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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References listed on IDEAS
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- Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-54, Summer.
- Amos Tversky & Daniel Kahneman, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Levine's Working Paper Archive
7656, David K. Levine.
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-91, March.
- 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.
- Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58, pages 328.
- James M. Buchanan, 1954. "Social Choice, Democracy, and Free Markets," Journal of Political Economy, University of Chicago Press, vol. 62, pages 114.
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