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Welfare economics and bounded rationality: the case for model-based approaches

journal contribution
posted on 2022-10-27, 23:34 authored by P Manzini, Marco MariottiMarco Mariotti
In 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.

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Journal

Journal of Economic Methodology

Volume

21

Pagination

343 - 360

ISSN

1350-178X

eISSN

1469-9427

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