What the market does for us

Sugden, Robert (2023) What the market does for us. Social Philosophy and Policy. ISSN 0265-0525 (In Press)

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What does the market do for us? A traditional answer treats individuals’ preferences as their judgments about their welfare, and shows that an idealized competitive economy is efficient in satisfying preferences. Behavioural findings have undermined that answer by showing that individuals’ choices are influenced by welfare-irrelevant contextual factors. I show that, whether or not individuals act on consistent preference, competitive markets provide maximal opportunities for individuals to combine to achieve what, at any time and for whatever reasons, they then want. We can value such opportunities without claiming that their value derives from some more fundamental concept of individual well-being.

Item Type: Article
Uncontrolled Keywords: market,opportunity,behavioural economics,welfare economics,nudging,arts and humanities(all),economics, econometrics and finance(all),2* ,/dk/atira/pure/subjectarea/asjc/1200
Faculty \ School: Faculty of Social Sciences > School of Economics
UEA Research Groups: Faculty of Social Sciences > Research Centres > Centre for Behavioural and Experimental Social Sciences
Faculty of Social Sciences > Research Centres > Centre for Competition Policy
Faculty of Social Sciences > Research Groups > Behavioural Economics
Faculty of Social Sciences > Research Groups > Economic Theory
Depositing User: LivePure Connector
Date Deposited: 17 May 2023 09:34
Last Modified: 17 May 2023 09:34
URI: https://ueaeprints.uea.ac.uk/id/eprint/92078

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