Hostname: page-component-8448b6f56d-t5pn6 Total loading time: 0 Render date: 2024-04-19T10:26:39.676Z Has data issue: false hasContentIssue false
  • English
  • Français

The unsolved Hayekian knowledge problem in behavioral economics

Published online by Cambridge University Press:  26 May 2021

Mario J. Rizzo  and
Glen Whitman
Mario J. Rizzo*
Affiliation:
Department of Economics, New York University, New York, NY, USA
Glen Whitman
Affiliation:
Department of Economics, New York University, New York, NY, USA Department of Economics, California State University, Northridge, CA, USA
*
*Correspondence to: E-mail: mario.rizzo@nyu.edu
Get access Rights & Permissions [Opens in a new window]

Abstract

An abstract is not available for this content so a preview has been provided. Please use the Get access link above for information on how to access this content.
Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Response
Information
Behavioural Public Policy , Volume 7 , Issue 1 , January 2023 , pp. 199 - 211
Copyright
Copyright © The Author(s), 2021. Published by Cambridge University Press

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Allcott, H. and Knittel, C. (2019), ‘Are consumers poorly informed about fuel economy? Evidence from two experiments’, American Economic Journal: Economic Policy, 11(1): 1–37.Google Scholar
Barzun, J. (1983), A stroll with William James. New York: Harper & Row.Google Scholar
Besharov, G. (2004), ‘Second-best considerations in correcting cognitive biases’, Southern Economic Journal, 71(1): 12–20.Google Scholar
Beshears, J., Choi, J. J., Laibson, D. and Madrian, B. C. (2008), ‘How are preferences revealed?’, Journal of Public Economics, 92(8–9): 1787–94.CrossRefGoogle ScholarPubMed
Charness, G. and Sutter, M. (2012), ‘Groups make better self-interested decisions’, Journal of Economic Perspectives, 26(3): 157–76.Google Scholar
Cohen, J., Ericson, K. M., Laibson, D. and White, J. M. (2020), ‘Measuring time preferences’, Journal of Economic Literature, 58(2): 299–347.CrossRefGoogle Scholar
Demsetz, H. (1969), ‘Information and efficiency: Another viewpoint’, The Journal of Law and Economics, 12(1): 1–22.Google Scholar
Devereaux, A. N. (2019), ‘The nudge wars: A modern socialist calculation debate’, The Review of Austrian Economics, 32(2): 139–58.CrossRefGoogle Scholar
Fang, H. and Silverman, D. (2006), ‘Distinguishing between cognitive biases’, in McCaffery, E. J. and Slemrod, J. (eds), Behavioral Public Finance, New York: Russell Sage Foundation, 47–81.Google Scholar
Fishbach, A. and Trope, Y. (2005), ‘The substitutability of external control and self-control’, Journal of Experimental Social Psychology, 41(3): 256–70.Google Scholar
Frederick, S., Loewenstein, G. and O'donoghue, T. (2002), ‘Time discounting and time preference: A critical review’, Journal of Economic Literature, 40(2): 351–401.CrossRefGoogle Scholar
Gailliot, M. T., Plant, E. A., Butz, D. A. and Baumeister, R. F. (2007), ‘Increasing self-regulatory strength can reduce the depleting effect of suppressing stereotypes’, Personality and Social Psychology Bulletin, 33(2): 281–94.CrossRefGoogle ScholarPubMed
Gayer, T. and Viscusi, W. K. (2013), ‘Overriding consumer preferences with energy regulations’, Journal of Regulatory Economics, 43(3): 248–64.Google Scholar
Goldin, J. (2015), ‘Which way to nudge: Uncovering preferences in the behavioral age’, Yale Law Journal, 125: 226.Google Scholar
Jolls, C. and Sunstein, C. R. (2006), ‘Debiasing through law’, The Journal of Legal Studies, 35(1): 199–242.CrossRefGoogle Scholar
Kagan, J. (2012), Psychology's ghosts: The crisis in the profession and the way back. New Haven: Yale University Press.Google Scholar
Khwaja, A., Sloan, F. and Chung, S. (2007), ‘The relationship between individual expectations and behaviors: Mortality expectations and smoking decisions’, Journal of Risk and Uncertainty, 35(2): 179–201.CrossRefGoogle Scholar
Markey, O., Le Jeune, J. and Lovegrove, J. A. (2016), ‘Energy compensation following consumption of sugar-reduced products: A randomized controlled trial’, European Journal of Nutrition, 55(6): 2137–49.CrossRefGoogle ScholarPubMed
McKenzie, C. R., Liersch, M. J. and Finkelstein, S. R. (2006), ‘Recommendations implicit in policy defaults’, Psychological Science, 17(5): 414–20.CrossRefGoogle ScholarPubMed
Peters, J. C. and Beck, J. (2016), ‘Low calorie sweetener (LCS) use and energy balance’, Psychology and Behavior, 164(B): 524–8.Google ScholarPubMed
Rizzo, M. J. (2016), ‘The four pillars of behavioral paternalism’, in Abdukadirov, S. (ed.), Nudge theory in action: Behavioral design in policy and markets, New York: Palgrave, 37–63.CrossRefGoogle Scholar
Rizzo, M. J. (2019), ‘Inconsistency is not pathological: A pragmatic perspective’, Mind & Society, 18(1): 77–85.CrossRefGoogle Scholar
Rizzo, M. J. and Whitman, D. G. (2009a), ‘The knowledge problem of new paternalism’, BYU Law Review, 2009(4): 905–67.Google Scholar
Rizzo, M. J. and Whitman, D. G. (2009b), ‘Little brother is watching you: New paternalism on the slippery slopes’, Arizona Law Review, 51: 685–739.Google Scholar
Rizzo, M. J. and Whitman, G. (2020), Escaping paternalism: Rationality, behavioral economics, and public policy. Cambridge, UK: Cambridge University Press.Google Scholar
Smith, A. (1976 [1759]), The theory of moral sentiments, D. D. Raphael, and A. L. Macfie (eds). Oxford, UK: Oxford University Press.Google Scholar
Stango, V. and Zinman, J. (2020), We are all behavioral, more or less: A taxonomy of consumer decision making (No. W28138). Cambridge, MA: National Bureau of Economic Research.CrossRefGoogle Scholar
Sunstein, C. R. (2015), ‘Nudges, agency, and abstraction: A reply to critics’, Review of Philosophy and Psychology, 6(3): 511–29.CrossRefGoogle Scholar
Sunstein, C. R. (2021), ‘Hayekian Behavioral Economics’, Behavioural Public Policy, 1–19. doi:10.1017/bpp.2021.3.Google Scholar
Sunstein, C. R. and Thaler, R. H. (2003), ‘Libertarian paternalism is not an oxymoron’, The University of Chicago Law Review, 70(4): 1159–202.Google Scholar
Tang, N. and Lachance, M. E. (2012), ‘Financial advice: What about low-income consumers?’, Journal of Personal Finance, 11(2): 121.Google Scholar
Thaler, R. H. and Sunstein, C. R. (2008), Nudge: Improving decisions about health, wealth, and happiness. New Haven: Yale University Press.Google Scholar
Viscusi, W. K. (1990), ‘Do smokers underestimate risks?’, Journal of Political Economy, 98(6): 1253–69.CrossRefGoogle Scholar
Whitman, D. G. and Rizzo, M. J., (2015), ‘Problematic welfare standards of behavioral paternalism’, Review of Philosophy and Psychology, 6(3): 409–25.CrossRefGoogle Scholar
Wikipedia (2021), List of Cognitive Biases. Retrieved from: https://en.wikipedia.org/wiki/List_of_cognitive_biases (accessed on April 9, 2021).Google Scholar