This term paper is part of a philosophy of economics course. This writing task r

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This term paper is part of a philosophy of economics course. This writing task requires knowledge of both economics and philosopy. Both a and b must be answered.
a) To what extent do behavioral economic models
challenge traditional models in economics? Briefly present the Rational Choice
Theory and discuss the extent to which behavioral economic models succeed in
criticizing the durability of these models.
b) A key claim in Thaler and
Sunstein’s theory of “nudge” is that behavioral economics models can help
decision makers make better choices and thus increase the well-being of
individuals and societies. However, there has long been disagreement among
economists and philosophers about what “welfare” means in this
context. Present and discuss some perceptions of what the normative basis of
welfare entails, and then discuss the extent to which libertarian paternalism
(based on nudge) can be used to improve the welfare of individuals by
facilitating people to make better decisions.
The two
parts must be answered as one task. It will be natural to put the main emphasis
on the b-part. The a-part may well be quite short.
Various matters related to
scientific theory and choice of theory (including confirmation) can be included
in the a-part.
In part b, Mill’s liberty principle should be
included, and it is natural to get into John Locke. Otherwise, utilitarianism should
be touched upon in the answer.

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