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Imperfect Choice and Self-Stabilizing Rules

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  • Heiner, Ronald A.

Abstract

A recent paper by David Levy (1987) focuses on “utility enhancing consumption constraints.†Levy concludes by noting that his analysis stays within standard utility maximizing theory, in contrast to my analysis of rule-governed behavior (Heiner, 1983, 1985a, 1985b, 1986, 1988a, 1988b, 1988c) which allows imperfect decisions that don't always maximize utility. I wish to show how our two theories can be integrated, thereby representing complementary, rather than conflicting, explanations. In the process, I argue that imperfect decisions are an essential factor in the stability of any rule that constrains freedom of choice. I also briefly discuss certain intrinsic problems with achieving “self-stabilizing†rules applied to moral teachings.

Suggested Citation

  • Heiner, Ronald A., 1989. "Imperfect Choice and Self-Stabilizing Rules," Economics and Philosophy, Cambridge University Press, vol. 5(1), pages 19-32, April.
    • Handle: RePEc:cup:ecnphi:v:5:y:1989:i:01:p:19-32_00
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