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Author: Edward J. McCaffery Publisher: Russell Sage Foundation ISBN: 1610443853 Category : Business & Economics Languages : en Pages : 416
Book Description
Behavioral economics questions the basic underpinnings of economic theory, showing that people often do not act consistently in their own self-interest when making economic decisions. While these findings have important theoretical implications, they also provide a new lens for examining public policies, such as taxation, public spending, and the provision of adequate pensions. How can people be encouraged to save adequately for retirement when evidence shows that they tend to spend their money as soon as they can? Would closer monitoring of income tax returns lead to more honest taxpayers or a more distrustful, uncooperative citizenry? Behavioral Public Finance, edited by Edward McCaffery and Joel Slemrod, applies the principles of behavioral economics to government's role in constructing economic and social policies of these kinds and suggests that programs crafted with rational participants in mind may require redesign. Behavioral Public Finance looks at several facets of economic life and asks how behavioral research can increase public welfare. Deborah A. Small, George Loewenstein, and Jeff Strnad note that public support for a tax often depends not only on who bears its burdens, but also on how the tax is framed. For example, people tend to prefer corporate taxes over sales taxes, even though the cost of both is eventually extracted from the consumer. James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick assess the impact of several different features of 401(k) plans on employee savings behavior. They find that when employees are automatically enrolled in a retirement savings plan, they overwhelmingly accept the status quo and continue participating, while employees without automatic enrollment typically take over a year to join the saving plan. Behavioral Public Finance also looks at taxpayer compliance. While the classic economic model suggests that the low rate of IRS audits means far fewer people should voluntarily pay their taxes than actually do, John Cullis, Philip Jones, and Alan Lewis present new research showing that many people do not underreport their incomes even when the probability of getting caught is a mere one percent. Human beings are not always rational, utility-maximizing economic agents. Behavioral economics has shown how human behavior departs from the assumptions made by generations of economists. Now, Behavioral Public Finance brings the insights of behavioral economics to analysis of policies that affect us all.
Author: Edward J. McCaffery Publisher: Russell Sage Foundation ISBN: 1610443853 Category : Business & Economics Languages : en Pages : 416
Book Description
Behavioral economics questions the basic underpinnings of economic theory, showing that people often do not act consistently in their own self-interest when making economic decisions. While these findings have important theoretical implications, they also provide a new lens for examining public policies, such as taxation, public spending, and the provision of adequate pensions. How can people be encouraged to save adequately for retirement when evidence shows that they tend to spend their money as soon as they can? Would closer monitoring of income tax returns lead to more honest taxpayers or a more distrustful, uncooperative citizenry? Behavioral Public Finance, edited by Edward McCaffery and Joel Slemrod, applies the principles of behavioral economics to government's role in constructing economic and social policies of these kinds and suggests that programs crafted with rational participants in mind may require redesign. Behavioral Public Finance looks at several facets of economic life and asks how behavioral research can increase public welfare. Deborah A. Small, George Loewenstein, and Jeff Strnad note that public support for a tax often depends not only on who bears its burdens, but also on how the tax is framed. For example, people tend to prefer corporate taxes over sales taxes, even though the cost of both is eventually extracted from the consumer. James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick assess the impact of several different features of 401(k) plans on employee savings behavior. They find that when employees are automatically enrolled in a retirement savings plan, they overwhelmingly accept the status quo and continue participating, while employees without automatic enrollment typically take over a year to join the saving plan. Behavioral Public Finance also looks at taxpayer compliance. While the classic economic model suggests that the low rate of IRS audits means far fewer people should voluntarily pay their taxes than actually do, John Cullis, Philip Jones, and Alan Lewis present new research showing that many people do not underreport their incomes even when the probability of getting caught is a mere one percent. Human beings are not always rational, utility-maximizing economic agents. Behavioral economics has shown how human behavior departs from the assumptions made by generations of economists. Now, Behavioral Public Finance brings the insights of behavioral economics to analysis of policies that affect us all.
Author: William J. Congdon Publisher: Brookings Institution Press ISBN: 0815704984 Category : Business & Economics Languages : en Pages : 260
Book Description
Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
Author: M. Mustafa Erdoğdu Publisher: Routledge ISBN: 1351107364 Category : Business & Economics Languages : en Pages : 333
Book Description
This book tackles political, social, and behavioural aspects of public finance and fiscal exchange. The book combines conventional approaches toward public finance with new developments in economics such as political governance, social and individual aspects of economic behaviour. It colligates public finance and behavioural economics and gathers original contributions within the emerging field of behavioural public finance. The book addresses public finance topics by incorporating political, social, and behavioural aspects of economic decision-making, assuming the tax relationship is shaped by three dimensions of decision-making. Thus, it aims not only to reflect the interdisciplinary nature of public finance by bringing together scholars from various disciplines but also to examine public finance through the lens of political, social, and behavioural aspects. The book scrutinizes the relationship between political institutions, governance types, and public finance; it investigates the impact of social context, social capital, and societal cooperation on public finance; it explores behavioural biases of individual fiscal preferences. This book is of interest to scholars, policymakers, tax professionals, business professionals, financers, university students, and researchers in the fields of public policy and economics.
Author: Shinji Teraji Publisher: Routledge ISBN: 1000456498 Category : Business & Economics Languages : en Pages : 319
Book Description
Behavioral 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 markets—imperfect 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 failure—individuals 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. Key features: Introduces behavioral perspectives into public economics. Explains why economic incentives often undermine social preferences. Reveals that social incentives matter for public policy. This book will be an invaluable resource for researchers and postgraduate students in public economics, behavioral economics, and public policy.
Author: Publisher: Elsevier ISBN: 0444633898 Category : Business & Economics Languages : en Pages : 748
Book Description
Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics Written for those who wish to become quickly acquainted with behavioral economics
Author: Edwin T. Burton Publisher: John Wiley & Sons ISBN: 1118331923 Category : Business & Economics Languages : en Pages : 261
Book Description
An in-depth look into the various aspects of behavioral finance Behavioral finance applies systematic analysis to ideas that have long floated around the world of trading and investing. Yet it is important to realize that we are still at a very early stage of research into this discipline and have much to learn. That is why Edwin Burton has written Behavioral Finance: Understanding the Social, Cognitive, and Economic Debates. Engaging and informative, this timely guide contains valuable insights into various issues surrounding behavioral finance. Topics addressed include noise trader theory and models, research into psychological behavior pioneered by Daniel Kahneman and Amos Tversky, and serial correlation patterns in stock price data. Along the way, Burton shares his own views on behavioral finance in order to shed some much-needed light on the subject. Discusses the Efficient Market Hypothesis (EMH) and its history, and presents the background of the emergence of behavioral finance Examines Shleifer's model of noise trading and explores other literature on the topic of noise trading Covers issues associated with anomalies and details serial correlation from the perspective of experts such as DeBondt and Thaler A companion Website contains supplementary material that allows you to learn in a hands-on fashion long after closing the book In order to achieve better investment results, we must first overcome our behavioral finance biases. This book will put you in a better position to do so.
Author: William J. Congdon Publisher: Brookings Institution Press ISBN: 0815705018 Category : Business & Economics Languages : en Pages : 260
Book Description
Traditional public finance provides a powerful framework for policy analysis, but it relies on a model of human behavior that the new science of behavioral economics increasingly calls into question. In Policy and Choice economists William Congdon, Jeffrey Kling, and Sendhil Mullainathan argue that public finance not only can incorporate many lessons of behavioral economics but also can serve as a solid foundation from which to apply insights from psychology to questions of economic policy. The authors revisit the core questions of public finance, armed with a richer perspective on human behavior. They do not merely apply findings from psychology to specific economic problems; instead, they explore how psychological factors actually reshape core concepts in public finance such as moral hazard, deadweight loss, and incentives. Part one sets the stage for integrating behavioral economics into public finance by interpreting the evidence from psychology and developing a framework for applying it to questions in public finance. In part two, the authors apply that framework to specific topics in public finance, including social insurance, externalities and public goods, income support and redistribution, and taxation. In doing so, the authors build a unified analytical approach that encompasses both traditional policy levers, such as taxes and subsidies, and more psychologically informed instruments. The net result of this innovative approach is a fully behavioral public finance, an integration of psychology and the economics of the public sector that is explicit, systematic, rigorous, and realistic.
Author: Richard W. Tresch Publisher: Academic Press ISBN: 0126990514 Category : Business & Economics Languages : en Pages : 976
Book Description
Featuring a general equilibrium framework that is both cohesive and versatile, the Second Edition of Public Finance: A Normative Theory brings new and updated information to this classic text. Through its concentration on the microeconomic theory of the public sector in the context of capitalist market economics it addresses the subjects traditionally at the heart of public sector economics, including public good theory, theory of taxation, welfare analysis, externalities, tax incidence, cost benefit analysis, and fiscal federalism. Its goal of providing a foundation, rather than attempting to present the most recent scholarship in detail, makes this Second Edition both a valuable text and a resource for professionals. * Second edition provides new and updated information * Focuses on the heart of public sector economics, including public expenditure theory and policy, tax theory and policy, cost benefit-analysis, and fiscal federalism * Features a cohesive and versatile general equilibrium framework
Author: Kai Ruggeri Publisher: Routledge ISBN: 1000449971 Category : Business & Economics Languages : en Pages : 481
Book Description
Psychology and Behavioral Economics offers an expert introduction to how psychology can be applied to a range of public policy areas. It examines the impact of psychological research for public policymaking in economic, financial, and consumer sectors; in education, healthcare, and the workplace; for energy and the environment; and in communications. Your energy bills show you how much you use compared to the average household in your area. Your doctor sends you a text message reminder when your appointment is coming up. Your bank gives you three choices for how much to pay off on your credit card each month. Wherever you look, there has been a rapid increase in the importance we place on understanding real human behaviors in everyday decisions, and these behavioral insights are now regularly used to influence everything from how companies recruit employees through to large-scale public policy and government regulation. But what is the actual evidence behind these tactics, and how did psychology become such a major player in economics? Answering these questions and more, this team of authors, working across both academia and government, present this fully revised and updated reworking of Behavioral Insights for Public Policy. This update covers everything from how policy was historically developed, to major research in human behavior and social psychology, to key moments that brought behavioral sciences to the forefront of public policy. Featuring over 100 empirical examples of how behavioral insights are being used to address some of the most critical challenges faced globally, the book covers key topics such as evidence-based policy, a brief history of behavioral and decision sciences, behavioral economics, and policy evaluation, all illustrated throughout with lively case studies. Including end-of-chapter questions, a glossary, and key concept boxes to aid retention, as well as a new chapter revealing the work of the Canadian government’s behavioral insights unit, this is the perfect textbook for students of psychology, economics, public health, education, and organizational sciences, as well as public policy professionals looking for fresh insight into the underlying theory and practical applications in a range of public policy areas.
Author: Edward J. McCaffery
Author: Edward J. McCaffery
Author: William J. Congdon
Author: M. Mustafa Erdoğdu
Author: Shinji Teraji
Author: 
Author: Edwin T. Burton
Author: William J. Congdon
Author: Richard W. Tresch
Author: Kai Ruggeri
Author: Eldar Shafir