scholarly journals Beyond Revealed Preference: Choice Theoretic Foundations for Behavioral Welfare Economics

2008 ◽  
Author(s):  
B. Douglas Bernheim ◽  
Antonio Rangel
Keyword(s):  
Revealed Preference ◽  
Welfare Economics ◽  
Theoretic Foundations

On Sense and Preference

2021 ◽  
pp. 1-23
Author(s):  
James Fanciullo
Keyword(s):  
Revealed Preference ◽  
Welfare Economics ◽  
Close Connection ◽  
Policy Decisions ◽  
Precise Nature ◽  
Alternative Approaches

Abstract Determining the precise nature of the connection between preference, choice, and welfare has arguably been the central project in the field of welfare economics, which aims to offer a proper guide for economists in the making of policy decisions that affect people’s welfare. The two leading approaches here historically – the revealed preference and latent preference approaches – seem equally incapable of so guiding economists. I argue that the deadlock here is due to welfare economists’ failure to recognize a crucial distinction between two senses of “preference.” I analyze and defend these senses of “preference,” and argue that each shares a close connection with just one of choice and welfare. This analysis reveals how economists should conceive of both the connections between “preference,” choice, and welfare, and the proper roles of these concepts in welfare economics. I conclude by showing this analysis to best explain the plausibility of two leading alternative approaches from Hausman and Sugden.

scholarly journals Toward Choice-Theoretic Foundations for Behavioral Welfare Economics

2007 ◽  
Vol 97 (2) ◽  
pp. 464-470 ◽  
Author(s):  
B. Douglas Bernheim ◽  
Antonio Rangel
Keyword(s):  
Welfare Economics ◽  
Theoretic Foundations

Beyond GDP: The Quest for a Measure of Social Welfare. Part II

2012 ◽  
pp. 32-51 ◽  
Author(s):  
M. Fleurbaey
Keyword(s):  
Social Welfare ◽  
Social Relations ◽  
Well Being ◽  
Welfare Economics ◽  
Subjective Well Being ◽  
Alternative Approaches ◽  
Micro Level ◽  
Beyond Gdp

The second part of the paper is devoted to the non-monetary indicators of social welfare. Various approaches to the study of subjective well-being and happiness are described. The author shows what problems a researcher would encounter trying to analyze welfare on the micro-level and to take account of the cognitive and affective aspects of the individuals assessment of their well-being, as well as the relevance of social relations. The author also shows to what extent the alternative approaches, particularly the analysis of functionings and capabilities advanced by A. Sen are compatible to the modern welfare economics and what prospects the latter has.

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