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Maximizing Freedom of Decision: an Axiomatic Analysis

In: Arrow and the Foundations of the Theory of Economic Policy

Author

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  • Patrick Suppes

Abstract

In many decision situations that individuals face it seems reasonable from either a philosophical or a personal psychological standpoint to concentrate on maximizing subsequent freedom of choice rather than current expected utility. It may be argued against this view that a sufficiently rich decision framework will take account of the utility of such second-order effects as future freedom of decision, properly discounted, of course. But I am deeply sceptical of such all-encompassing utility functions. Most of the time if we maximize in any evident way at all it is in some local and fragmentary fashion. John Stuart Mill’s classic but weak defence of liberty of thought, feeling and public opinion in utilitarian terms is another reason for scepticism about an unrestricted application of the maxim to maximize expected utility. Above all, what empirical studies of individual decision-making we have do not support any grand thesis about maximizing behaviour. The studies too are about local and fragmentary decisions: buying certain goods, betting on horses, buying lottery tickets, choosing a medical treatment, etc.

Suggested Citation

  • Patrick Suppes, 1987. "Maximizing Freedom of Decision: an Axiomatic Analysis," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Arrow and the Foundations of the Theory of Economic Policy, chapter 6, pages 243-254, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07357-3_7
    DOI: 10.1007/978-1-349-07357-3_7
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    Citations

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    Cited by:

    1. José Alcantud & Ritxar Arlegi, 2008. "Ranking sets additively in decisional contexts: an axiomatic characterization," Theory and Decision, Springer, vol. 64(2), pages 147-171, March.
    2. Amartya K. Sen, 1997. "From Income Inequality to Economic Inequality," Southern Economic Journal, John Wiley & Sons, vol. 64(2), pages 384-401, October.
    3. Marc Willinger, 1990. "La rénovation des fondements de l'utilité et du risque," Revue Économique, Programme National Persée, vol. 41(1), pages 5-48.
    4. Arlegi, Ricardo & Nieto, Jorge, 2001. "Incomplete preferences and the preference for flexibility," Mathematical Social Sciences, Elsevier, vol. 41(2), pages 151-165, March.
    5. Pattanaik, Prasanta K. & Xu, Yongsheng, 2000. "On diversity and freedom of choice," Mathematical Social Sciences, Elsevier, vol. 40(2), pages 123-130, September.
    6. Sebastiano Bavetta & Marco Del Seta, 2001. "Constraints and the Measurement of Freedom of Choice," Theory and Decision, Springer, vol. 50(3), pages 213-238, May.
    7. Alexandra Rauchs & Marc Willinger, 1996. "Expérimentations sur les choix séquentiels : application à " l'effet irréversibilité"," Revue Économique, Programme National Persée, vol. 47(1), pages 51-71.
    8. Prasanta Pattanaik & Yongsheng Xu, 1998. "On Preference and Freedom," Theory and Decision, Springer, vol. 44(2), pages 173-198, April.
    9. Gekker, Ruvin & van Hees, Martin, 2006. "Freedom, opportunity and uncertainty: A logical approach," Journal of Economic Theory, Elsevier, vol. 130(1), pages 246-263, September.
    10. Gekker, Ruvin, 2001. "On the axiomatic approach to freedom as opportunity: a general characterization result," Mathematical Social Sciences, Elsevier, vol. 42(2), pages 169-177, September.
    11. Vito Peragine & Antonio Romero-Medina, 2006. "On Preference, Freedom and Diversity," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 27(1), pages 29-40, August.
    12. Arlegi, Ritxar & Bourgeois-Gironde, Sacha & Hualde, Mikel, 2022. "Attitudes toward choice with incomplete preferences: An experimental study," Journal of Economic Behavior & Organization, Elsevier, vol. 204(C), pages 663-679.
    13. Ricardo Arlegi, 1998. "Incomplete Preferences and The Preference for Flexibility," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 9819, Departamento de Economía - Universidad Pública de Navarra.

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