Search results for: regulatory-policy-and-behavioural-economics

Regulatory Policy and Behavioural Economics

Author : Lunn Pete
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This study offers an international review of the initial applications of behavioural economics to policy, with a particular focus on regulatory policy.

Protecting Consumers through Behavioural Insights Regulating the Communications Market in Colombia

Author : OECD
File Size : 39.13 MB
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This innovative book combines results from research conducted in Colombia about how communications services consumers make consumption choices with OECD expertise in regulatory policy, behavioural economics, and data analytics, in order to help improve the consumer protection regime in Colombia.

OECD Regulatory Policy Outlook 2018

Author : OECD
File Size : 35.1 MB
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This report maps country efforts to improve regulatory quality in line with the 2012 OECD Recommendation on Regulatory Policy and Governance, and shares good regulatory practices. It provides unique insights and innovative approaches to better regulation.

Handbook of Behavioural Change and Public Policy

Author : Holger Straßheim
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Behavioural change has become a core issue of public policy. Behavioural instruments such as ‘nudging’ apply insights from behavioural economics and behavioural sciences, psychology and neurosciences across a broad range of policy areas. Behavioural insights teams and networks facilitate the global spread of behavioural public policies. Despite an ever-growing amount of literature, research has remained fragmented. This comprehensive Handbook unites interdisciplinary scholarship, with contributions critically assessing the state and direction of behavioural public policies, their normative implications and political consequences.

Government at a Glance 2017

Author : OECD
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Government at a Glance 2017 provides the latest available data on public administrations in OECD countries. Where possible, it also reports data for Brazil, China, Colombia, Costa Rica, India, Indonesia, Lithuania, the Russian Federation, and South Africa.

Private Law Nudging and Behavioural Economic Analysis

Author : Antonios Karampatzos
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Offering a fresh perspective on "nudging", this book uses legal paternalism to explore how legal systems may promote good policies without ignoring personal autonomy. It suggests that the dilemma between inefficient opt-in rules and autonomy restricting opt-out schemes fails to realistically capture the span of options available to the policy maker. There is a third path, namely the ‘mandated-choice model’. The book is mainly dedicated to presenting this model and exploring its great potential. Contract law, consumer protection, products safety and regulatory problems such as organ donation or excessive borrowing are the setting for the discussion. Familiarising the reader with a hot debate on paternalism, behavioural economics and private law, this book takes a further step and links this behavioural law and economics discussion with philosophical considerations to shed a light on modern challenges, such as organ donation or consumers protection, by adopting an openly interdisciplinary approach. The book will be of interest to students and scholars of contract law, legal systems, behavioural law and economics, and consumer law.

The Oxford Handbook of Behavioral Economics and the Law

Author : Eyal Zamir
File Size : 77.86 MB
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The past twenty years have witnessed a surge in behavioral studies of law and law-related issues. These studies have challenged the application of the rational-choice model to legal analysis and introduced a more accurate and empirically grounded model of human behavior. This integration of economics, psychology, and law is breaking exciting new ground in legal theory and the social sciences, shedding a new light on age-old legal questions as well as cutting edge policy issues. The Oxford Handbook of Behavioral Economics and Law brings together leading scholars of law, psychology, and economics to provide an up-to-date and comprehensive analysis of this field of research, including its strengths and limitations as well as a forecast of its future development. Its 29 chapters organized in four parts. The first part provides a general overview of behavioral economics. The second part comprises four chapters introducing and criticizing the contribution of behavioral economics to legal theory. The third part discusses specific behavioral phenomena, their ramifications for legal policymaking, and their reflection in extant law. Finally, the fourth part analyzes the contribution of behavioral economics to fifteen legal spheres ranging from core doctrinal areas such as contracts, torts and property to areas such as taxation and antitrust policy.

Bounded Rationality and Public Policy

Author : Alistair Munro
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This book is about bounded rationality and public policy. It is written from the p- spective of someone trained in public economics who has encountered the enormous literature on experiments in decision-making and wonders what implications it has for the normative aspects of public policy. Though there are a few new results or models, to a large degree the book is synthetic in tone, bringing together disparate literatures and seeking some accommodation between them. It has had a long genesis. It began with a draft of a few chapters in 2000, but has expanded in scope and size as the literature on behavioural economics has grown. At some point I realised that the geometric growth of behavioural - search and the arithmetic growth of my writing were inconsistent with an am- tion to be exhaustive. As such therefore I have concentrated on particular areas of behavioural economics and bounded rationality. The resulting book is laid out as follows: Chapter 1 provides an overview of the rest of the book, goes through some basic de?nitions and identi?es themes.

The Behavioural Finance Revolution

Author : Riccardo Viale
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Financial markets are complex. Regulators strive to predict ways in which they can malfunction and create rules to prevent this from happening, yet behavioural impacts are often overlooked. This book explores how behavioural finance can go hand-in-hand with traditional methods to help banks and regulators create better policies. It also demonstrates how the behavioural finance revolution has opened the way to a more integrated approach to the analysis of economic phenomena.

Consumer Policy Toolkit

Author : OECD
File Size : 52.81 MB
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This book examines how markets have evolved and provides insights for improved consumer policy making. It explores, for the first time, how what we have learned through the study of behavioural economics is changing the way policy makers are addressing problems.

The Future of Financial Regulation

Author : Iain G MacNeil
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The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.

Innovations Towards Sustainability

Author : Marco Lehmann-Waffenschmidt
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Contains eight articles together with comments by twenty authors and discussants on the topic of innovations and sustainability. This volume provides an insight into the relation between innovations and sustainability from the perspective of evolutionary economics.

Using Evidence to Inform Policy

Author : Pete Lunn
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Using Evidence to Inform Policy is a unique examination of how evidence can be used to improve policymaking, especially in challenging economic times. There is a need for transparency in government and policy decisions. Research and evidence can help to provide this transparency, and Using Evidence to Inform Policy outlines how. However, the book also demonstrates the complexity of the relationship between evidence and policy, arguing that in most cases good policy cannot be determined by evidence alone. Using Evidence to Inform Policy demonstrates the breadth and value of the contribution that evidence can make to policy. It presents eleven studies drawn from recent Economic and Social Research Institute (ESRI) research projects, illustrating different aspects of the relationship between evidence and policy, and how these vary by policy area. Using examples, the book demonstrates how national and international research can be used to good effect in policymaking. The theme of how evidence can influence policy is examined with reference to Ireland and the international experience and in a wide range of areas, including the economy, public infrastructure, innovation, competition, the labour market, financial regulation, healthcare, housing, education, government spending, public services and earnings. Each chapter tackles a question that’s relevant to policymaking now, for example, how to protect consumers of financial services; what is the public’s perception of public services and their implications for public sector reform?; how to explain changes in earnings and labour costs during the recession; what is the evidence for providing economic security through competition and regulatory policy?; do active labour market policies activate?; how to boost innovation and productivity in enterprises. The book is relevant to all those taking courses in economics, sociology, political science, governance, social policy and Irish Studies at postgraduate and undergraduate level, as well as civil servants, politicians, policymakers, researchers and analysts in the public sector.

Rough Consensus and Running Code

Author : Gralf-Peter Calliess
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Private law has long been the focus of efforts to explain wider developments of law in an era of globalisation. As consumer transactions and corporate activities continue to develop with scant regard to legal and national boundaries, private law theorists have begun to sketch and conceptualise the possible architecture of a transnational legal theory. Drawing a detailed map of the mixed regulatory landscape of 'hard' and 'soft' laws, official, unofficial, direct and indirect modes of regulation, rules, recommendations and principles as well as exploring the concept of governance through disclosure and transparency, this book develops a theoretical framework of transnational legal regulation. Rough Consensus and Running Code describes and analyses different law-making regimes currently observable in the transnational arena. Its core aim is to reassess the transnational regulation of consumer contracts and corporate governance in light of a dramatic proliferation of rule-creators and compliance mechanisms that can no longer be clearly associated with either the 'state' or the 'market'. The chosen examples from two of the most dynamic legal fields in the transnational arena today serve as backdrops for a comprehensive legal theoretical inquiry into the changing institutional and normative landscape of legal norm-creation.

Taking Liberties

Author : Riccardo Rebonato
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Libertarian Paternalism has been hailed by its proponents as the 'true Third Way'. It attempts to reconcile paternalism and libertarianism, and claims to provide freedom-preserving solutions to some of the most intractable problems faced by contemporary Western societies. The bounded rationality of voters is not ignored, but is exploited for their greater good. The approach is cheap to implement, and, its proponents claim, often very effective. What is there to dislike? In Taking Liberties, Rebonato examines whether the freedom-preserving claims of libertarian paternalism truly stand up to scrutiny; questions the degree of effective decisional autonomy it affords; and raises concerns about the transparency deficit of the programme and about its supposed value-neutrality. Taking Liberties argues that libertarian paternalism fails to respect decisional autonomy exactly if individuals truly are as cognitively impaired as libertarian paternalists claim. If this is the case, exploiting the citizens' decisional deficiencies (even for the own good) poses difficult moral and political issues, which are largely ignored in the libertarian paternalistic literature. If, on the other hand, the cognitive shortcomings of individuals are not as pervasive and 'hard-wired' as the behavioural finance literature seems to suggest – and Rebonato reports convincing evidence to this effect – a completely different programme, aimed at improving the quality of the whole decision process, not just of the outcomes, becomes more desirable and defensible. If we accept that some degree of paternalistic intervention by the state is desirable, Rebonato argues that, paradoxically, a hard, transparent and highly visible form of paternalism may be more desirable – if for no other reason than for the ability it gives voters to reject it. As they engage in this process of acceptance or rejection, Rebonato claims, citizens and voters make use of their critical faculties, engaging in a process that has value over and above a narrow evaluation of the outcomes. The libertarian paternalistic alternative is not attractive: by accepting the supposed cognitive limitations of individuals as inevitable, and by attempting to systematically exploit them, libertarian paternalism can dull our critical faculties, and, in the end, the programme can become a self-fulfilling prophecy. This is not a perspective than any true libertarian should cherish. 'The slumber of reason generates monsters', Goya wrote. Turning these monsters into pleasant dreams without waking up the sleeper may be possible. But is it desirable? In Taking Liberties, Rebonato argues that it is not.

Economics and Regulation in China

Author : Michael Faure
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This book, from a top international group of scholars, explores the ways in which economic tools can be used to improve the quality of regulation in general and legislative tools in particular. As the role of law becomes increasingly important in China, the question arises of how effective regulatory and legislative tools can be developed to accompany the Chinese evolution towards a welfare state. China therefore provides a unique case study for scholars and policymakers interested in examining how regulation can play a role in promoting sustainable development. Economics and Regulation in China goes beyond traditional economic analysis of law by focusing specifically on the question of how economic tools can guide the quality of legislation. To this end, the book centres in on three areas: regulation as a tool of economic growth, competition policy and environmental policy. Not only are these three domains of great importance for China, but they are also relevant for a broad scholarship interested in the economic analysis of law. This volume contributes to discussions on how ex-ante evaluation of legislative proposals and ex-post analysis can increase the effectiveness and efficiency of regulation, using economic tools, offering insights that go beyond the particular case of China. The analysis offered by this book makes it an invaluable resource for academics and policymakers alike.

Nudge Theory in Action

Author : Sherzod Abdukadirov
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This collection challenges the popular but abstract concept of nudging, demonstrating the real-world application of behavioral economics in policy-making and technology. Groundbreaking and practical, it considers the existing political incentives and regulatory institutions that shape the environment in which behavioral policy-making occurs, as well as alternatives to government nudges already provided by the market. The contributions discuss the use of regulations and technology to help consumers overcome their behavioral biases and make better choices, considering the ethical questions of government and market nudges and the uncertainty inherent in designing effective nudges. Four case studies - on weight loss, energy efficiency, consumer finance, and health care - put the discussion of the efficiency of nudges into concrete, recognizable terms. A must-read for researchers studying the public policy applications of behavioral economics, this book will also appeal to practicing lawmakers and regulators.

Novel Psychoactive Substances

Author : Ornella Corazza
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In light of the recent emergence of Novel Psychoactive Substances (NPS) on a global scale, this book provides a timely analysis of the social and economic impact of the NPS phenomenon, and of the global policy and regulatory responses to it. It presents the first comprehensive overview of the international regulation, policy and market structure of the NPS phenomenon, offering a guide to inform legislative discussions and demonstrating from a comparative perspective the different approaches used to address the rise of NPS to date. It covers topics such as organized crime, drug markets, clinical evidence on NPS, and different regulatory approaches also in less explored settings such as prisons and sport environments. Overall, this highly informative and well-structured repository of different experiences with NPS policy, law and regulation offers an essential primary source of evidence for anyone interested in the area of drug and NPS policy, health economics and p ublic health.

Behavioral Economy Introduction

Author : Johnny Ch LOK
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The marginal utility of current consumption rises with the stock of past consumption to cause habit consumption. So, why the smokers who can not choose to buy any cigarettes to smoke or alcohol to drink easily because whose past buying behaviours are caused to habitual consumption. For example, the first time, an individual consumes the addictive substance, who has a stock of past consumption of zero, but after the individual has been heavy user for sufficiently long to have the maximum stock of past consumption when whose consumption is not only for below the utility who enjoyed during whose first use of additive substance. Hence, this past consumption behaviour has become habitual over longer periods of time.However, concerning responsiveness of consumption to price, consumption at a point in time is related not only to current prices, but also to past prices. So if permanent price changes can affect demand more than temporary ones because forward-looking persons anticipate and make decisions based on future dynamics in prices. Moreover, the price elasticity of demand for the additive product will be greater in the long run than in the short run and that difference will rise with the level of addictiveness. Specifically, if a rise in price of unhealthy products, such as cigarettes and alcohol that which is expected to cause less consumption in the future. So it becomes optimal to hold a lower quantity of addictive stock, which is achieved by reducing consumption to habitual behaviours.Rational choice theory assumes that consumers make choices, such that their utility is maximised, subjects to budget constraints. Under rational choice theory, regulation which relaxes budget constraints, increases income, alters relative prices or changes consumer preferences will be effective in changing behaviour. Hence, behavioural economics draws on psychology and behavioural sciences in assessing consumer behaviour. So, social and emotional variables can impact on choice. For example, including simple message which reinforce social norms was found to influence electricity consumption. Such as bad health to smoking or often sit down driving private cars on rest time habits is also good message to reduce consumers who spend too much time to carry on bad health behaving. Under these conditions, some evidence suggests that interventions can be: cost-effective relative to more direct or traditional government intervention, used existing regulatory approaches, targeted in influence and easy to implement. When behavioural economics and rational choice theory provide a useful foundation for policy makers, however both theories also face challenges in their application to regulatory design. So, policy makers ought consider to the specific of markets and market participants when applying any form of consumer theory for purposes of designing and predicting the effects of regulatory policy.Rational choice theory means consumers rank preferences over all products, makes consumption choices based on these ranking, such their utility is maximized.

Consumer Law and Policy

Author : Iain Ramsay
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This revised edition takes into account the development in consumer law and policy while maintaining much of the structure of the earlier edition.