EconStor >
University of the Philippines >
University of the Philippines School of Economics (UPSE) >
UPSE Discussion Papers, University of the Philippines >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/46619
  
Title:A multi-level choice theory PDF Logo
Authors:Fabella, Raul V.
Issue Date:2010
Series/Report no.:Discussion paper // School of Economics, University of the Philippines 2010,12
Abstract:The Great Recession has called into question many tenets of Neo-classical Microeconomics. Neo-classical theory allows each agent only one fixed type, homo economicus, while not denying other possible types as in adverse selection. We propose that economic agents not only choose their market basket but also their types. Agents are members of groups and each group has social norms to which the agent more or less conforms. His/her market behavior trades off private well being which responds to prices but also social well being which responds to norms. We show how deviation from norms are determined. We also discuss other anomalies in the light of this model.
Document Type:Working Paper
Appears in Collections:UPSE Discussion Papers, University of the Philippines

Files in This Item:
File Description SizeFormat
641470061.pdf540.25 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/46619

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.