For This or a Similar Paper Click To Order Now

This term paper is part of a philosophy of economics course. This writing task r
This term paper is part of a philosophy of economics course. This writing task requires knowledge of both economics and philosopy. Both a and b must be answered. a) To what extent do behavioral economic models challenge traditional models in economics? Briefly present the Rational Choice Theory and discuss the extent to which behavioral economic models succeed in criticizing the durability of these models. b) A key claim in Thaler and Sunstein's theory of “nudge” is that behavioral economics models can help decision makers make better choices and thus increase the well-being of individuals and societies. However, there has long been disagreement among economists and philosophers about what "welfare" means in this context. Present and discuss some perceptions of what the normative basis of welfare entails, and then discuss the extent to which libertarian paternalism (based on nudge) can be used to improve the welfare of individuals by facilitating people to make better decisions. The two parts must be answered as one task. It will be natural to put the main emphasis on the b-part. The a-part may well be quite short. Various matters related to scientific theory and choice of theory (including confirmation) can be included in the a-part. In part b, Mill's liberty principle should be included, and it is natural to get into John Locke. Otherwise, utilitarianism should be touched upon in the answer.

For This or a Similar Paper Click To Order Now

Leave a Reply

Your email address will not be published.

For This or a Similar Paper Click To Order Now