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

Paola Manzini and Marco Mariotti

Journal of Economic Methodology, 2014, vol. 21, issue 4, 343-360

Abstract: 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.

Date: 2014
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Citations: View citations in EconPapers (27)

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DOI: 10.1080/1350178X.2014.965909

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