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| Author: | Sandbu, M. E. |
| Title: | Valuing processes |
| Journal: | Economics and philosophy
2007 : JUL, VOL. 23:2, p. 205-235 |
| Index terms: | philosophy valuation |
| Freeterms: | processes |
| Language: | eng |
| Abstract: | Conventional economic theory assumes that people care only about ultimate outcomes and are indifferent to the decision and allocation processes by which outcomes are brought about. Building on Sen (1997), this study relaxes this assumption, and investigates the formal and philosophical issues that arise. The formal apparatus of preference theory is extended to analyse how processes may enter preferences, and it is investigated whether traditional invariance requirements like the Weak Axiom of Revealed Preference are still satisfied in this new setting. |
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