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From paradoxes to social rules, or: How economics repeats itself

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  • Bruno Frey

Abstract

There is an analogy of how the paradox of aggregation (Arrow impossibility theorem) and the paradoxa of individual behavior (people decide inconsistently) have been approached in mainstream research. In both cases it is disregarded that paradoxa are part of social reality. A constitutional approach focussing on rules and institutions promises to yield more fruitful insights. Copyright George Mason University 1990

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  • Bruno Frey, 1990. "From paradoxes to social rules, or: How economics repeats itself," Constitutional Political Economy, Springer, vol. 1(2), pages 27-34, March.
    • Handle: RePEc:kap:copoec:v:1:y:1990:i:2:p:27-34
    DOI: 10.1007/BF02393039
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    References listed on IDEAS

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    1. James M. Buchanan, 1954. "Social Choice, Democracy, and Free Markets," Journal of Political Economy, University of Chicago Press, vol. 62(2), pages 114-114.
    2. Schoemaker, Paul J H, 1982. "The Expected Utility Model: Its Variants, Purposes, Evidence and Limitations," Journal of Economic Literature, American Economic Association, vol. 20(2), pages 529-563, June.
    3. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    4. Kenneth J. Arrow, 1950. "A Difficulty in the Concept of Social Welfare," Journal of Political Economy, University of Chicago Press, vol. 58(4), pages 328-328.
    5. Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-154, Summer.
    6. Camerer, Colin F, 1989. "An Experimental Test of Several Generalized Utility Theories," Journal of Risk and Uncertainty, Springer, vol. 2(1), pages 61-104, April.
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    Cited by:

    1. Pelikan, Pavel, 2008. "The government economic agenda in a society of unequally rational individuals," MPRA Paper 19127, University Library of Munich, Germany, revised 06 Dec 2009.
    2. Fritz W. Scharpf, 1991. "Games Real Actors Could Play: The Challenge of Complexity," Journal of Theoretical Politics, , vol. 3(3), pages 277-304, July.
    3. Pavel Pelikán, 2010. "The Government Economic Agenda in a Society of Unequally Rational Individuals," Kyklos, Wiley Blackwell, vol. 63(2), pages 231-255, May.

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