Behavioral Welfare Economics∗

@inproceedings{Bernheim2008BehavioralWE,
  title={Behavioral Welfare Economics∗},
  author={Bo-G{\"o}ran Bernheim},
  year={2008}
}
This paper discusses several competing proposals for general normative frameworks that would encompass non-standard models of choice. Most existing proposals equate welfare with well-being. Some assume that well-being flows from the achievement of well-defined objectives, and that those objectives also guide choices; the trick is to formulate a framework in which less-than-completely coherent choice patterns reveal the unobserved objectives. Others are predicated on the contention that well… CONTINUE READING
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