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Welfare Economics of Decision Making with Changing Preferences

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  • Paul A. Grout

Abstract

The paper considers the properties a decision tree needs to guarantee that there are no preferences such that the sophisticated equilibrium is Pareto dominated when all agents act completely myopically. It shows that the only decision trees with this property are the most trivial problems. The analysis is generalized to agents who are not completely myopic and gives an example of union and shareholder conflict to illustrate the results.

Suggested Citation

  • Paul A. Grout, 1982. "Welfare Economics of Decision Making with Changing Preferences," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 49(1), pages 83-90.
    • Handle: RePEc:oup:restud:v:49:y:1982:i:1:p:83-90.
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    File URL: http://hdl.handle.net/10.2307/2297142
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    Cited by:

    1. Artuso, A., 2003. "Risk perceptions, endogenous demand and regulation of agricultural biotechnology," Food Policy, Elsevier, vol. 28(2), pages 131-145, April.
    2. Doriana Delfino & Peter J. Simmons, "undated". "Positive and Normative Issues of Economic Growth with Infectious Disease," Discussion Papers 00/48, Department of Economics, University of York.
    3. Lotito, Gianna, 2007. "Resolute Choice in interaction: a qualitative experiment," POLIS Working Papers 94, Institute of Public Policy and Public Choice - POLIS.

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