Role models that make you unhappy: light paternalism, social learning, and welfare
AbstractBehavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents into learning dynamics that appear to be Ã¢â¬ÅwastefulÃ¢â¬ in terms of well-being or welfare. Within settings displaying preference endogeneity, it is however still unclear how to conceptualize well-being. This paper contributes to the discussion by suggesting a formal model of preference learning that can inform the construction of alternative notions of dynamic well-being. Based on the assumption that interacting agents are subject to two biases that make them systematically prefer some cultural variants over others, a procedural notion of well-being can be developed, based on the idea that policy should identify and confine conditions that generate dynamic instability in preference trajectories.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Journal of Institutional Economics.
Volume (Year): 9 (2013)
Issue (Month): 02 (June)
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Other versions of this item:
- Christian Cordes & Christian Schubert, 2011. "Role Models that Make You Unhappy: Light Paternalism, Social Learning and Welfare," Papers on Economics and Evolution 2010-22, Max Planck Institute of Economics, Evolutionary Economics Group.
- C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
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