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From:
Humberto Barreto <[log in to unmask]>
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Societies for the History of Economics <[log in to unmask]>
Date:
Mon, 1 Apr 2024 09:01:32 -0400
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[Selections by Humberto Barreto for SHOE list.]


nep-hpe <https://nep.repec.org/nep-hpe.html> New Economics Papers
<https://nep.repec.org/> on History and Philosophy of Economics

Issue of 2024‒04‒01
papers chosen by
Erik Thomson <http://econpapers.repec.org/RAS/pth72.htm>,
University of Manitoba <http://umanitoba.ca/>

------------------------------

   1. “On Two Myths about Ricardo’s Theory of Money”
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p1> By Ghislain
   Deleplace
   <http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
   2. “When General Theory met French Politics: the Historical Context of a
   Translation”
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p2> By Ghislain
   Deleplace
   <http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
   3. Buchanan and the social contract: Coordination failures and the
   atrophy of property rights
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p3> By Stefano
   Dughera
   <http://econpapers.repec.org/scripts/search.pf?aus=Stefano%20Dughera>; Alain
   Marciano
   <http://econpapers.repec.org/scripts/search.pf?aus=Alain%20Marciano>
   4. Dilemmata marktliberaler Globalisierung. Globale Freiheit durch
   globalen Wettbewerb?
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p4> By Jakob
   Kapeller
   <http://econpapers.repec.org/scripts/search.pf?aus=Jakob%20Kapeller>; Georg
   Hubmann
   <http://econpapers.repec.org/scripts/search.pf?aus=Georg%20Hubmann>
   5. Central Bank Cooperation 1930-1932, A Reappraisal
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p5> By Flores
   Zendejas, Juan
   <http://econpapers.repec.org/scripts/search.pf?aus=Flores%20Zendejas,%20Juan>
   ; Nodari, Gianandrea
   <http://econpapers.repec.org/scripts/search.pf?aus=Nodari,%20Gianandrea>
   6. Solidarity initiatives for sustainable development: a gateway to
   conceptualising a new responsible and democratic economy
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p6> By Eric
   Dacheux
   <http://econpapers.repec.org/scripts/search.pf?aus=Eric%20Dacheux>; Daniel
   Goujon
   <http://econpapers.repec.org/scripts/search.pf?aus=Daniel%20Goujon>
   7. “Power Relations and Monetary Ideas: The Case of the Gold-Exchange
   Standard in India”
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p7> By Ghislain
   Deleplace
   <http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
   8. The Money Doctor Raimundo Fernández Villaverde and the Classical Gold
   Standard in Spain
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p8> By
Nogues-Marco,
   Pilar
   <http://econpapers.repec.org/scripts/search.pf?aus=Nogues-Marco,%20Pilar>
   9. Defining Just Transition
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p9> By Giorgos
   Galanis
   <http://econpapers.repec.org/scripts/search.pf?aus=Giorgos%20Galanis>; Mauro
   Napoletano
   <http://econpapers.repec.org/scripts/search.pf?aus=Mauro%20Napoletano>;
Lilit
   Popoyan
   <http://econpapers.repec.org/scripts/search.pf?aus=Lilit%20Popoyan>;
Alessandro
   Sapio
   <http://econpapers.repec.org/scripts/search.pf?aus=Alessandro%20Sapio>;
Olivier
   Vardakoulias
   <http://econpapers.repec.org/scripts/search.pf?aus=Olivier%20Vardakoulias>
   10. Welfare and the Act of Choosing
   <https://mail.google.com/mail/u/0/#m_-2202506881064051919_p10> By B.
   Douglas Bernheim
   <http://econpapers.repec.org/scripts/search.pf?aus=B.%20Douglas%20Bernheim>
   ; Kristy Kim
   <http://econpapers.repec.org/scripts/search.pf?aus=Kristy%20Kim>; Dmitry
   Taubinsky
   <http://econpapers.repec.org/scripts/search.pf?aus=Dmitry%20Taubinsky>

------------------------------

   1. “On Two Myths about Ricardo’s Theory of Money”
   <http://econpapers.repec.org/RePEc:hal:journl:hal-04429292>
   By: Ghislain Deleplace
   <http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
(LED
   - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8
   Vincennes-Saint-Denis)
   Abstract: The purpose of the paper is to challenge two widely-held myths
   about Ricardo's theory of money and to suggest between the value and the
   quantity of money owes nothing to a commodity-theory of money (Section 2)
   or to the Quantity Theory of Money (Section 3) but puts the market price of
   the standard of money centre-stage (Section 4). Ricardo's applied
   pronouncements on money then appear as direct consequences of this theory
   (Section 5). Publication: Deleplace, G. (2023 b), "On Some Myths about
   Ricardo's Theory of Money, " in King, J. E. (ed.), The Anthem Companion to
   David Ricardo, London: Anthem Press: 9-28. hal-04257033
   Keywords: Ricardo David Money Standard of money Quantity theory of money
   Monetary policy
   Date: 2022–06–09
   URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-04429292&r=hpe
   2. “When General Theory met French Politics: the Historical Context of a
   Translation” <http://econpapers.repec.org/RePEc:hal:journl:hal-04429248>
   By: Ghislain Deleplace
   <http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
(LED
   - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8
   Vincennes-Saint-Denis)
   Abstract: Part of the works of Richard Arena (Arena et Maricic, 1988;
   Arena and Schmidt, 1999; Arena, 2000) has been devoted to the reactions of
   French economists to the publication of General Theory. In fact the French
   translation of this book, completed in 1939 but only published in 1942, did
   not originate from an academic interest (although according to Keynes the
   book was "chiefly addressed to [his] fellow economists") but a political
   one: the translator, Jean de Largentaye, implemented it when, as a
   high-ranking public officer, he was confronted to issues related to the
   ruling monetary situation or a prospective plan of economic recovery. Using
   the private correspondence between Keynes and Largentaye and other sources
   of the same period, my contribution aims at clarifying the historical
   context in which the French translation of General Theory was prepared and
   published. As such it is complementing a study of the theoretical stakes of
   the translation that I recently published elsewhere (Deleplace 2021).
   Publication: Deleplace, G. (2024 b), "When General Theory met French
   Politics: the Historical Context of a Translation, " in Dal Pont Legrand,
   M. and Gloria, S. (eds.) Fifty Years of Economics through the Lenses of
   Historians of Economic Thought, New York: Springer, à paraître.
   Keywords: Keynes, General Theory, traduction française, Largentaye
   Date: 2022–05–19
   URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-04429248&r=hpe
   3. Buchanan and the social contract: Coordination failures and the
   atrophy of property rights
   <http://econpapers.repec.org/RePEc:afd:wpaper:2403>
   By: Stefano Dughera
   <http://econpapers.repec.org/scripts/search.pf?aus=Stefano%20Dughera>
(University
   of Piemonte Orientale); Alain Marciano
   <http://econpapers.repec.org/scripts/search.pf?aus=Alain%20Marciano>
(University
   of Torino)
   Abstract: James Buchanan advocated that societies should be based on a
   social contract. He rejected anarchy, seeing it as a “Hobbesian jungle”
   that calls for government intervention to maintain social order. He also
   opposed to theories of spontaneous order. These views led to debates about
   the compatibility of Buchanan’s works with classical liberalism, and even
   with democracy. This paper contributes to this discussion by exploring the
   development of Buchanan's views on anarchy from a historical viewpoint. We
   argue that Buchanan's earlier works contain a theory of spontaneous
   cooperation, and that Buchanan held to this theory until the 1970s. Then,
   the deteriorating conditions of American society got him convinced that
   albeit anarchy is theoretically desirable, cooperation requires individuals
   to enter a social contract and delegate enforcement authority to political
   institutions. Overall, the paper reconciles Buchanan's practical views with
   his philosophical inclinations, portraying him as a practical contractarian
   but a philosophical anarchist.
   Keywords: Buchanan; social contract; government intervention; anarchy;
   spontaneous order
   JEL: B53 H11 P26
   <http://econpapers.repec.org/scripts/search.pf?jel=B53%20H11%20P26>
   Date: 2024–03
   URL: http://d.repec.org/n?u=RePEc:afd:wpaper:2403&r=hpe
   4. Dilemmata marktliberaler Globalisierung. Globale Freiheit durch
   globalen Wettbewerb? <http://econpapers.repec.org/RePEc:ico:wpaper:151>
   By: Jakob Kapeller
   <http://econpapers.repec.org/scripts/search.pf?aus=Jakob%20Kapeller>
(Institute
   for Socio-Economics, University of Duisburg, Germany and Institute for
   Comprehensive Analysis of the Economy, Johannes Kepler University Linz,
   Austria); Georg Hubmann
   <http://econpapers.repec.org/scripts/search.pf?aus=Georg%20Hubmann>
(Institute
   for Socio-Economics, University of Duisburg, Germany)
   Abstract: Liberalism as a social philosophy aims to protect and expand
   individual liberty. Liberty is thereby understood in a twofold way
   encompassing both, political liberties, like human dignity or democratic
   inclusion, as well as economic liberties, like private property rights or
   free market access. In this article, we point to the fact that this dual
   notion is surrounded by some tensions that become increasingly visible when
   discussing the economic and political impacts of increasing international
   economic integration, i.e. globalization. Specifically, it is concerned
   with the fact that globalization as observed in the last decades was mainly
   driven by the principles of economic liberalism, which in some instances
   undermines the goals of political liberalism – e.g. due to rising
   inequality, increasing path-dependencies or by creating a race for the best
   location, that partially undermines the (democratic) sovereignty of nations.
   Date: 2023–12
   URL: http://d.repec.org/n?u=RePEc:ico:wpaper:151&r=hpe
   5. Central Bank Cooperation 1930-1932, A Reappraisal
   <http://econpapers.repec.org/RePEc:gnv:wpaper:unige:166877>
   By: Flores Zendejas, Juan
   <http://econpapers.repec.org/scripts/search.pf?aus=Flores%20Zendejas,%20Juan>
   ; Nodari, Gianandrea
   <http://econpapers.repec.org/scripts/search.pf?aus=Nodari,%20Gianandrea>
   Abstract: The literature on interwar monetary history has argued that
   the lack of central bank cooperation contributed to the pervasive economic
   outcome of the 1930s. The reasons for this failure are still an object of
   debate. In this paper, we revisit the attitude of individual central banks
   to the attempts led by the Bank for International Settlements (BIS) to
   institutionalise central bank cooperation. We present original archival
   evidence to show that the 1931 crisis in central Europe emerged as an
   exogenous shock, prompting the BIS to become an international lender of
   last resort and increase the resources at its disposal. However, the BIS
   relied on member central banks' discretionary behaviour and did not impose
   a rules-based system. We observe a contrasting attitude towards
   international cooperation between central banks from creditor and borrowing
   countries. Some governments prevented their central banks from supporting
   the BIS' attempts to increase its financial resources. We conclude that
   this interference was a relevant means through which politics hindered a
   multilateral response to the crises of the 1930s.
   Keywords: Central banking, Great Depression, Financial crises,
   International monetary cooperation.
   JEL: N0 <http://econpapers.repec.org/scripts/search.pf?jel=N0>
   Date: 2023
   URL: http://d.repec.org/n?u=RePEc:gnv:wpaper:unige:166877&r=hpe
   6. Solidarity initiatives for sustainable development: a gateway to
   conceptualising a new responsible and democratic economy
   <http://econpapers.repec.org/RePEc:hal:journl:hal-04451549>
   By: Eric Dacheux
   <http://econpapers.repec.org/scripts/search.pf?aus=Eric%20Dacheux> (UCA
   - Université Clermont Auvergne); Daniel Goujon
   <http://econpapers.repec.org/scripts/search.pf?aus=Daniel%20Goujon> (IERP
   (EA 3723) - Institut des Etudes Régionales et du patrimoine - UJM -
   Université Jean Monnet - Saint-Étienne)
   Abstract: Climate change is the symptom of an economy that has moved
   away from good household management (oikos, the common root of economy and
   ecology, means home). Today's productivist economy is more concerned with
   the short-term profitability of assets than with the long-term survival of
   the human race. Not only is it slow to take the necessary measures to limit
   greenhouse gas emissions, but its race for growth is destroying our
   environment. This lack of concern for the environment is compounded by
   unsustainable social inequality. This unsustainability is made all the more
   glaring by the fact that the poorest people are often the first victims of
   climate change. Against this backdrop of social and ecological deadlock, we
   urgently need to change our economic paradigm. To do this, we propose to
   draw on experiments in the Social and Solidarity Economy (SSE) that seek to
   reconcile the economy and the environment. This text, which is the result
   of longitudinal empirical research, has two objectives. The first is to
   show that the SSE is teeming with local initiatives that are often in line
   with the Sustainable Development Goals (SDGs). In this contribution, we
   will focus on four objectives. The first two are aimed at building an
   inclusive society: eradicating poverty and reducing inequality. The other
   two contribute to building a sustainable society: decent work and
   sustainable growth; responsible consumption and production. For each
   objective we will mention several SSE initiatives in order to give a
   general overview, but we will only detail one initiative that we feel is
   particularly representative of what we are talking about. the second
   objective of this paper is to show that these grassroots initiatives are
   social innovations which, through the principles they embody, call for a
   renewal of economic theory. Indeed, from a conceptual point of view, these
   SSE initiatives are based on principles of action (e.g. favouring use over
   ownership, deliberation over competition, etc.) which, once articulated,
   constitute an economic paradigm favourable to a more ecological and
   supportive humanity.
   Abstract: El cambio climático es el síntoma de una economía que se ha
   alejado de la buena gestión doméstica (oikos, raíz común de economía y
   ecología, significa hogar). La economía productivista actual está más
   preocupada por la rentabilidad a corto plazo de los activos que por la
   supervivencia a largo plazo de la especie humana. No sólo es lenta a la
   hora de tomar las medidas necesarias para limitar las emisiones de gases de
   efecto invernadero, sino que su carrera en pos del crecimiento está
   destruyendo nuestro medio ambiente. Esta falta de preocupación por el medio
   ambiente se ve agravada por una desigualdad social insostenible. La
   insostenibilidad es tanto más flagrante cuanto que los más pobres suelen
   ser las primeras víctimas del cambio climático. En este contexto de colapso
   social y ecológico, urge cambiar de paradigma económico. Para ello,
   proponemos inspirarnos en las experiencias de la Economía Social y
   Solidaria (ESS) que tratan de conciliar la economía y el medio ambiente.
   Este texto, fruto de una investigación empírica longitudinal, tiene dos
   objetivos. El primero es mostrar que la ESS está repleta de iniciativas
   locales que a menudo están en sintonía con los Objetivos de Desarrollo
   Sostenible (ODS). En esta contribución, nos centraremos en cuatro
   objetivos. Los dos primeros están dirigidos a construir una sociedad
   incluyente: erradicar la pobreza y reducir la desigualdad. Los otros dos
   contribuyen a construir una sociedad sostenible: trabajo digno y
   crecimiento sostenible; consumo y producción responsables. Para cada
   objetivo, mencionaremos varias iniciativas de ESS con el fin de dar una
   visión general, pero sólo entraremos en detalle en una de ellas que nos
   parece especialmente representativa de lo que estamos abordando. El segundo
   objetivo de este documento es mostrar que estas iniciativas de base son
   innovaciones sociales que, en virtud de los principios que se desprenden de
   ellas, requieren una renovación de la teoría económica. En efecto, desde un
   punto de vista conceptual, estas iniciativas de ESS se basan en principios
   de acción (por ejemplo, fomentando el uso en detrimento de la propiedad, la
   deliberación en oposición a la competencia, etc.) que, una vez articulados,
   constituyen un paradigma.
   Abstract: Le dérèglement climatique est le symptôme d'une économie qui
   s'est éloigné de la bonne gestion du foyer (oikos racine commune à économie
   et écologie signifie le foyer). L'économie productiviste actuelle se soucie
   plus de la rentabilisation de court terme des actifs que de la survie de
   l'espèce humaine à long terme. Non seulement elle tarde à prendre les
   mesures nécessaires pour limiter l'émission de gaz à effet de serre mais en
   plus sa course à la croissance la conduit à détruire notre environnement.
   Cette non prise en compte de l'environnement se double d'une inégalité
   sociale insoutenable. Insoutenabilité d'autant plus criante que les plus
   pauvres sont aussi, bien souvent, les première victimes du dérèglement
   climatique. Dans ce contexte d'impasse sociale et écologique, il est urgent
   de changer de paradigme économique. Pour ce faire nous nous proposons de
   nous appuyer sur des expérimentations relevant de l'Economie Sociale et
   Solidaire (ESS) qui cherchent concilier économie et environnement. Ainsi,
   ce texte, fruit d'une recherche empirique longitudinale, poursuit deux
   objectifs. Le premier est de montrer que l'ESS fourmille d'initiatives
   locales qui s'inscrivent souvent dans les objectifs du développement
   durable (ODD). Dans cette contribution nous nous centrerons sur quatre
   objectifs. Les deux premiers visent la construction d'une société inclusive
   : l'éradication de la pauvreté et la réduction des inégalités. Les deux
   autres participent à l'élaboration d'une société durable : travail décent
   et croissance durable ; consommation et production responsable. Pour chaque
   objectif nous évoquerons plusieurs initiatives d'ESS afin de donner un
   aperçu général mais nous détaillerons uniquement une initiative qui nous
   parait particulièrement représentative de nos propos. Le second objectif de
   ce papier est de montrer que ces initiatives de terrain sont des
   innovations sociales qui, par les principes qui s'en dégagent, invitent au
   renouveau de la théorie économique. En effet, d'un point de vue conceptuel,
   ces initiatives d'ESS reposent sur des principes d'actions (par exemple
   favoriser l'usage plutôt que la propriété, la délibération plutôt que la
   concurrence, etc.) qui, une fois articulés, constituent un paradigme
   économique favorable à une humanité plus écologique et plus solidaire.
   Keywords: social and solidarity economy, sustainable development, new
   paradigm, deliberalism, economía social y solidaria, desarrollo sostenible,
   nuevo paradigma, deliberalismo, économie sociale et solidaire,
   développement durable, nouveau paradigme, délibéralisme
   Date: 2022–10–26
   URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-04451549&r=hpe
   7. “Power Relations and Monetary Ideas: The Case of the Gold-Exchange
   Standard in India”
   <http://econpapers.repec.org/RePEc:hal:journl:hal-04429446>
   By: Ghislain Deleplace
   <http://econpapers.repec.org/scripts/search.pf?aus=Ghislain%20Deleplace>
(LED
   - Laboratoire d'Economie Dionysien - UP8 - Université Paris 8
   Vincennes-Saint-Denis)
   Abstract: For de Cecco power relations are central in the working of the
   pre-WWI international gold standard. He gives an illustration of that in
   the chapter of Money and Empire devoted to the relationship between Britain
   and India, where the gold-exchange standard is presented as a way for
   Britain to get hold of India's trade surplus with the rest of the world in
   order to balance her own international accounts. On the contrary, Keynes
   praised the Indian gold-exchange standard as a system which not only
   allowed stabilising India's relations with the outside world but also
   pointed the way to a better-regulated monetary system for any country, in
   the line of Ricardo's Ingot Plan nearly one century older. The same notion
   may thus be seen alternatively as a powerful tool of domination or as a
   good practical idea. The paper describes how Lindsay adapted Ricardo's
   scheme to India and contrasts de Cecco's and Keynes's interpretations of
   the Indian gold-exchange standard, before suggesting that monetary ideas
   can prevail in their own right when they are theoretically well-founded and
   practically feasible, independently of the power relations they may
   reflect. Publication: Deleplace, G. (2023 a), "Power Relations and Monetary
   Ideas: The Case of the Gold-Exchange Standard in India, " Review of
   Political Economy, 35 (2): 394-406. hal-04253424
   Keywords: Gold exchange Standard, India, De Cecco, Keynes, Lindsay,
   Ricardo
   Date: 2022–06–28
   URL: http://d.repec.org/n?u=RePEc:hal:journl:hal-04429446&r=hpe
   8. The Money Doctor Raimundo Fernández Villaverde and the Classical Gold
   Standard in Spain
   <http://econpapers.repec.org/RePEc:gnv:wpaper:unige:172857>
   By: Nogues-Marco, Pilar
   <http://econpapers.repec.org/scripts/search.pf?aus=Nogues-Marco,%20Pilar>
   Abstract: This paper focuses on the Money Doctor Raimundo Fernández
   Villaverde, a prominent politician during the Restoration of the Bourbon
   monarchy in Spain during the Classical Gold Standard period. He reformed
   the fiscal system and proposed monetary reforms to transition Spain to the
   Gold Standard after the 1898 Cuban War of Independence. <p>His monetary
   reform ultimately failed due to two primary reasons. Firstly, there was a
   lack of political consensus, as politicians were more inclined to
   prioritise the distribution of spoils to sustain unstable alliances forged
   by local political leaders and their clientelist networks, rather than
   focusing on the development of long-term policies aimed at achieving party
   political goals. Secondly, the resistance from the Bank of Spain to reduce
   the circulation of banknotes to deflate the economy, with the aim of
   preserving its profits as a private institution that distributed dividends
   to its shareholders, took precedence over its role as the guarantor of
   exchange rate stability.
   Keywords: Money Doctors, Gold Standard, Monetary Orthodoxy, Exchange
   Rate Stability, Monetary Reform.
   JEL: B31 E42 E58 N13 N0
   <http://econpapers.repec.org/scripts/search.pf?jel=B31%20E42%20E58%20N13%20N0>
   Date: 2023
   URL: http://d.repec.org/n?u=RePEc:gnv:wpaper:unige:172857&r=hpe
   9. Defining Just Transition
   <http://econpapers.repec.org/RePEc:cgs:wpaper:114>
   By: Giorgos Galanis
   <http://econpapers.repec.org/scripts/search.pf?aus=Giorgos%20Galanis>
(School
   of Business and Management, Queen Mary University of London (UK).); Mauro
   Napoletano
   <http://econpapers.repec.org/scripts/search.pf?aus=Mauro%20Napoletano>
(GREDEG,
   CNRS, Université Côte d’Azur, Sciences Po, OFCE, SKEMA Business
School.); Lilit
   Popoyan
   <http://econpapers.repec.org/scripts/search.pf?aus=Lilit%20Popoyan> (School
   of Business and Management, Queen Mary University of London (UK).);
Alessandro
   Sapio
   <http://econpapers.repec.org/scripts/search.pf?aus=Alessandro%20Sapio>
(University
   of Naples "Parthenope" (Italy)); Olivier Vardakoulias
   <http://econpapers.repec.org/scripts/search.pf?aus=Olivier%20Vardakoulias>
(Climate
   Action Network (CAN) Europe (Belgium))
   Abstract: Climate change has sparked a vivid discussion on its
   socio-economic risks, capturing the attention of academic circles and
   policymakers. While it is widely argued that a low-carbon transition should
   be socially just, the precise criteria that policies must adhere to, in
   order to be universally accepted as `just', remain insufficiently defined.
   We draw on relevant theories of distributive justice to provide a formal
   definition of a just transition. According to our definition, just
   transition policies should minimise costs for the most vulnerable groups
   and also take into account the uneven responsibility for causing damages.
   Keywords: climate change; distributive justice; green policies; just
   transition; inequality
   JEL: O13 Q52 Q54 Q58
   <http://econpapers.repec.org/scripts/search.pf?jel=O13%20Q52%20Q54%20Q58>
   Date: 2024–03
   URL: http://d.repec.org/n?u=RePEc:cgs:wpaper:114&r=hpe
   10. Welfare and the Act of Choosing
   <http://econpapers.repec.org/RePEc:nbr:nberwo:32200>
   By: B. Douglas Bernheim
   <http://econpapers.repec.org/scripts/search.pf?aus=B.%20Douglas%20Bernheim>
   ; Kristy Kim
   <http://econpapers.repec.org/scripts/search.pf?aus=Kristy%20Kim>; Dmitry
   Taubinsky
   <http://econpapers.repec.org/scripts/search.pf?aus=Dmitry%20Taubinsky>
   Abstract: The standard revealed-preference approach to welfare economics
   encounters fundamental difficulties when the act of choosing directly
   affects welfare through emotions such as guilt, pride, and anxiety. We
   address this problem by developing an approach that redefines consumption
   bundles in terms of the sensations they produce, and measures welfare by
   blending choice-based methods with self-reported well-being techniques. In
   applications to classic social preferences paradigms, our approach shows
   that standard revealed-preference methods, including those that exploit
   choices over menus, mismeasure welfare because preferences depend on choice
   sets, while self-reported happiness and satisfaction are not sufficient
   statistics for welfare.
   JEL: D60 D91
   <http://econpapers.repec.org/scripts/search.pf?jel=D60%20D91>
   Date: 2024–03
   URL: http://d.repec.org/n?u=RePEc:nbr:nberwo:32200&r=hpe

------------------------------
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