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A Multi-Level Choice Theory

  • Raul V. Fabella

    ()

    (School of Economics, University of the Philippines Diliman)

The Great Recession has called into question many tenets of Neo-classical Microeconomics. Neo-classical theory allows each agent only one fixed type, homo economicus, while not denying other possible types as in adverse selection. We propose that economic agents not only choose their market basket but also their types. Agents are members of groups and each group has social norms to which the agent more or less conforms. His/her market behavior trades off private well being which responds to prices but also social well being which responds to norms. We show how deviation from norms are determined. We also discuss other anomalies in the light of this model.

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File URL: http://www.econ.upd.edu.ph/dp/index.php/dp/article/viewFile/668/131
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Paper provided by University of the Philippines School of Economics in its series UP School of Economics Discussion Papers with number 201012.

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Length: 26 pages
Date of creation: Dec 2010
Date of revision:
Publication status: Published as UPSE Discussion Paper No. 2010-12, December 2010
Handle: RePEc:phs:dpaper:201012
Contact details of provider: Postal: Diliman, Quezon City 1101
Phone: 927-9686
Web page: http://www.econ.upd.edu.ph/

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  1. Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive 1193, David K. Levine.
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