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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 of the sensations they produce, and measures welfare by blending choice …
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This book surveys the literature on intertemporal utility and provides a fundamental analysis of dynamic decision making. In the survey part a comprehensive classification system is introduced which allows for a coherent organization of the heterogenous literature on intertemporal utility. The...
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(Strong Axiom of Revealed Preference) but not WARP (Weak Axiom of Revealed Preference). As SARP extends WARP by additionally …
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"the will of the people." In an experiment, we elicit revealed attitudes toward ordinal preference aggregation and classify …
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