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The disappearance of hard constraints in neoclassical economics
Wadman, William M. - 2012
subbudget decision making at all levels. The consequences of these introductions are enormous for traditional theory. Most …, nor exclusively determined by market prices. In addition to the above, this paper argues for expansion of demand theory …, and for expansion of the theory of general equilibrium. The paper argues against the existence of a hard budget constraint …
Persistent link: https://www.econbiz.de/10010286753
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Attractive evolutionary equilibria
Roorda, Berend; Joosten, Reinoud - 2011
We present attractiveness, a refinement criterion for evolutionary equilibria. Equilibria surviving this criterion are robust to small perturbations of the underlying payoff system or the dynamics at hand. Furthermore, certain attractive equilibria are equivalent to others for certain...
Persistent link: https://www.econbiz.de/10010286754
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Disentangling motivational and experiential aspects of "Utility": A neuroeconomics perspective
Witt, Ulrich; Binder, Martin - 2011
-dimensional decision outcomes, economic theory assumes a uni-dimensional utility measure. This paper reviews evidence from behavioral and …
Persistent link: https://www.econbiz.de/10010286755
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Role models that make you unhappy: Light paternalism, social learning and welfare
Cordes, Christian; Schubert, Christian - 2010
Behavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents into learning dynamics that appear to be wasteful in terms of well-being or welfare. Within settings displaying preference endogeneity, it is however still unclear how to conceptualize well-being. This...
Persistent link: https://www.econbiz.de/10010286756
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The behavioural economist and the social planner: To whom should behavioural welfare economics be addressed?
Sugden, Robert - 2011
This working paper is a lightly edited version of two chapters of a book that I am currently writing. This book will present and defend a form of normative economics that conserves the main insights of the liberal tradition of classical and neoclassical economics but does not depend on strong...
Persistent link: https://www.econbiz.de/10010286757
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Why satisfy preferences?
Hausman, Daniel M. - 2011
Contemporary mainstream normative economists assess policies in terms of their capacities to satisfy preferences, though most would concede that other factors such as freedom, rights, and justice are also relevant. Why should policy be responsive to preferences? This essay argues that the best...
Persistent link: https://www.econbiz.de/10010286758
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Economic emergence: An evolutionary economic perspective
Foster, John; Metcalfe, J. Stan - 2011
excluded from mainstream economic theory. In contrast, we report that evolutionary economists have acknowledged the importance … economic analysis be fully embedded in complex economic system theory and that associated understandings as to how humans react …
Persistent link: https://www.econbiz.de/10010286760
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The dynamics of consumer behavior and the transition to sustainable consumption patterns
Witt, Ulrich - 2011
theory of consumption is suggested and discussed with respect to its implications for making a transition to more sustainable …
Persistent link: https://www.econbiz.de/10010286761
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Is there a paradox of a Hayekian paternalist?
Wohlgemuth, Michael - 2011
Is Friedrich von Hayek in some specific, perhaps paradoxical, way a classical liberal paternalist? My answer will be an unsatisfying yes and no depending not only on my interpretation of Hayek, but also on the manifold interpretations one can give to the concepts of paternalism and classical...
Persistent link: https://www.econbiz.de/10010286764
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Impulsive consumption and reflexive thought: Nudging ethical consumer behavior
Lades, Leonhard K. - 2012
The paper deals with impulsive consumption and highlights the roles that cognitive and motivational aspects of reflexive thought (namely self-control and self-image motives, respectively) play in intertemporal decisions. While self-control inhibits individuals from consuming impulsively,...
Persistent link: https://www.econbiz.de/10010286765