Extending the Informational Basis of Welfare Economics: The Case of Preference Dynamics
AbstractNormative reasoning in welfare economics and social contract theory usually presumes invariable, context-independent individual preferences. Following recent work particularly in behavioral economics this assumption is difficult to defend. This paper therefore explores what can be said about preferences and their changes from a motivation-theoretic perspective, i.e. by explaining what motivates economic agents in making their choices and what mechanisms of change are at work here. We show that on this basis it is possible to complement social welfare assessments by a differential weighing of different human motivations which is derived from empirically informed foundations rather than from ad hoc arguments.
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2010-05.
Date of creation: Jul 2010
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Find related papers by JEL classification:
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-31 (All new papers)
- NEP-EVO-2010-07-31 (Evolutionary Economics)
- NEP-HPE-2010-07-31 (History & Philosophy of Economics)
- NEP-PKE-2010-07-31 (Post Keynesian Economics)
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