Constitutional interests in the face of innovations: how much do we need to know about risk preferences?
In constitutional political economy, the citizensâ€™ constitutional interests determine the social contract that is binding for the post-constitutional market game. However, following traditional preference subjectivism, it is left open what the constitutional interest are. Using the example of risk attitudes, we argue that this approach is too parsimonious with regard to the behavioral foundations to support a calculus of consent. In face of innovative activities with pecuniary and technological externalities in the post-constitutional phase, the citizensâ€™ constitutional interests vary with their risk preferences. To determine what kind of social contract is generally agreeable, specific assumptions about risk preferences are needed.
(This abstract was borrowed from another version of this item.)
Volume (Year): 19 (2008)
Issue (Month): 3 (September)
|Contact details of provider:|| Web page: http://www.springer.com|
|Order Information:||Web: http://www.springer.com/political+science/journal/10602/PS2|
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Buchanan, James M & Vanberg, Viktor J, 2002. "Constitutional Implications of Radical Subjectivism," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(2-3), pages 121-129, June.
- Witt, Ulrich, 1996. "Innovations, Externalities and the Problem of Economic Progress," Public Choice, Springer, vol. 89(1-2), pages 113-130, October.
- Rubin, Paul H & Paul, Chris W, II, 1979. "An Evolutionary Model of Taste for Risk," Economic Inquiry, Western Economic Association International, vol. 17(4), pages 585-596, October.
- Ulrich Witt, 2003. "Economic policy making in evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(2), pages 77-94, 04.
- Schlicht, Ekkehart, 1996. "Exploiting the Coase Mechanism: The Extortion Problem," Kyklos, Wiley Blackwell, vol. 49(3), pages 319-330.
- Tollison, Robert D, 1982. "Rent Seeking: A Survey," Kyklos, Wiley Blackwell, vol. 35(4), pages 575-602.
- John C. Harsanyi, 1953. "Cardinal Utility in Welfare Economics and in the Theory of Risk-taking," Journal of Political Economy, University of Chicago Press, vol. 61, pages 434-434.
- James Buchanan, 2005. "Afraid to be free: Dependency as desideratum," Public Choice, Springer, vol. 124(1), pages 19-31, July.
- Mozaffar Qizilbash, 1997. "Needs, Incommensurability and Well-being," Review of Political Economy, Taylor & Francis Journals, vol. 9(3), pages 261-276.
- Vanberg, Viktor J., 2005.
"Market and state: the perspective of constitutional political economy,"
Journal of Institutional Economics,
Cambridge University Press, vol. 1(01), pages 23-49, June.
- Vanberg, Viktor J., 2004. "Market and State: The Perspective of Constitutional Political Economy," Freiburg Discussion Papers on Constitutional Economics 04/10, Walter Eucken Institut e.V..
- Hartmut Kliemt, 2005. "Public choice and political philosophy: Reflections on the works of Gordon Spinoza and David Immanuel Buchanan," Public Choice, Springer, vol. 125(1), pages 203-213, July.
- Sen, Amartya K, 1979. "Personal Utilities and Public Judgements: Or What's Wrong with Welfare Economics?," Economic Journal, Royal Economic Society, vol. 89(355), pages 537-558, September.
- Buchanan, James M, 1975. "A Contractarian Paradigm for Applying Economic Theory," American Economic Review, American Economic Association, vol. 65(2), pages 225-230, May.
- Ken Binmore, 1994. "Game Theory and the Social Contract, Volume 1: Playing Fair," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262023636, July.
- Hartmut Kliemt, 2004. "Contractarianism as Liberal Conservatism: Buchanan's Unfinished Philosophical Agenda," Constitutional Political Economy, Springer, vol. 15(2), pages 171-185, 06. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:kap:copoec:v:19:y:2008:i:3:p:203-225. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla)or (Rebekah McClure)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.