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An Old Measure of Decision-Making Quality Sheds New Light on Paternalism

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  • Shachar Kariv
  • Dan Silverman

Abstract

Definitive judgment about the quality of decision-making is made difficult by twin problems of measurement and identification. A measure of decision-making quality is hard to formalize, to quantify, and to make practical for use in a variety of choice environments; and it is difficult to distinguish differences in decision-making quality from unobserved differences in preferences, information, beliefs, or constraints. In this paper, we describe a widely applicable set of tools for theoretical analysis and experimental methods for addressing these problems. These tools and methods can indicate a more targeted approach to ilight paternalismj polices aimed at improving decision-making quality.

Suggested Citation

  • Shachar Kariv & Dan Silverman, 2013. "An Old Measure of Decision-Making Quality Sheds New Light on Paternalism," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 169(1), pages 29-44, March.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(201303)169:1_29:aomodq_2.0.tx_2-o
    DOI: 10.1628/093245613X660384
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    References listed on IDEAS

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    1. Michael Kosfeld & Armin Falk, 2006. "The Hidden Costs of Control," American Economic Review, American Economic Association, vol. 96(5), pages 1611-1630, December.
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    Cited by:

    1. Caliari, Daniele, 2023. "Rationality is not consistency," Discussion Papers, Research Unit: Economics of Change SP II 2023-304, WZB Berlin Social Science Center.
    2. Aluma Dembo & Shachar Kariv & Matthew Polisson & John K.-H. Quah, 2021. "Ever Since Allais," Bristol Economics Discussion Papers 21/745, School of Economics, University of Bristol, UK.
    3. Hoel, Jessica B. & Schwab, Benjamin & Hoddinott, John, 2016. "Self-control exertion and the expression of time preference: Experimental results from Ethiopia," Journal of Economic Psychology, Elsevier, vol. 52(C), pages 136-146.
    4. Olafsson, Arna & Gathergood, John, 2020. "The Co-holding Puzzle: New Evidence from Transaction-Level Data," CEPR Discussion Papers 14799, C.E.P.R. Discussion Papers.
    5. Jonathan D. Ketcham & Nicolai V. Kuminoff & Christopher A. Powers, 2016. "Choice Inconsistencies among the Elderly: Evidence from Plan Choice in the Medicare Part D Program: Comment," American Economic Review, American Economic Association, vol. 106(12), pages 3932-3961, December.
    6. Jonathan D. Ketcham & Nicolai V. Kuminoff & Christopher A. Powers, 2015. "Which Models Can We Trust to Evaluate Consumer Decision Making? Comment on “Choice Inconsistencies among the Elderly”," NBER Working Papers 21387, National Bureau of Economic Research, Inc.
    7. Christine Jolls, 2013. "Product Warnings, Debiasing, and Free Speech: The Case of Tobacco Regulation," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 169(1), pages 53-78, March.
    8. Syngjoo Choi & Shachar Kariv & Wieland M?ller & Dan Silverman, 2014. "Who Is (More) Rational?," American Economic Review, American Economic Association, vol. 104(6), pages 1518-1550, June.
    9. Cappelen, Alexander W. & Kariv, Shachar & Sørensen, Erik Ø. & Tungodden, Bertil, 2023. "The development gap in economic rationality of future elites," Games and Economic Behavior, Elsevier, vol. 142(C), pages 866-878.
    10. Azevedo E Castro De Cardim,Joana & Amaro Da Costa Luz Carneiro,Pedro Manuel & Carvalho,Leandro S. & De Walque,Damien B. C. M., 2022. "Early Education, Preferences, and Decision-Making Abilities," Policy Research Working Paper Series 10187, The World Bank.
    11. Leandro Carvalho & Dan Silverman, 2019. "Complexity and Sophistication," NBER Working Papers 26036, National Bureau of Economic Research, Inc.

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    More about this item

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D04 - Microeconomics - - General - - - Microeconomic Policy: Formulation; Implementation; Evaluation
    • P43 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Finance; Public Finance
    • P46 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Consumer Economics; Health; Education and Training; Welfare, Income, Wealth, and Poverty

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