Economics without Preferences

Microeconomics and Policymaking Beyond the Maximizing Individual

Inbunden, Engelska, 2025

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Economics without Preferences lays out a new microeconomics – a theory of choice behavior, markets, and welfare – for agents who lack the preferences and marginal judgments that economics normally relies on. Agents without preferences defy the rules of the traditional model of rational choice but they can still systematically pursue their interests. The theory that results resolves several puzzles in economics. Status quo bias and other anomalies of behavioral economics shield agents from harm; they are expressions rather than violations of rationality. Parts of economic orthodoxy go out the window. Agents will fail to make the ﬁne-grained trade-offs ingrained in conventional economics, leading market prices to be volatile and cost-beneﬁt analysis to break down. This book provides policy alternatives to ﬁll this void. Governments can spur innovation, the main beneﬁt markets can deliver, while sheltering agents from the upheavals that accompany economic change.

Produktinformation

Utgivningsdatum2025-01-16
Mått160 x 235 x 22 mm
Vikt525 g
FormatInbunden
SpråkEngelska
SerieStudies in New Economic Thinking
Antal sidor258
FörlagCambridge University Press
ISBN9781009340700

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Preface; 1. Marginal utility matters; Part I. Trade-Offs and Rationality: 2. Utility as an ordering principle; 3. Incomplete preferences; 4. The rationality of choice; 5. Safety bias; 6. The myth of indifference; part II. Economic Analysis and Policy Without Preferences: 7. The volatility of prices; 8. Trouble with welfare economics; 9. Pareto without preferences; 10. Utilitarianism without utility; 11. Production and rationality; 12. Custom and flexibility; Appendix.

'Michael Mandler is one of the most brilliant and unorthodox minds in social science and Economics without Preferences is his masterwork. Mandler's fascinating reformulation of economic theory via the relaxation of conventional notions of rationality is pathbreaking. This book demonstrates that the empirical limitations of neoclassical theory can be constructively and compellingly addressed to produce a richer and more powerful formal framework for understanding individual and collective behavior. Every economist should study this wonderful book.' Steven Durlauf, Director, Stone Center for Research on Wealth Inequality and Mobility, Harris School of Public Policy, University of Chicago