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FREEDOM OF CHOICE IN A WORLD OF BOUNDEDLY RATIONAL AGENTS Remarks about the light paternalistic policy implications of behavioral economics

By Roberta Muramatsu and Patricia Fonseca


Abstract: Behavioral economics discussion of light or libertarian paternalism advocates it is possible to improve decision making without attempting to freedom of choice. In the present paper we scrutinize arguments in favor and against light paternalistic interventions in savings and retirement domains in order to weight costs and benefits outlined in the debate. We move forward with the notion that boundedly rational agents do not make an indisputable case for intervention and argue that further debate and research has yet to be developed so as to prevent policies from being mistakenly calibrated. Key-words: Light Paternalism; bounded rationality; freedom; welfare; behavioral economics. 1

Year: 2013
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