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We use quantifiers and selection functions to generalize the classical economic approach to choice. Our framework encompasses preference and utility based approaches as special cases, but also extends to non-maximizing behavior and context-dependent motives such as social concerns. We adapt the...
Persistent link: https://www.econbiz.de/10011490505
Beginning with Herbert Simon, the literature on bounded rationality has investigated in great detail how internal limitations affect an agent's choice process. The structure of the choice environment, deemed as important as internal limitations by Simon, has been mostly ignored. We introduce a...
Persistent link: https://www.econbiz.de/10012910857
Persistent link: https://www.econbiz.de/10003434518
Club goods are ubiquitous: Parks, roads, tunnels, airports, bridges, sports clubs etc. These goods are often provided by governments. A key question is, should a club good be provided or not? To make an efficient provision decision, the government needs access to the private information people...
Persistent link: https://www.econbiz.de/10012913401