While research on subjective well-being abounds, comparatively little thought has been given to its practical policy implications. Two approaches to derive policy advice have emerged in the literature: One is organized in terms of the idea to maximize a hedonic social welfare function, the other...

Normative reasoning in welfare economics and social contract theory usually presumes invariable, context-independent individual preferences. Following recent work particularly in behavioral economics this assumption is difficult to defend. This paper therefore explores what can be said about...

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...

Behavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents intolearning dynamics that appear to be “wasteful” in terms of well-being or welfare. Within settingsdisplaying preference endogeneity, it is however still unclear how to conceptualize well-being.This...

Normative reasoning in welfare economics and social contract theory usually presumesinvariable, context-independent individual preferences. Following recent work particularlyin behavioral economics this assumption is difficult to defend. This paper therefore exploreswhat can be said about...

Nudges, i.e., low-cost interventions that steer people's behavior without compromising their freedom of choice, are the key contribution of 'Libertarian Paternalism' (LP) to public policy. They typically work through either harnessing or responding to people's cognitive biases and heuristics -...

While Evolutionary Economics has devoted much attention to the attempt to explain the evolution of institutions that emerge spontaneously, the genesis, diffusion and evaluation of consciously designed institutions has largely been neglected. This paper tries to show (i) how an evolutionary...

According to the principle of Normative Individualism, the evaluation of economic states and processes should be guided exclusively by the wishes of the individuals who are seen as the only bearer of values. Despite its intuitive appeal and its almost universal acceptance in normative economics...

Markets for complex, multi-faceted goods normally require a complex institutional framework to function properly, i.e., to lead to patterns of outcomes that are deemed acceptable by the individuals involved. This paper examines the institutional underpinnings of the market for urban land use...

Normative reasoning in welfare economics and social contract theory usually presumes invariable, context-independent individual preferences. Following recent work particularly in behavioral economics this assumption is difficult to defend. This paper therefore explores what can be said about...