Behavioral political economy: A survey
Jan Schnellenbach () and
Christian Schubert ()
European Journal of Political Economy, 2015, vol. 40, issue PB, 395-417
In explaining individual behavior in politics, economists should rely on the same motivational assumptions they use to explain behavior in the market: that is what Political Economy, understood as the application of economics to the study of political processes, is all about. In its standard variant, individuals who play the game of politics should also be considered rational and self-interested, unlike the benevolent despot of traditional welfare economics. History repeats itself with the rise of behavioral economics: Assuming cognitive biases to be present in the market, but not in politics, behavioral economists often call for government to intervene in a “benevolent” way. Recently, however, political economists have started to apply behavioral economics insights to the study of political processes, thereby re-establishing a unified methodology. This paper surveys the current state of the emerging field of “behavioral political economy” and considers the scope for further research.
Keywords: Behavioral political economy; Rational irrationality; Cognitive biases; Social norms; Voting; Paternalism (search for similar items in EconPapers)
JEL-codes: A12 D03 D78 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (56) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: Behavioral Political Economy: A Survey (2014)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:poleco:v:40:y:2015:i:pb:p:395-417
Access Statistics for this article
European Journal of Political Economy is currently edited by J. De Haan, A. L. Hillman and H. W. Ursprung
More articles in European Journal of Political Economy from Elsevier
Bibliographic data for series maintained by Catherine Liu ().