Final published version, 321 KB, PDF document
Research output: Working paper
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TY - UNPB
T1 - A Review of Economic Dual-Self Modelling
AU - Embrey, Iain
PY - 2019/1
Y1 - 2019/1
N2 - Dual-self decision theory generalises the canonical economic modelby admitting multiple, possibly conflicting, decision criteria. A typical dual-self model will formalise psychological or neuroscientific descriptions of the human decision-making process into an economic model of that process, and apply that model to provide an unied explanation for several behavioural anomalies. In thispaper, we compare the foundations of Neoclassical and dual-self decision theories, we develop a generalised decision framework that nests both decision theories, and we use that framework to provide a comprehensive taxonomy of the economic dual-self literature. We also discuss the relative merits of each existing dual-self approach, and suggest avenues for future research.
AB - Dual-self decision theory generalises the canonical economic modelby admitting multiple, possibly conflicting, decision criteria. A typical dual-self model will formalise psychological or neuroscientific descriptions of the human decision-making process into an economic model of that process, and apply that model to provide an unied explanation for several behavioural anomalies. In thispaper, we compare the foundations of Neoclassical and dual-self decision theories, we develop a generalised decision framework that nests both decision theories, and we use that framework to provide a comprehensive taxonomy of the economic dual-self literature. We also discuss the relative merits of each existing dual-self approach, and suggest avenues for future research.
KW - Dual-Self
KW - Decision Theory
KW - Behavioural
M3 - Working paper
T3 - Economics Working Papers Series
BT - A Review of Economic Dual-Self Modelling
PB - Lancaster University, Department of Economics
CY - Lancaster
ER -