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 -