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evaluate relative sacrifice by inferring cardinal utility from ordinal ranks. Cluster analysis reveals that our classification …
Persistent link: https://www.econbiz.de/10012660067
The standard revealed-preference approach to welfare economics encounters fundamental difficulties when the act of choosing directly affects welfare through emotions such as guilt, pride, and anxiety. We address this problem by developing an approach that redefines consumption bundles in terms...
Persistent link: https://www.econbiz.de/10014512054