Theory and practice in policy analysis

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Theory and Practice in Policy Analysis, Everyone thinks that they are rational. Economics is based on the idea that people are rational. A lot of policy is designed with the assumption that people will respond rationally to government operations. But people are not always rational and there is a whole research field dedicated to understanding the ways that humans are irrational. One of the most interesting things about this is that there are certain ways that people as a whole are predictably irrational. This matters for government operations and policies: if we design things correctly, we can harness people's behavior to get the outcomes that we want. But if we assume that people will act rationally in a case where this is unlikely, then our plans won't work out well.

Are people rational? Why do you think people are so overconfident and how could we fix it? For the many "heuristics" described in the latter part of the chapter, which of these have you observed? Are there any solutions for these type of problematic decision processes? Should we take these types of heuristics into account when we design policies?

Reference no: EM132165600

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