Judgments, Decisions, and Public Policy [Paperback]

This 2001 volume showcases the research of leading scholars working on applications of behavioral decision theory.When people make judgments and choices, especially when faced with uncertainty, they behave in a manner that seems complex and irrational. Cognitive psychologists have identified and organized these patterns of behavior into a descriptively accurate model of human judgments and choices called behavioral decision theory. Incorporating this theory's insights in public policy analysis will enhance our ability to design better policies and enable us to understand the limits of effective regulation.When people make judgments and choices, especially when faced with uncertainty, they behave in a manner that seems complex and irrational. Cognitive psychologists have identified and organized these patterns of behavior into a descriptively accurate model of human judgments and choices called behavioral decision theory. Incorporating this theory's insights in public policy analysis will enhance our ability to design better policies and enable us to understand the limits of effective regulation.When people make judgments and choices, especially when faced with uncertainty, they behave in a manner that seems complex and irrational. Cognitive psychologists have identified and organized these patterns of behavior into a descriptively accurate model of human judgments and choices called behavioral decision theory. Incorporating this theory's insights in public policy analysis will enhance our ability to design better policies and enable us to understand the limits of effective regulation.Part I. The Fundamentals of Behavioral Decision Theory: 1. Judgment and decision making: extrapolations and applications Chris Swoyer; 2. Some morals of a theory of non-rational choice Douglas MacLean; 3. Cognition, intuition, and policy guidelines Eldar Shafir; Part II. Economic Applications and Contrasts: 4. Policy analysis and design with losses valued more than gains, and varyingl³‹