Duke Law and Economics Society.
​Fifth Annual Triangle Law and Economics Conference​.
Scott Huettel
Neuroscientist, Duke University.
Scott Huettel moderates this panel. He asks, "What are the big regulatory issues behavioral economics will be applied to in the coming years?" He also asks what the panelists are optimistic and pessimistic about, and how best to apply behavioral economics to craft policy. Click below to see panelist introductions, questions, and his final thought.
Dan Ariely
Behavioral Economist, Duke University.
Much regulation is ineffective because it is based on preventing "psychopathic" behavior. For it to be more effective, it must address more realistic problems that lead to poor choices, like conflicts of interest. But for regulation like this to succeed in the U.S., we must move beyond the libertarian ideals that stand opposed to data-backed behavioralism.
Read Montague
Neuroscientist, Carilion Research Institute.
It is an exciting time for science and policy. There is now a "coupling" of neuroscience and the wider culture around us, which means science may now inform changes in the law for the better. But we must be careful not to conflate these findings with what we ought to do as a society. That is a question that science may not be able to answer.
Rethinking Behavioralism:
The Panel.
Is Behavioral Economics capable of informing us how we ought to arrange society?
There have been major advances in Behavioral Economic research in the last few years. Policy-makers are beginning to take stock in these advances. Panelists discuss whether implementing regulations based on behavioral economics will lead to a more productive society. They then discuss whether this means we ought to implement these regulations.
Pate Skene
Professor, Duke Inst. for Brain Sciences.
Our heuristics and biases have evolved over time. We must be careful not to discount these as "irrational" and extinguish them through "smart" defaults that have not stood the test of time. Nevertheless, regulation informed by behavioral economics may be useful if it is fine-tuned, keeping in mind its proper content and magnitude.
Rachel Kranton
Economist, Duke University.
Governments are beginning to listen to behavioral economists in crafting policy. And with studies on "happiness" becoming increasingly standardized, policy has the potential to do some amazing things in the coming years. But more must be done to educate students of public policy about the research economists are currently engaging in.