{"title":"Are Regulators Rational?","authors":"Slavisa Tasic","doi":"10.2202/1145-6396.1248","DOIUrl":null,"url":null,"abstract":"Thus far, psychological input has been used in economics mainly to highlight the cognitive imperfections of market participants. The normative implication of behavioral economics in its current state is that imperfections of market participants should be rectified by psychologically informed regulators. However, regulators are themselves imperfect actors with limited cognitive capacities. I propose some biases and illusions documented by cognitive psychologists that may be relevant to the political economy of government regulation.","PeriodicalId":231500,"journal":{"name":"Journal des �conomistes et des �tudes Humaines","volume":"89 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2011-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"42","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal des �conomistes et des �tudes Humaines","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2202/1145-6396.1248","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 42
Abstract
Thus far, psychological input has been used in economics mainly to highlight the cognitive imperfections of market participants. The normative implication of behavioral economics in its current state is that imperfections of market participants should be rectified by psychologically informed regulators. However, regulators are themselves imperfect actors with limited cognitive capacities. I propose some biases and illusions documented by cognitive psychologists that may be relevant to the political economy of government regulation.
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