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David Weimer on Richard Thaler's Nobel Prize and benefit-cost analysis

David Weimer (Nobel Laureate Richard Thaler, Behavioral Economics, and Benefit-Cost Analysis): Rational action lies at the heart of neoclassical economics. Sovereign consumers make choices that maximize their utilities. By observing the tradeoffs implicit in actual choices, or eliciting tradeoffs for hypothetical choices, benefit-cost analysts impute willingness to pay for desirable...
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