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\nYou're Irrational and It's OK\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nShould the government regulate personal behavior, or are the irrational choices of people actually reasonable?Behavioral economics has identified a myriad of cognitive biases that show that people do not behave rationally and make errors...\nShould the government regulate personal behavior, or are the irrational choices of people actually reasonable?

Behavioral economics has identified a myriad of cognitive biases that show that people do not behave rationally and make errors in their decisions. This has been used to justify policies and regulations, e.g., on junk food, to nudge people into behaving rationally.

Professor Mario Rizzo @New York University rejects this approach as too narrow and argues for a more inclusive definition of rationality. An important part of human decision-making process is information-gathering, experimenting with different choices, discovering one’s preferences over time, learning from one’s mistakes, thereby helping to better structure one’s environment and adopting strategies for self-control. Decisions which seem erroneous or irrational to researchers actually have a useful purpose in human decision-making and are more effective than external correction.
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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19:15
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Grade
Higher Ed
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Subjects
Social Studies & History
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Media Type
Instructional Videos
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Source:
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\nNew Economic Thinking\n\n
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Date
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2022
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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junk food, economics, economists, sharing
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video, camera phone, video phone, free, upload, make decisions, classic form, automatic enrollment, recent years, chocolate cake, clueless voter, true preferences, policy agenda, behavioral economics, health risks, reasonable behavior, behavioral economists, objective criteria, internal control, young people, rationality criteria, external control, preferences, policy, rationality, external, health, decisions, criteria, control, standard, paternalism
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Video is ad-free
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