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The Community of Advantage
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The Community of Advantage: A Behavioural Economist's Defence of the Market

Robert Sugden

Abstract

Normative analysis in economics has usually aimed at satisfying individuals’ preferences. Its conclusions have supported a long-standing liberal tradition of economics that values economic freedom and views markets favourably. However, behavioural research shows that individuals’ preferences, as revealed in choices, are often unstable, and vary according to contextual factors that seem irrelevant for welfare. The Community of Advantage proposes a reformulation of normative economics that is compatible with what is now known about the psychology of choice. Other such reformulations have assumed ... More

Keywords: normative economics, behavioural economics, liberal tradition, social planner, opportunity, rationality, cooperation

Bibliographic Information

Print publication date: 2018 Print ISBN-13: 9780198825142
Published to Oxford Scholarship Online: July 2018 DOI:10.1093/oso/9780198825142.001.0001

Authors

Affiliations are at time of print publication.

Robert Sugden, author
Professor of Economics, University of East Anglia