The Present State of Consumer Theory - The Implications for Social Welfare Theory (Paperback, Third Edition)

The neoclassical theory of choice is an integral part of a large and growing literature. Its elegance, simplicity and apparent generality appear, increasingly, to influence the thinking of psychologists, sociologists, and political scientists. At the same time, the theory is subject to robust attack. The theme of the book is that the critics have it right. Account must be taken of the endogeneity of preference and value structures, of decision makers' cognitive limitations, of information asymmetries, of opportunistic behavior, and of positive transaction and decision costs. Yet these considerations militate against the specification of both the efficiency frontier and the Social Welfare Function. This, in turn, suggests that Social Welfare Theory is an inappropriate guide for the formulation of distributional and other economic policies. A corollary is that economists' (and others) attention should center less on 'getting the prices right' and more on 'getting the institutions right'.

General

Imprint:	University Press of America
Country of origin:	United States
Release date:	February 1998
First published:	December 1997
Authors:	Timothy P. Roth
Dimensions:	216 x 140 x 17mm (L x W x T)
Format:	Paperback
Pages:	236
Edition:	Third Edition
ISBN-13:	978-0-7618-0944-9
Categories:	Books > Business & Economics > Economics > General Books > Business & Economics > Business & management > General Promotions
LSN:	0-7618-0944-9
Barcode:	9780761809449

Is the information for this product incomplete, wrong or inappropriate? Let us know about it.

Does this product have an incorrect or missing image? Send us a new image.

Is this product missing categories? Add more categories.

Review This Product

No reviews yet - be the first to create one!