The Regulatory Policy Institute Research Group

Heuristics and biases in regulatory decision making

In his thought provoking note Applying behavioural economics at the Regulatory Conduct
Authority, 2 Stephen Littlechild has drawn attention to an important set of questions about the
use of behavioural economics in regulation. The Regulatory Conduct Authority of the paper’s
title is an imaginary agency that made a brief, Brigadoon-like appearance on 1 April 2014. Its
hypothetical purpose is to make use of behavioural economics in regulating other regulators.

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