From paradoxes to social rules, or: How economics repeats itself
There is an analogy of how the paradox of aggregation (Arrow impossibility theorem) and the paradoxa of individual behavior (people decide inconsistently) have been approached in mainstream research. In both cases it is disregarded that paradoxa are part of social reality. A constitutional approach focussing on rules and institutions promises to yield more fruitful insights. Copyright George Mason University 1990
Volume (Year): 1 (1990)
Issue (Month): 2 (March)
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- Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328-328.
- Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-154, Summer.
- Kahneman, Daniel & Tversky, Amos, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-291, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Camerer, Colin F, 1989. "An Experimental Test of Several Generalized Utility Theories," Journal of Risk and Uncertainty, Springer, vol. 2(1), pages 61-104, April.
- James M. Buchanan, 1954. "Social Choice, Democracy, and Free Markets," Journal of Political Economy, University of Chicago Press, vol. 62, pages 114-114. Full references (including those not matched with items on IDEAS)
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