to Make Mistakes

Business & Finance, Marketing & Sales, Consumer Behaviour, Nonfiction, Social & Cultural Studies, Political Science, Politics, Economic Policy
Cover of the book Behavioral Economics for Cost-Benefit Analysis by David L. Weimer, Cambridge University Press
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Author: David L. Weimer ISBN: 9781108187084
Publisher: Cambridge University Press Publication: September 14, 2017
Imprint: Cambridge University Press Language: English
Author: David L. Weimer
ISBN: 9781108187084
Publisher: Cambridge University Press
Publication: September 14, 2017
Imprint: Cambridge University Press
Language: English

How should policy analysts assess 'benefit validity' when behavioral anomalies appear relevant? David L. Weimer provides thoughtful answers through practical guidelines. Behavioral economists have identified a number of situations in which people appear not to behave according to the neoclassical assumptions underpinning welfare economics and its application to the assessment of the efficiency of proposed public policies through cost-benefit analysis. This book introduces the concept of benefit validity as a criterion for estimating benefits from observed or stated preference studies, and provides practical guidelines to help analysts accommodate behavioral findings. It considers benefit validity in four areas: violations of expected utility theory, unexpectedly large differences between willingness to pay and willingness to accept, non-exponential discounting, and harmful addiction. In addition to its immediate value to practicing policy analysts, it helps behavioral economists identify issues where their research programs can make practical contributions to better policy analysis.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

How should policy analysts assess 'benefit validity' when behavioral anomalies appear relevant? David L. Weimer provides thoughtful answers through practical guidelines. Behavioral economists have identified a number of situations in which people appear not to behave according to the neoclassical assumptions underpinning welfare economics and its application to the assessment of the efficiency of proposed public policies through cost-benefit analysis. This book introduces the concept of benefit validity as a criterion for estimating benefits from observed or stated preference studies, and provides practical guidelines to help analysts accommodate behavioral findings. It considers benefit validity in four areas: violations of expected utility theory, unexpectedly large differences between willingness to pay and willingness to accept, non-exponential discounting, and harmful addiction. In addition to its immediate value to practicing policy analysts, it helps behavioral economists identify issues where their research programs can make practical contributions to better policy analysis.

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