Behavioral Public Economics: Social Incentives and Social Preferences

Behavioral Public Economics integrates behavioral economics into public economics to address market failures, such as individual mistakes in pursuing well-being, and provides a foundation for public economic theory.

Format: Paperback / softback
Length: 206 pages
Publication date: 27 September 2021
Publisher: Taylor & Francis Ltd

Behavioral Public Economics is a field that seeks to enhance traditional public economics by incorporating insights from behavioral economics. In the realm of public economics, there are typically identified four market failures that can warrant government intervention in markets. These failures include imperfect competition (or natural monopoly), externalities, public goods, and asymmetric information. Within the framework of rational choice, public economics has explored the welfare implications of various policies. However, recent research in behavioral economics has brought to light a fifth market failure, namely the possibility of individuals making errors in their pursuit of self-interest.

This book advocates for a reevaluation of assumptions regarding individual behavior and offers a solid foundation for public economic theory. Some key features of this book include:

Introduction of behavioral perspectives into public economics.

Explanation of why economic incentives often clash with social preferences.

Disclosure of the significance of social incentives in public policy.

This book is a valuable resource for researchers and postgraduate students in public economics, behavioral economics, and public policy. It provides a comprehensive understanding of the interplay between economic incentives, social preferences, and public policy, enabling scholars and practitioners to develop more effective and socially responsible policies.

Weight: 348g
Dimension: 154 x 340 x 23 (mm)
ISBN-13: 9780367362416