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ToolsMcQuillin, Ben and Sugden, Robert (2012) How the market responds to dynamically inconsistent preferences. Social Choice and Welfare, 38 (4). pp. 617-634. ISSN 0176-1714
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This paper responds to the ‘soft paternalist’ argument that the findings of behavioural economics make traditional objections to paternalism incoherent. We show that there is a normatively significant sense in which, even if individuals lack coherent preferences, competitive markets are efficient in providing them with opportunities to get what they want. Extending earlier analysis by Sugden, we model a multi-period ‘storage economy’ and explore the implications of dynamically inconsistent preferences. We show that, despite apparent conflicts of judgement between an individual’s ‘selves’, competitive markets provide maximal opportunity, and that they do so by facilitating voluntary exchanges between selves.
| Item Type: | Article |
|---|---|
| Faculty \ School: | Faculty of Social Sciences > School of Economics |
| UEA Research Groups: | Faculty of Social Sciences > Research Groups > Economic Theory Faculty of Social Sciences > Research Centres > Centre for Behavioural and Experimental Social Sciences Faculty of Social Sciences > Research Groups > Behavioural Economics Faculty of Social Sciences > Research Centres > Centre for Competition Policy |
| Depositing User: | Julie Frith |
| Date Deposited: | 08 Apr 2011 14:52 |
| Last Modified: | 21 Apr 2023 23:46 |
| URI: | https://ueaeprints.uea.ac.uk/id/eprint/28693 |
| DOI: | 10.1007/s00355-011-0628-0 |
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