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Manzini, Paola and Mariotti, Marco (2014) Welfare economics and bounded rationality: the case for model-based approaches. Journal of Economic Methodology, 21 (4). pp. 343-360. ISSN 1350-178X
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Official URL: https://doi.org/10.1080/1350178X.2014.965909
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 it.
Item Type: | Article |
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Keywords: | bounded rationality, welfare, choice theory |
Schools and Departments: | School of Business, Management and Economics > Economics |
Subjects: | H Social Sciences > HB Economic theory. Demography > HB0071 Economics as a science. Relation to other subjects H Social Sciences > HB Economic theory. Demography > HB0131 Methodology H Social Sciences > HB Economic theory. Demography > HB0131 Methodology > HB0135 Mathematical economics. Quantitative methods Including econometrics, input-output analysis, game theory |
Depositing User: | Paola Manzini |
Date Deposited: | 07 Nov 2017 12:03 |
Last Modified: | 16 Nov 2017 15:48 |
URI: | http://srodev.sussex.ac.uk/id/eprint/71042 |
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