Beyond Revealed Preference: Choice-Theoretic Foundations for Behavioral Welfare Economics*
نویسندگان
چکیده
منابع مشابه
Toward Choice-Theoretic Foundations for Behavioral Welfare Economics
Interest in behavioral economics has grown in recent years, stimulated largely by accumulating evidence that the standard model of consumer decision making provides an inadequate, positive description of human behavior. Behavioral models are increasingly finding their way into policy evaluation, which inevitably involves welfare analysis. No consensus concerning the appropriate standards and cr...
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Choice may be determined both by a consideration of one’s welfare (normative preference) and by desires (temptation preference). To provide foundations for such a theory, Gul and Pesendorfer [10, 11] adopt a preference over choice problems as a primitive and hypothesize that temptation creates a preference for commitment. This paper argues that temptation may in fact create the absence of a pre...
متن کاملWelfare Economics and Public Choice
Welfare economics provides the basis for judging the achievements of markets and policy makers in allocating resources. Its most powerful conceptual tool is the utility possibility frontier. This defines the set of utility allocations that can be achieved in a society subject to the constraints of tastes and technologies. Any allocation on the frontier cannot be Pareto dominated and hence would...
متن کاملSearch, choice, and revealed preference
With complete information, choice of one option over another conveys preference. Yet when search is incomplete, this is not necessarily the case. It may instead reflect unawareness that a superior alternative was available. To separate these phenomena, we consider nonstandard data on the evolution of provisional choices with contemplation time. We characterize precisely when the resulting data ...
متن کاملMeasurement-Theoretic Foundations of Preference Aggregation Logic for Weighted Utilitarianism
Harsanyi [4, 5] develops expected utility theory of von Neumann and Morgenstern [21] to provide two formalizations of utilitarianism. Weymark [22, 23] refers to these results as Harsanyi’s Aggregation and Impartial Observer Theorems. In this paper, we are concerned only with Aggregation Theorem. Sen [6] argues that von Neumann-Morgenstern expected utility theory is an ordinal theory and, theref...
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ژورنال
عنوان ژورنال: Quarterly Journal of Economics
سال: 2009
ISSN: 0033-5533,1531-4650
DOI: 10.1162/qjec.2009.124.1.51