Irrational behaviour as a rationale for regulation

Should regulators intervene on the ground that it’s for the consumer’s own good, even if the consumer doesn’t know it?

In the Journal of Policy Analysis & Management, a series of articles puts the pros and cons of this approach, which seeks to intervene to address “costs we impose on ourselves by taking actions that are not in our own best interest.”
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Mannix, B. F. and Dudley, S. E. (2015), THE LIMITS OF IRRATIONALITY AS A RATIONALE FOR REGULATION. J. Pol. Anal. Manage., 34: 705–712. doi: 10.1002/pam.21841

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