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The Foundations of Positive and Normative EconomicsA Hand Book$
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Andrew Caplin and Andrew Schotter

Print publication date: 2008

Print ISBN-13: 9780195328318

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780195328318.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 22 October 2021

On two Points of View Regarding revealed Preference and behavioral Economics

On two Points of View Regarding revealed Preference and behavioral Economics

(p.95) Chapter 4 On two Points of View Regarding revealed Preference and behavioral Economics
The Foundations of Positive and Normative Economics


Oxford University Press

Certain methodological debates regarding behavioral economics seem to involve, more often than not, the notion of revealed preferences. As part of philosophical tradition, the principle of revealed preference entails how restrictions are handled when practiced professionally. This principle came about during a time when choice was not the only relevant factor in selecting a consumption bundle from a budget set. This principle implies that an economist's view is valid only when the utility functions are distinguishable from a pool of choices that are essential in taking on a policy issue. As one can observe that economists' attitudes appear to influence their views and opinions on paternalistic policies and how they evaluate specific economic models, this chapter takes a closer look at this linkage through examining its other aspects.

Keywords:   methodological debates, philosophical tradition, utility function, revealed preferences, choice, economic policy

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