Federalist Society No.86 #LawAndEcon Video #9:
🎓Prof. Todd Zywicki of Antonin Scalia Law & @masonlec.bsky.social explains how #PublicChoiceTheory challenges idealized views of #governmentregulation by analyzing the real incentives of political & regulatory actors.
🎧 no86.fedsoc.org/posts/public...
"in the 1950s Americans commonly assumed that elected officials wanted to act in the public interest. Buchanan vehemently disagreed"
#PublicChoiceTheory
2/2 – A very interesting research question is how to design institutions so that their interests align (dynamically) with those of the general population.
Watch the full lecture here: youtube.com/watch?v=Ycux... #institutionaleconomics #publicchoicetheory
We develop a social choice experiment to estimate public preferences on population ethics. Our experiment poses three within-subject treatments in which participants allocate scarce resources to determine the health-related quality-of-life, and existence, of two population groups. Within a flexible social welfare function, we estimate participant-level preferences for inequality aversion, average vs total welfare maximisation, and minimum 'critical level'thresholds. By combining random behavioural and random utility models we also explicitly model 'noise'in decision making. Using a sample of UK adults (n= 115, obs .= 5,060), we find that 98.7% of respondents are inequality averse, prioritising the worst-off at the expense of efficiently maximising overall health. The modal group of participants (39.2%) maximise total welfare and have a critical level threshold of zero, however there is extensive heterogeneity in participants' population preferences. We then demonstrate how these preferences can aid policymaking, where difficult trade-offs emerge between equity and efficiency, average and total welfare, and population size.
Super-interesting! #PHEthx #PopulationLevelBioethics #Bioethics #PublicHealthEthics #PublicChoiceTheory #DeliberativeDemocracy #PopulationEthics
papers.tinbergen.nl/24067.pdf
cc @paulkelleher.net
