Consumer choice

From consumer choice to consumer welfare.

for patients with families. An adve cate for one person is morally d e barred fiom making decisions when more than one have legitimate interests at stake. We must, then, move beyond the ethics of the dyad or even the contemporary triad. Instead, we must learn to think in terms of family justice. Fairness to all concerned will be a major factor in determining both who should decide and also what...

Beliefs and Consumer Choice

Consumers’choices depend on preferences over outcomes and beliefs about how their choices map into these outcomes. While economic models typically assume some form of rational expectations or "perfect beliefs,” in reality consumers are often ill-informed or confused. In this paper, I elicit beliefs over the …nancial bene…ts and costs of higher or lower fuel economy using the Vehicle Ownership a...

Consumer Choice Policy

and Consumer Choice

An agenda (either Implicit or imposed) is a set of constraints on the order of selecting or eliminoting choice alternatives. It can be "top down," "bottom up" (as a tournament), or more general. The author's anolytic results identify which probobilistic choice rules are affected by agendas and when they are affected. The results also illustrate how agendas might be used to enhance target produc...

Tractable Consumer Choice

We present a rational model of consumer choice, which can also serve as a behavioral model. The central construct is λ, the marginal utility of money, derived from the consumer’s rest-of-life problem. It provides a simple criterion for choosing a consumption bundle in a separable consumption problem. We derive a robust approximation of λ, and show how to incorporate liquidity constraints, indiv...