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Imperfect Choice and Self-Stabilizing Rules

Published online by Cambridge University Press:  05 December 2008

Ronald A. Heiner
Ronald A. Heiner
Affiliation:
Brigham Young University
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Extract

A recent paper by David Levy (1987) focuses on “utility enhancing consumption constraints.” Levy concludes by noting that his analysis stays within standard utility maximizing theory, in contrast to my analysis of rule-governed behavior (Heiner, 1983, 1985a, 1985b, 1986, 1988a, 1988b, 1988c) which allows imperfect decisions that don't always maximize utility. I wish to show how our two theories can be integrated, thereby representing complementary, rather than conflicting, explanations. In the process, I argue that imperfect decisions are an essential factor in the stability of any rule that constrains freedom of choice. I also briefly discuss certain intrinsic problems with achieving “self-stabilizing” rules applied to moral teachings.

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Type
Essays
Information
Economics & Philosophy , Volume 5 , Issue 1 , April 1989, pp. 19 - 32
Copyright
Copyright © Cambridge University Press 1989

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References

REFERENCES

Heiner, Ronald A. 1983. “The Origin of Predictable Behavior.” American Economic Review 73:560–95.Google Scholar
Heiner, Ronald A. 1985a. “On Reinterpreting the Foundations of Risk and Utility Theory.” The Institute for Advanced Study, Princeton.Google Scholar
Heiner, Ronald A. 1985b. “Uncertainty, Signal Detection Experiments, and Modeling Behavior.” In The New Institutional Economics, edited by Langlois, R.. New York: Cambridge University Press.Google Scholar
Heiner, Ronald A. 1986. “Imperfect Decisions and the Law: On the Evolution of Legal Precedent and Rules.” Journal of Legal Studies 15:227–61.CrossRefGoogle Scholar
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Levy, David. 1988. “Utility-Enhancing Consumption Constraints,” Economics and Philosophy 4:69–88.CrossRefGoogle Scholar