The Origin of Preferences, Economic Decision Theory, and Yaari

Marek Jenöffy-Lochau ()
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Marek Jenöffy-Lochau: Büro am Carlsplatz

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Abstract: Preferences" is a key concept in economic theory. However, economics has yet not achieved to explain the origin of preferences. Preferences originating means endogenous preferences. The Signal-Preference Model (SPM) provides a new algorithm for modeling endogenous preferences using the empirical result of communications research. This paper examines how the SPM performs in the framework of economic decision theory. The results of the SPM are compared with Expected Utility Theory, Bayesian learning and Prospect Theory. Surprisingly, the performance of the SPM in this field indicates that this holistic preference model seamlessly fits into microeconomics and decision theory.

Keywords: Information; Uncertainty; Preferences; Communication; Preference Formation; Endogenous (search for similar items in EconPapers)
Date: 2014-03-06
Note: View the original document on HAL open archive server: https://hal.science/hal-04139624
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Published in 40th Annual EEA Conference, Eastern Economic Association, Mar 2014, Boston (MA), United States

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04139624

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