IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/30043.html
   My bibliography  Save this paper

An Economic Approach to the Self : the Dual Agent

Author

Listed:
  • Lotz, Aïleen

Abstract

This paper extends the notion of the rational agent in economics by acknowledging the role of the unconscious in the agent�s decision-making process. It argues that the unconscious can be modelled by a rational agent with his own objective function and set of information. The combination of both the conscious and unconscious agents is called the "dual agent". This dual agent presents rationally biased behaviors that may not disappear through aggregation, and could be potentially measured. It also provides a theoretical approach to the emotionally-driven actions. On the social sciences side, the paper pleads for a wider use of substantive rationality in the understanding of human behavior.

Suggested Citation

  • Lotz, Aïleen, 2011. "An Economic Approach to the Self : the Dual Agent," MPRA Paper 30043, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:30043
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/30043/1/MPRA_paper_30043.pdf
    File Function: original version
    Download Restriction: no

    File URL: https://mpra.ub.uni-muenchen.de/47677/7/MPRA_paper_47677.pdf
    File Function: revised version
    Download Restriction: no

    File URL: https://mpra.ub.uni-muenchen.de/47678/7/MPRA_paper_47677.pdf
    File Function: revised version
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Rabin, Matthew, 2002. "A perspective on psychology and economics," European Economic Review, Elsevier, vol. 46(4-5), pages 657-685, May.
    2. Gary S. Becker, 1974. "Crime and Punishment: An Economic Approach," NBER Chapters,in: Essays in the Economics of Crime and Punishment, pages 1-54 National Bureau of Economic Research, Inc.
    3. Simon, Herbert A, 1986. "Rationality in Psychology and Economics," The Journal of Business, University of Chicago Press, vol. 59(4), pages 209-224, October.
    4. Pierre Gosselin & Aileen Lotz & Charles Wyplosz, 2006. "How Much Information should Interest Rate-Setting Central Banks Reveal?," IHEID Working Papers 08-2006, Economics Section, The Graduate Institute of International Studies.
    5. Nathan Berg & Gerd Gigerenzer, 2010. "As-if behavioral economics: neoclassical economics in disguise?," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 18(1), pages 133-166.
    6. Berg, Nathan, 2010. "Behavioral Economics," MPRA Paper 26587, University Library of Munich, Germany.
    7. Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, vol. 47(2), pages 263-291, March.
    8. P. Gosselin & A. Lotz & C. Wyplosz, 2008. "When Central Banks Reveal Future Interest Rates: Alignment of Expectations Vs. Creative Opacity," Post-Print hal-00383304, HAL.
    9. Jon Elster, 1998. "Emotions and Economic Theory," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 47-74, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Gosselin, Pierre & Lotz, Aileen & Wambst, Marc, 2013. "On apparent irrational behaviors : interacting structures and the mind," MPRA Paper 44421, University Library of Munich, Germany.
    2. Lotz, Aileen & Gosselin, Pierre, 2012. "A dynamic model of interactions between conscious and unconscious," MPRA Paper 36697, University Library of Munich, Germany.
    3. Pierre Gosselin & Aïleen Lotz & Marc Wambst, 2015. "From Rationality to Irrationality : Dynamic Interacting Structures," Working Papers hal-01122078, HAL.
    4. Pierre Gosselin & Aïleen Lotz & Marc Wambst, 2017. "A Path Integral Approach to Interacting Economic Systems with Multiple Heterogeneous Agents," Working Papers hal-01549586, HAL.

    More about this item

    Keywords

    rational agent; decision-making; conscious; unconscious; asymmetry of information; imperfect information; dual agent; theory of emotion; substantive and procedural rationality; psychology; bias;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:30043. 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: (Joachim Winter) or (Rebekah McClure). General contact details of provider: http://edirc.repec.org/data/vfmunde.html .

    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 CitEc recognized a reference but did not link an item in RePEc 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 RePEc Author Service 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.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.