Two Mistakes Behavioralists Make: A Reply to Professor Feigenson et al. and Professor Slovic

First, the growing catalog of cognitive quirks may lead behavioralists to hastily adopt “non-rational” explanations for otherwise rational behavior. Second, because their evidence seems to undermine the rationality assumption of Chicago school law and economics, behavioralists may improperly assume that their work also undermines that school\u27s default policy prescription--i.e., laissez faire. Consequently, they may advocate inappropriately paternalistic government policies