Hierarchical Choice in Economics

Stavros Drakopoulos

Journal of Economic Surveys, 1994, vol. 8, issue 2, 133-53

Abstract: The paper examines the relevance for economic issues of choice which is not characterized by unlimited substitutability. After showing that hierarchical choice is common in other social sciences like psychology, the paper proceeds with an examination of such choice and of its different categories. Subsequently the implications for hierarchical choice for specific economic issues are analysed. In particular, there is discussion and literature review of demand theory, Engel curves, the theory of the firm and social choice theory. Finally, some suggestions for the application to other economic problems are considered. Copyright 1994 by Blackwell Publishers Ltd

Date: 1994
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