This paper emphasizes that designing sector specific regulations, based on the rational individual assumption, may not establish a competitive environment and it has a potential to create social opportunity cost. Based on the behavioral economics literature, the paper provides a systematic critique on the regulation of ICTA in respect of the Decision numbered 149, which entered into force in 2009 and was abolished in 2016. The primary conclusion of the paper suggests that the regulation does not reflect the real purchasing behavior of the consumers. The second conclusion indicates that while designing the regulation, possible exploitative behavior of the regulated undertaking, through using the biases of consumers, are ignored.