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Welfare economics and bounded rationality : The case for model-based approaches

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dc.contributor.authorManzini, Paola
dc.contributor.authorMariotti, Marco
dc.date.accessioned2016-04-07T23:02:01Z
dc.date.available2016-04-07T23:02:01Z
dc.date.issued2014-12
dc.identifier148943056
dc.identifier83b40b41-76e4-4cca-baaf-7aeb6258dbea
dc.identifier84919846745
dc.identifier.citationManzini , P & Mariotti , M 2014 , ' Welfare economics and bounded rationality : The case for model-based approaches ' , Journal of Economic Methodology , vol. 21 , no. 4 , pp. 343-360 . https://doi.org/10.1080/1350178X.2014.965909en
dc.identifier.issn1350-178X
dc.identifier.urihttps://hdl.handle.net/10023/8577
dc.descriptionMariotti gratefully acknowledges financial support through a Leverhulme Fellowship. Both authors acknowledge financial support from the ESRC through grant RES-000-22-3474.en
dc.description.abstractIn 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.
dc.format.extent174958
dc.language.isoeng
dc.relation.ispartofJournal of Economic Methodologyen
dc.subjectBounded rationalityen
dc.subjectWelfareen
dc.subjectChoice theoryen
dc.subjectHB Economic Theoryen
dc.subject.lccHBen
dc.titleWelfare economics and bounded rationality : The case for model-based approachesen
dc.typeJournal articleen
dc.contributor.sponsorEconomic & Social Research Councilen
dc.contributor.institutionUniversity of St Andrews. School of Economics and Financeen
dc.identifier.doihttps://doi.org/10.1080/1350178X.2014.965909
dc.description.statusPeer revieweden
dc.date.embargoedUntil2016-06-01
dc.identifier.grantnumberES/J012513/1en


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