search query: @indexterm WELFARE ECONOMICS / total: 236
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| Author: | Bernheim, B.D. |
| Title: | Behavioral welfare economics |
| Journal: | Journal of the European Economic Association
2009 : APR-MAY, VOL. 7:2-3, p. 267-319 |
| Index terms: | welfare economics behavioural science decision making |
| Freeterms: | choice |
| Language: | eng |
| Abstract: | This article discusses several competing proposals for general normative frameworks that would encompass non-standard models of choice. Majority of the 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. Others argue that well-being, and hence welfare, is directly measurable. An alternative approach defines welfare directly in terms of choice. This approach entails a generalized welfare criterion that respects choice directly, without requiring any rationalization involving potentially unverifiable assumptions concerning underlying objectives and their relationship to choice. |
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