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Economic models cannot give us the information society needs to define the set of possible future scenarios facing the world. Thus "optimal" economic plans are susceptible to being overwhelmed by feedbacks of which humans are ignorant as economic systems increasingly stress ecosystems. These...
Persistent link: https://www.econbiz.de/10011112868
This paper is concerned with the axiomatic foundation of the revealed preference theory. Many well-known results in …
Persistent link: https://www.econbiz.de/10009652930
This paper examines some of the consequences for economic theory of the replacement of binary personal preferences by non-binary personal preferences in an Arrow-Debreu society as in Debreu (1959), and reaches the conclusion that there is both much damage to existing theory and greater...
Persistent link: https://www.econbiz.de/10008529321
Rating systems measuring quality of products and services (i.e., the state of the world) are widely used to solve the asymmetric information problem in markets. Decision makers typically make binary decisions such as buy/hold/sell based on aggregated individuals' opinions presented in the form...
Persistent link: https://www.econbiz.de/10005108458
The paper uses the "subjective well-being as input" framework to examine how life satisfaction and other life circumstances might affect the consideration of price stability. Results show that people who experience negative or adverse situations are more likely to attend to negative matters like...
Persistent link: https://www.econbiz.de/10011109824
Since value and utility are the highest profile abstractions that underlie an epoch’s intellectual climate and ethical …-essentialization of value and substantialization of utility. But now the two concepts face a thorough transvaluation as the world …. Such extrapolations form the context in which the fourth historical phase of value and utility is hypothesized, leading to …
Persistent link: https://www.econbiz.de/10011258850
This short paper is devoted to two items: 1) An analysis of Prelec’s weighting function at the probability p = 1 is highlighted (this analysis was performed by R. Duncan Luce in two articles with Ragnar Steingrimsson and János Aczél and here is referred to as the “Luce problem”). 2) The...
Persistent link: https://www.econbiz.de/10011259321
may be used, e.g., in economics: microeconomics, macroeconomics, accounting, econometrics, utility theory; the Internet …
Persistent link: https://www.econbiz.de/10011259835
status driven utility function reconciles the conflict between income based and nutrition based measures of poverty. …
Persistent link: https://www.econbiz.de/10009323226
literature. This paper, using a two commodity framework, attempts to show that in presence of inequality, a status driven utility … such a utility function is constructed to analyse the implications of social inequality on relative prices and the emerging …
Persistent link: https://www.econbiz.de/10009323236