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Welfare economics and bounded rationality: the case for model-based approaches
journal contribution
posted on 2023-06-09, 08:43 authored by Paola Manzini, Marco MariottiIn this paper, we examine the problems facing a policy maker who observes inconsistent choices made by agents who are boundedly rational. We contrast a model-less and a model-based approach to welfare economics. We make the case for the model-based approach and examine its advantages as well as some problematic issues associated with it.
History
Publication status
- Published
File Version
- Accepted version
Journal
Journal of Economic MethodologyISSN
1350-178XPublisher
Taylor & FrancisExternal DOI
Issue
4Volume
21Page range
343-360Department affiliated with
- Economics Publications
Full text available
- No
Peer reviewed?
- Yes