Escaping Paternalism Book Club: Part 2

Summary

Rizzo and Whitman now devote two chapters to critiquing (a) the underlying empirics of behavorial economics, plus (b) the way behavioral economists market these empirics.  In Chapter 4, RW go after “defective” preferences; in Chapter 5, they reconsider “biased” beliefs.

RW repeatedly stress the modesty of their project.  They aren’t saying that behavioral economics is worthless, just oversold.  If only behavioral economists had vetted their own work with the same (motivated?) skepticism ...