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Two Levels of Hedonistic Influence on Microeconomic Theory

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  • Drakopoulos, Stavros A

Abstract

The starting point of this paper is the discrepancy between modern choice theories which cast themselves as psychology-free and textbook choice theory (especially consumer theory) which is characterized by a high level of hedonistic influence. Three possible explanations for this discrepancy were suggested: (1) Pedagogic Reasons, (2) Friedman's Thesis and (3) Implicit psychology in choice theory itself. The third explanation is put forward as the most plausible. This is supported by a discussion of choice theories and by some recent developments in the literature. Clearly the implicit (and sometimes explicit) existence of hedonistic notions cast serious doubts on the alleged psychological neutrality of modern choice theories. Copyright 1990 by Scottish Economic Society.

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  • Drakopoulos, Stavros A, 1990. "Two Levels of Hedonistic Influence on Microeconomic Theory," Scottish Journal of Political Economy, Scottish Economic Society, vol. 37(4), pages 360-378, November.
    • Handle: RePEc:bla:scotjp:v:37:y:1990:i:4:p:360-78
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    Cited by:

    1. Dr. Peter Kenning & Hilke Plassmann, 2004. "NeuroEconomics," Experimental 0412005, University Library of Munich, Germany.
    2. Ötsch, Walter, 2016. "Imaginative Grundlagen bei Adam Smith: Aspekte von Bildlichkeit und ihrem Verlust in der Geschichte der Ökonomie," Working Paper Series Ök-19, Cusanus Hochschule für Gesellschaftsgestaltung, Institut für Ökonomie.
    3. Stavros A. Drakopoulos, 2021. "The marginalization of absolute and relative income hypotheses of consumption and the role of fiscal policy," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 28(6), pages 965-984, November.
    4. Drakopoulos, Stavros A., 2021. "Theories of Consumption," MPRA Paper 108215, University Library of Munich, Germany.

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