Hedges, Jules Oliva, Paulo Winschel, Evguenia Winschel, Viktor Zahn, Philipp
Year of Publication:
Working Paper Series 14-14
We use quantifiers and selection functions to generalize the classical economic approach to choice. Our framework encompasses preference and utility based approaches as special cases, but also extends to non-maximizing behavior and context-dependent motives such as social concerns. We adapt the method of quantifiers and selection functions which is based on higher-order functions and originate in computer science.
behavioral economics social preferences beauty contest higher order functions quantifiers selection functions