Choice and Process: Theory Ahead of Measurement∗ Jess Benhabib NYU
نویسنده
چکیده
Are models and data on choice processes useful as a complement to revealed preferences in decision theory? We answer this methodological question in the affirmative. We also argue, however, that progress in neuroeconomics is likely to require relying more clearly on structural empirical methods. We illustrate our arguments by means of examples from inter-temporal decision theory. ∗Many of the ideas exposed in the paper evolved in the course of discussions with Aldo Rustichini, who appeared as co-author in previous versions of the paper. Thanks to Andrew Caplin, Chris Flinn, Ariel Rubinstein and Yuval Salant for useful discussions.
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* We would like to thank Jess Benhabib, Stephanie Schmitt-Grohe, and Martin Uribe for many helpful discussions. Any remaining errors are our own.
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