Preferences, Value, Choice, and Welfare PDF (Adobe DRM) download by Daniel M. Hausman

Preferences, Value, Choice, and Welfare

Cambridge University Press
Publication date: December 2011
ISBN: 9781139211710
Digital Book format: PDF (Adobe DRM)
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This book is about preferences, principally as they figure in economics. It also explores their uses in everyday language and action, how they are understood in psychology and how they figure in philosophical reflection on action and morality. The book clarifies and for the most part defends the way in which economists invoke preferences to explain, predict and assess behavior and outcomes. Hausman argues, however, that the predictions and explanations economists offer rely on theories of preference formation that are in need of further development, and he criticizes attempts to define welfare in terms of preferences and to define preferences in terms of choices or self-interest. The analysis clarifies the relations between rational choice theory and philosophical accounts of human action. The book also assembles the materials out of which models of preference formation and modification can be constructed, and it comments on how reason and emotion shape preferences.
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An old perspective

What Daniel Hausman mainly did through his book, Preferences, Value, Choice, and Welfare, was fixing the roots of the economists perspective on preferences in the old philosophical theories. This interesting book raises our awareness that some of the theories might be unfounded and that they need more development in order to be reliable. This is, again, the strong correlation between the social sciences which can lead to great confusion if it's misunderstood. As so, some economists should reevaluate their understanding of preferences and welfare and be open to the newest developments of the theories.
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