A new perspective on classical choice problems using selection functions

Hedges, Jules ; Oliva, Paulo ; Winschel, Evguenia ; Winschel, Viktor ; Zahn, Philipp

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URL: https://madoc.bib.uni-mannheim.de/36179
URN: urn:nbn:de:bsz:180-madoc-361799
Document Type: Working paper
Year of publication: 2014
The title of a journal, publication series: Working Paper Series
Volume: 14-14
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > Geldpolitik und Makroökonomik (Adam 2008-)
MADOC publication series: Department of Economics > Working Paper Series
Subject: 330 Economics
Classification: JEL: C0 , D01 , D03 , D63 , D64,
Keywords (English): behavioral economics , social preferences , beauty contest , higher order functions , quantifiers , selection functions
Abstract: 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.

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