IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

Consumer Choice Theory and Social Learning

  • Anaïs Carlin

    (University of Nice Sophia Antipolis, France
    GREDEG CNRS)

In this paper we formalize learning as a determinant of individual choice. We model economic agent as an individual who makes her choice according to a specific set of experiences, which evolves over time as the agent learns from both her personal history and her social environment. We link preferences to choices through the notion of hierarchy of wants. We present an axiomatic characterization, inspired by Georgescu-Roegen (1950, 1954), of the individual choice mechanism in a social environment. Following these axioms, we show that an agent may change her choice from one period to another and remain nonetheless rational. The learning mechanism allows for the modification of individual preference ordering over time as well as it implies irreversibility, in the sense that economic changes leave a mark in the decision making process.

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2014-13.pdf
File Function: First version, 2014
Download Restriction: no

Paper provided by Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis in its series GREDEG Working Papers with number 2014-13.

as
in new window

Length: 20 pages
Date of creation: Apr 2014
Date of revision:
Handle: RePEc:gre:wpaper:2014-13
Contact details of provider: Postal: 250, rue Albert Einstein, 06560 Valbonne
Phone: +33-493-954-172
Fax: +33-493-653-798
Web page: http://www.gredeg.cnrs.fr

More information through EDIRC

References listed on IDEAS
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.:

as in new window
  1. Dietrich Franz & List Christian, 2011. "Where do preferences come from?," Research Memorandum 005, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  2. George A. Akerlof, 2007. "The Missing Motivation in Macroeconomics," American Economic Review, American Economic Association, vol. 97(1), pages 5-36, March.
  3. Gowdy, John M. & Mayumi, Kozo, 2001. "Reformulating the foundations of consumer choice theory and environmental valuation," Ecological Economics, Elsevier, vol. 39(2), pages 223-237, November.
  4. Alan Kirman & Miriam Teschl, 2006. "Searching for identity in the capability space," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(3), pages 299-325.
  5. Cynamon Barry Z. & Fazzari Steven M., 2008. "Household Debt in the Consumer Age: Source of Growth--Risk of Collapse," Capitalism and Society, De Gruyter, vol. 3(2), pages 1-32, October.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:gre:wpaper:2014-13. 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: (Patrice Bougette)

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.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.