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https://doi.org/10.2139/ssrn.7...
Article . 2005 . Peer-reviewed
Data sources: Crossref
EconStor
Research . 2005
Data sources: EconStor
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Research . 2005
Data sources: MPG.PuRe
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The Welfare Economics of Adaptive Preferences

Authors: Carl Christian von Weizsäcker;

The Welfare Economics of Adaptive Preferences

Abstract

In this paper I demonstrate that a reasonable welfare theoretic concept of progress can be made consistent with the assumption of endogenously changing preferences as long as these preference changes correspond to the pattern of adaptive preferences. The main theorem of the paper shows that under certain additional conditions adaptive preferences imply the existence of a complete pre-ordering of the consumption space in terms of improvement paths which allow endogenous preference changes. It is then shown that welfare economics of improvement paths is also possible with interpersonal influences on preferences. A conjecture is developed that results of recent empirical and experimental research into human economic behaviour corroborate the hypothesis of adaptive preferences.

Keywords

Adaptive Preferences, ddc:330, Improvement Paths, Bounded Rationality, Welfare Economics, Interpersonal Influences on Preferences, Welfare Economics, Endogenous Preferences, Adaptive Preferences, Interpersonal Influences on Preferences, Improvement Paths, Bounded Rationality, Endogenous Preferences

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    popularity
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    Top 10%
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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    impulse
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
11
Top 10%
Top 10%
Average
bronze