Welfare economics and bounded rationality: The case for model-based approaches∗
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چکیده
In this paper we examine the problems facing a policy maker who observes inconsistent choices made by agents who are boundedly rational. We contrast a model-less and a model-based approach to welfare economics. We make the case for the model-based approach and examine its advantages as well as some problematic issues associated with it. J.E.L. codes: B4, D03, D6.
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تاریخ انتشار 2014