Arbeitspapier
A multi-level choice theory
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.
- Language
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Englisch
- Bibliographic citation
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Series: UPSE Discussion Paper ; No. 2010,12
- Classification
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Wirtschaft
- Subject
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Konsumentenverhalten
Soziale Norm
Rationales Verhalten
Mikroökonomische Konsumfunktion
- Event
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Geistige Schöpfung
- (who)
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Fabella, Raul V.
- Event
-
Veröffentlichung
- (who)
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University of the Philippines, School of Economics (UPSE)
- (where)
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Quezon City
- (when)
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2010
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Fabella, Raul V.
- University of the Philippines, School of Economics (UPSE)
Time of origin
- 2010
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