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Hierarchical Choice in Economics

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  • Drakopoulos, S A

Abstract

The paper examines the relevance for economic issues of choice which is not characterized by unlimited substitutability. After showing that hierarchical choice is common in other social sciences like psychology, the paper proceeds with an examination of such choice and of its different categories. Subsequently the implications for hierarchical choice for specific economic issues are analysed. In particular, there is discussion and literature review of demand theory, Engel curves, the theory of the firm and social choice theory. Finally, some suggestions for the application to other economic problems are considered. Copyright 1994 by Blackwell Publishers Ltd

Suggested Citation

  • Drakopoulos, S A, 1994. " Hierarchical Choice in Economics," Journal of Economic Surveys, Wiley Blackwell, vol. 8(2), pages 133-153, June.
  • Handle: RePEc:bla:jecsur:v:8:y:1994:i:2:p:133-53
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    References listed on IDEAS

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    1. Fisher, Franklin M. & Shell, Karl, 1972. "The Economic Theory of Price Indices," Elsevier Monographs, Elsevier, edition 1, number 9780122577505 edited by Shell, Karl.
    2. R. Mark Rogers & Steven W. Henderson & Daniel H. Ginsburg, 1993. "Consumer prices: examining housing rental components," Economic Review, Federal Reserve Bank of Atlanta, issue May, pages 32-46.
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    7. Donald Siegel, 1991. "Errors in Output Deflators Revisited: Unit Values and the PPI," NBER Working Papers 3935, National Bureau of Economic Research, Inc.
    8. Noe, Nicholas N & von Furstenberg, George M, 1972. "The Upward Bias in the Consumer Price Index due to Substitution," Journal of Political Economy, University of Chicago Press, vol. 80(6), pages 1280-1286, Nov.-Dec..
    9. George J. Stigler & James K. Kindahl, 1970. "The Behavior of Industrial Prices," NBER Books, National Bureau of Economic Research, Inc, number stig70-1, January.
    10. Triplett, Jack E & McDonald, Richard J, 1977. "Assessing the Quality Error in Output Measures: The Case of Refrigerators," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 23(2), pages 137-156, June.
    11. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
    12. Joseph F. Francois, 1989. "Estimating Homeownership Costs: Owners' Estimates of Implicit Rents and the Relative Importance of Rental Equivalence in the Consumer Price Index," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(1), pages 87-99.
    13. Pollak, Robert A., 1989. "The Theory of the Cost-of-Living Index," OUP Catalogue, Oxford University Press, number 9780195058703.
    14. Lichtenberg, Frank R & Griliches, Zvi, 1989. "Errors of Measurement in Output Deflators," Journal of Business & Economic Statistics, American Statistical Association, vol. 7(1), pages 1-9, January.
    15. Manser, Marilyn E & McDonald, Richard J, 1988. "An Analysis of Substitution Bias in Measuring Inflation, 1959-85," Econometrica, Econometric Society, vol. 56(4), pages 909-930, July.
    16. Gordon, Robert J, 1971. "Measurement Bias in Price Indexes for Capital Goods," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 17(2), pages 121-174, June.
    17. Kokoski, Mary F, 1987. "Problems in the Measurement of Consumer Cost-of-Living Indexes," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(1), pages 39-46, January.
    18. Milton Friedman & Anna J. Schwartz, 1982. "Monetary Trends in the United States and United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867–1975," NBER Books, National Bureau of Economic Research, Inc, number frie82-2, January.
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    Cited by:

    1. Kemp-Benedict, Eric, 2013. "Material needs and aggregate demand," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 44(C), pages 16-26.
    2. Jo, Tae-Hee, 2012. "Financing investment under fundamental uncertainty and instability: A heterodox microeconomic view," MPRA Paper 39450, University Library of Munich, Germany.
    3. Drakopoulos, Stavros A., 2007. "Comparison Wage in Trade Union Decision Making," MPRA Paper 46287, University Library of Munich, Germany.
    4. Spash, Clive L., 2000. "Ecosystems, contingent valuation and ethics: the case of wetland re-creation," Ecological Economics, Elsevier, vol. 34(2), pages 195-215, August.
    5. Earl, Peter E. & Wakeley, Tim, 2010. "Economic perspectives on the development of complex products for increasingly demanding customers," Research Policy, Elsevier, vol. 39(8), pages 1122-1132, October.
    6. Scott, Anthony, 2002. "Identifying and analysing dominant preferences in discrete choice experiments: An application in health care," Journal of Economic Psychology, Elsevier, vol. 23(3), pages 383-398, June.
    7. Scott, Anthony, 2001. "Eliciting GPs' preferences for pecuniary and non-pecuniary job characteristics," Journal of Health Economics, Elsevier, vol. 20(3), pages 329-347, May.
    8. Lavoie, Marc, 2004. "Post Keynesian consumer theory: Potential synergies with consumer research and economic psychology," Journal of Economic Psychology, Elsevier, vol. 25(5), pages 639-649, October.
    9. Beaudreau, Bernard C., 2012. "A humanistic theory of economic behavior," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(2), pages 222-234.
    10. Drakopoulos, Stavros A. & Grimani, Katerina, 2013. "Maslow’s Needs Hierarchy and the Effect of Income on Happiness Levels," MPRA Paper 50987, University Library of Munich, Germany.
    11. Drakopoulos, Stavros A. & Karayiannis, Anastassios, 2007. "The Paradox of Happiness: Evidence from the Late Pre-Classical and Classical Economic Thought," MPRA Paper 71657, University Library of Munich, Germany.
    12. Mandy Ryan & Mabelle Amaya-Amaya, 2005. "' Threats ' to and hopes for estimating benefits," Health Economics, John Wiley & Sons, Ltd., vol. 14(6), pages 609-619.
    13. Chris Schilling & Duncan Mortimer & Kim Dalziel & Emma Heeley & John Chalmers & Philip Clarke, 2016. "Using Classification and Regression Trees (CART) to Identify Prescribing Thresholds for Cardiovascular Disease," PharmacoEconomics, Springer, vol. 34(2), pages 195-205, February.
    14. Foster, Michele M. & Earl, Peter E. & Haines, Terry P. & Mitchell, Geoffrey K., 2010. "Unravelling the concept of consumer preference: Implications for health policy and optimal planning in primary care," Health Policy, Elsevier, vol. 97(2-3), pages 105-112, October.
    15. repec:beh:jbepv1:v:1:y:2017:i:s:p:27-32 is not listed on IDEAS
    16. Drakopoulos, Stavros, 2011. "Hierarchical Needs, Income Comparisons and Happiness Levels," MPRA Paper 48343, University Library of Munich, Germany.
    17. Andreas Chai & Alessio Moneta, 2012. "Back to Engel? Some evidence for the hierarchy of needs," Journal of Evolutionary Economics, Springer, vol. 22(4), pages 649-676, September.
    18. Célia Berchi & Jean-Marc Dupuis & Guy Launoy, 2006. "The reasons of general practitioners for promoting colorectal cancer mass screening in France," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 7(2), pages 91-98, June.
    19. Drakopoulos, Stavros A., 1995. "Towards a Hierarchical Approach to Trade Union Behaviour," MPRA Paper 15597, University Library of Munich, Germany.
    20. Stavros Drakopoulos, 2008. "The paradox of happiness: towards an alternative explanation," Journal of Happiness Studies, Springer, vol. 9(2), pages 303-315, June.
    21. Drakopoulos, S. A. & Theodossiou, I., 1997. "Job satisfaction and target earnings," Journal of Economic Psychology, Elsevier, vol. 18(6), pages 693-704, November.

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