Behavioral Aspects of the Regulator's Actions

Поведенческие аспекты действий регулятора

Pavlova, Natalia (Павлова, Наталья) () and Shastitko, Anastasia (Шаститко, Анастасия) ()
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Pavlova, Natalia (Павлова, Наталья): Russian Presidential Academy of National Economy and Public Administration (RANEPA)
Shastitko, Anastasia (Шаститко, Анастасия): Russian Presidential Academy of National Economy and Public Administration (RANEPA)

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: The findings of many studies in behavioral economics led to a wide dissemination of an opinion that the problem of the effects of limited rationality in the markets can be solved through the proper development of menu of options available to the consumer. The development of such a menu is the obligation of regulators. However, the question arises: to what extent regulators, in turn, are limitedly rational, and are motivated to create optimal methods that ensure the maximum level of welfare, given that their development is costly. This paper systematizes the main forms of limited rationality that can influence the adoption of Decisions by regulators. Based on the analysis, an attempt has been made to answer the two Questions: 1) is there a need and an opportunity to take into account the limited rationality of civil servants in modeling the actions of the regulator and 2) whether development of Special practical measuresis is required for leveling the revealed effects.

Keywords: Behavioral economics; cognitive errors; state regulation; incentives of civil servants (search for similar items in EconPapers)
Pages: 14 pages
Date: 2017-05
New Economics Papers: this item is included in nep-exp and nep-upt
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