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In this paper, we examine the problems facing a policy maker who observes inconsistent choices made by agents who are boundedly rational. We contrast a model-less and a model-based approach to welfare economics. We make the case for the model-based approach and examine its advantages as well as some problematic issues associated with it. |
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Though the Random Utility Model (RUM) was conceived entirely in terms of ordinal utility, the apparatus through which it is widely practised exhibits properties of cardinal utility. The adoption of cardinal utility as a working operation of ordinal is perfectly valid, provided interpretations drawn from that operation remain faithful to ordinal utility. The article considers whether the latter requirement holds true for several measurements commonly derived from RUM. In particular it is found that measurements of consumer surplus change may depart (...) |
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Canonical economic agents act so as to maximize a single, representative, utility function. However, there is accumulating evidence that heterogeneity in thought processes may be an important determinant of individual behavior. This paper investigates the implications of a vector-valued generalization of the Expected Utility paradigm, which permits agents either to deliberate as per Homo economics, or to act impulsively. This generalized decision theory is applied to explain the crowding-out effect, irrational educational investment decisions, persistent social inequalities, the pervasive influence of (...) |
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As AI Systems become increasingly autonomous, they are expected to engage in decision-making processes that have moral implications. In this research we integrate theoretical and empirical lines of thought to address the matters of moral reasoning and moral uncertainty in AI Systems. We reconceptualize the metanormative framework for decision-making under moral uncertainty and we operationalize it through a latent class choice model. The core idea being that moral heterogeneity in society can be codified in terms of a small number of (...) |
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