Libertarian Paternalism in The American Economic Review 93 No. 2 pp. 175-179, May 2003

Washington DC: American Economic Association, 2003. 1st Edition. FIRST EDITION IN ORIGINAL WRAPS OF A 2003 PAPER BY THE 2017 NOBEL PRIZE WINNER IN ECONOMICS, RICHARD THALER; THE PAPER PRESENTS THE FIRST USE OF THE TERM ‘LIBERAL PATERNALISM', "the idea that it is both possible and legitimate for private and public institutions to affect behavior while also respecting freedom of choice, as well as the implementation of that idea" (Wikipedia; Stanford Encyclopedia of Philosophy). The term was coined in this paper by behavioral economist Richard Thaler and legal scholar Case Sunstein.

"Richard Thaler has a long body of work contributing to our understanding of Economics and business and consumer decision making" and this paper is noted in the Nobel Committee's ‘advanced information' (Nobel Prize Committee). Note that we offer two more Thaler papers separately, "Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show" in The American Economic Review 98 No. 1 pp. 38-71, March 2008 and "Save More Tomorrow: Using Behavioral Economics to Increase Employee Saving" in Journal of Political Economy 112 No. 1 Part 2 pp. 164-187, February 2004.

Thaler's work, including that in this 2003 paper, has been devoted to integrating economics with psychology. Thaler "has incorporated psychologically realistic assumptions into analyses of economic decision-making. By exploring the consequences of limited rationality, social preferences, and lack of self-control, he has shown how these human traits systematically affect individual decisions as well as market outcomes" (ibid).

"Liberal paternalism is similar to asymmetric paternalism, which refers to policies designed to help people who behave irrationally and so are not advancing their own interests, while interfering only minimally with people who behave rationally. Such policies are also asymmetric in the sense that they should be acceptable both to those who believe that people behave rationally and to those who believe that people often behave irrationally" (ibid). CONDITION & DETAILS: Washington, D. C.: American Economic Association. Light ex-libris stamp on the from wrap. 4to. 532 pages. Very slight edge wear. Bright and very clean inside and out. Near fine.