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Heuristics and public policy : decision making under bounded rationality

Dhami, Sanjit S.; Al-Nowaihi, Ali; Sunstein, Cass R. - 2018

How do human beings make decisions when, as the evidence indicates, the assumptions of the Bayesian rationality … rationality, with particular emphasis on growing formalization of those departures, which add necessary precision. We also explore … the relationship between bounded rationality and libertarian paternalism, or nudges, and show that some recent objections …

Persistent link: https://www.econbiz.de/10011926917

The Use of Algorithms in Society

Sunstein, Cass R. - 2023

The judgments of human beings can be biased; they can also be noisy. Across a wide range of settings, use of algorithms is likely to improve accuracy, because algorithms will reduce both bias and noise. Indeed, algorithms can help identify the role of human biases; they might even identify biases...

Persistent link: https://www.econbiz.de/10014264706

Learning-by-Erring : Towards a New View of Rationality in Economics

Matziorinis, Kenneth N. - 2020

The cornerstone of mainstream economic theory is the premise of rationality. Humans are assumed to be rational economic …

Persistent link: https://www.econbiz.de/10012837991

Intertemporal Choice with Different Short-Term and Long-Term Discount Factors

Blavatskyy, Pavlo R. - 2013

This paper proposes a new axiomatic model of intertemporal choice that allows for dynamic inconsistency. We weaken the classical assumption of stationarity into two related axioms: stationarity in the short-term and stationarity in the long-term. We obtain a model with two independent discount...

Persistent link: https://www.econbiz.de/10013078264

Aggregating Infinite Utility Streams with Inter-Generational Equity

Basu, Kaushik; Mitra, Tapan - 2003

It has been known that, in aggregating infinite utility streams, there does not exist any social welfare function, which satisfies the axioms of Pareto, inter-generational equity and continuity. We show that the impossibility result persists even without imposing the continuity axiom. Hence, the...

Persistent link: https://www.econbiz.de/10014116781

The Rhetoric of Reaction Redux

Sunstein, Cass R. - 2022

In The Rhetoric of Reaction, published in 1991, Albert Hirschman identified three standard objections to reform proposals: perversity, futility, and jeopardy. In Hirschman’s account, these objections define reactionary rhetoric. As Hirschman had it, a proposal would be “perverse” if it...

Persistent link: https://www.econbiz.de/10014082407

On depth and retrospect : "i forget, and forgive - but i discount"

Martins, Ana Paula - 2007

The discounting of future felicity flows transposes to the intertemporal optimization context the assumption of interest-bearing wealth or savings. The validity of the hypothesis has been challenged by several empirical (ir)regularities and by the theoretical implications for human decision...

Persistent link: https://www.econbiz.de/10011523140

Health club attendance, expectations and self-control

Garon, Jean-Denis; Masse, Alix; Michaud, Pierre-Carl - 2014

Using a unique dataset on health club attendance from Quebec, we look at the relationship between actual and expected attendance and how these relate to a reported measure of self-control problems at the time of contract signing. We find that a large majority of contract choices appear...

Persistent link: https://www.econbiz.de/10010388643

Procompetitive Justifications in Antitrust Law

Newman, John M. - 2020

The Rule of Reason, which has come to dominate modern antitrust law, allows defendants the opportunity to justify their conduct by demonstrating “procompetitive” effects. Seizing the opportunity, defendants have begun offering increasingly numerous and creative explanations for their...

Persistent link: https://www.econbiz.de/10012853929

Restraining the genuine homo economicus : why the economy cannot be divorced from its governance

Skaperdas, Stergios - 2003

The Homo economicus of traditional economics is far from being completely self-interested, rational, or as individualistic as he is purported to be; he will haggle to death over price but will not take what he wants by force. Implicitly, he is assumed to behave ruthlessly within a welldefined...

Persistent link: https://www.econbiz.de/10011507656

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