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Welfare economics and bounded rationality: the case for model-based approaches
Journal of Economic Methodology 21 (4):343-360 (2014)
Abstract
In this paper, we examine the problems facing a policy maker who observes inconsistent choices made by agents who are boundedly rational. We contrast a model-less and a model-based approach to welfare economics. We make the case for the model-based approach and examine its advantages as well as some problematic issues associated with itAuthor's Profile
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Citations of this work
Preferences versus opportunities: on the conceptual foundations of normative welfare economics.Roberto Fumagalli - 2024 - Economics and Philosophy 40 (1):77-101.
A Reformed Division of Labor for the Science of Well-Being.Roberto Fumagalli - 2022 - Philosophy 97 (4):509-543.
The empirical adequacy of cumulative prospect theory and its implications for normative assessment.Glenn W. Harrison & Don Ross - 2017 - Journal of Economic Methodology 24 (2):150-165.
Which choices merit deference? A comparison of three behavioural proxies of subjective welfare.João V. Ferreira - 2023 - Economics and Philosophy 39 (1):124-151.
A Defence of Informed Preference Satisfaction Theories of Welfare.Roberto Fumagalli - 2025 - Philosophy of Science:938-962.
References found in this work
Separate neural systems value immediate and delayed monetary rewards.Samuel McClure, David Laibson, George Loewenstein & Jonathan Cohen - 2004 - Science 306 (5695):503–7.
The structure of random utility models.Charles F. Manski - 1977 - Theory and Decision 8 (3):229-254.
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