Two Levels of Hedonistic Influence on Microeconomic Theory

Stavros Drakopoulos

Scottish Journal of Political Economy, 1990, vol. 37, issue 4, 360-78

Abstract: The starting point of this paper is the discrepancy between modern choice theories which cast themselves as psychology-free and textbook choice theory (especially consumer theory) which is characterized by a high level of hedonistic influence. Three possible explanations for this discrepancy were suggested: (1) Pedagogic Reasons, (2) Friedman's Thesis and (3) Implicit psychology in choice theory itself. The third explanation is put forward as the most plausible. This is supported by a discussion of choice theories and by some recent developments in the literature. Clearly the implicit (and sometimes explicit) existence of hedonistic notions cast serious doubts on the alleged psychological neutrality of modern choice theories. Copyright 1990 by Scottish Economic Society.

Date: 1990
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