Role Models that Make You Unhappy: Light Paternalism, Social Learning and Welfare
Christian Cordes and
Christian Schubert ()
Papers on Economics and Evolution from Philipps University Marburg, Department of Geography
Behavioral (e.g. consumption) patterns of boundedly rational agents can lead these agents into learning dynamics that appear to be “wasteful” in terms of well-being or welfare. Within settings displaying preference endogeneity, it is however still unclear how to conceptualize well-being. This paper contributes to the discussion by suggesting a formal model of preference learning that can inform the construction of alternative notions of dynamic well-being. Based on the assumption that interacting agents are subject to two biases that make them systematically prefer some cultural variants over others, a procedural notion of well-being can be developed, based on the idea that policy should identify and confine conditions that generate dynamic instability in preference trajectories.
Keywords: Social Learning; Preference Change; Welfare; Human Cognition; Consumer Behavior Length 33 pages (search for similar items in EconPapers)
JEL-codes: C61 D11 D63 D83 O12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-evo, nep-hpe and nep-mic
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Journal Article: Role models that make you unhappy: light paternalism, social learning, and welfare (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:esi:evopap:2010-22
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