Behavioral Public Economics

Name: Behavioral Public Economics
Brand: Taylor & Francis

Taylor & Francis

Behavioral Public EconomicsSocial Incentives and Social Preferences\nAuthor(s): Shinji Teraji\nFormat: Paperback\nPublisher: Taylor & Francis Ltd, United Kingdom\nImprint: Routledge\nISBN-13: 9780367362416, 978-0367362416\nSynopsis\nBehavioral Public Economics shows how standard public economics can be improved using insights from behavioral economics. Public economics typically lists four market failures that may justify government intervention in marketsimperfect competition (or natural monopoly), externalities, public goods, and asymmetric information. Under the rational choice paradigm (agents choose what is best for them), public economics has examined the welfare effects of policy. Recent research in behavioral economics highlights a fifth market failureindividuals may make mistakes in pursuing their own well-being. This book calls for a rethinking of assumptions of individual behavior and provides a good foundation for public economic theory. \n\nKey features:\n\nIntroduce.