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Under Risk, Over Time and Regarding Other People: Rationality Across Three Dimensions

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  • Dorian Jullien

    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur)

Abstract

The paper contrasts the classical contributions in behavioral economics which investigated risk, time or social preferences independently of each others before the middle of the 2000s with the more recent contributions that jointly investigate these type of preferences by pair (e.g., how risk and time preference interact). It suggests that, while standard models could be used as normative benchmarks to judge some behavioral phenomena as non-rational in the classical contributions, this is more complicated in the recent contributions because interactions between types of preferences tend to decrease the normative force of standard models.

Suggested Citation

  • Dorian Jullien, 2019. "Under Risk, Over Time and Regarding Other People: Rationality Across Three Dimensions," Working Papers hal-03233897, HAL.
    • Handle: RePEc:hal:wpaper:hal-03233897
    Note: View the original document on HAL open archive server: https://hal.science/hal-03233897
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    References listed on IDEAS

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    More about this item

    Keywords

    behavioral economics; rationality; decision theory; risk preferences; time preferences; social preferences JEL: A12; B21; B41; D01; D03; D81; D90; D64;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B21 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Microeconomics
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D03 - Microeconomics - - General - - - Behavioral Microeconomics: Underlying Principles
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers

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