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How We Contradict Ourselves: The Case of John Cochrane—Gliding and Behavioral Economics

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  • Daniel Sazhin
  • Matthew Morey

Abstract

John Cochrane, a leading economist, has consistently expressed a skeptical view toward behavioral economics and libertarian-paternalism. Specifically, he has consistently voiced his disagreement with the premise of “protecting†people from their own choices. However, in his hobby of piloting gliders, he has strongly argued that pilots will make behavioral errors. Indeed, he notes that pilots can be tempted to make unsafe decisions and has argued for specific rules to help prevent pilot error. In this article, we examine this contradiction. In doing so, it provides an interesting case study of how our beliefs in one system can be quite different in another. JEL Classifications : B31, D91, G40

Suggested Citation

  • Daniel Sazhin & Matthew Morey, 2018. "How We Contradict Ourselves: The Case of John Cochrane—Gliding and Behavioral Economics," The American Economist, Sage Publications, vol. 63(1), pages 31-40, March.
    • Handle: RePEc:sae:amerec:v:63:y:2018:i:1:p:31-40
    DOI: 10.1177/0569434517717673
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    Keywords

    John Cochrane; behavioral economics; policy; paternalism;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • G40 - Financial Economics - - Behavioral Finance - - - General

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