How should policy analysts assess 'benefit validity' when
behavioral anomalies appear relevant? David L. Weimer provides
thoughtful answers through practical guidelines. Behavioral
economists have identified a number of situations in which people
appear not to behave according to the neoclassical assumptions
underpinning welfare economics and its application to the
assessment of the efficiency of proposed public policies through
cost-benefit analysis. This book introduces the concept of benefit
validity as a criterion for estimating benefits from observed or
stated preference studies, and provides practical guidelines to
help analysts accommodate behavioral findings. It considers benefit
validity in four areas: violations of expected utility theory,
unexpectedly large differences between willingness to pay and
willingness to accept, non-exponential discounting, and harmful
addiction. In addition to its immediate value to practicing policy
analysts, it helps behavioral economists identify issues where
their research programs can make practical contributions to better
policy analysis.
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