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Dalton, Patricio S.; Ghosal, Sayantan (2018)
Publisher: Wiley
Languages: English
Types: Article
This paper incorporates self-fulfilling mistakes into an otherwise classical decision-making\ud framework. A behavioural agent makes a mistake when he fails to internalize all the consequences\ud of his actions on himself. We show that Sen’s axioms α and γ fully characterize choice data\ud consistent with behavioral agents. These two axioms are weaker than Sen’s axioms α and β that\ud fully characterize rational agents. We offer a welfare benchmark that can be applied to existing\ud behavioural economics models and show the conditions under which our welfare ranking can be\ud used to infer welfare dominated (i.e. mistaken) choices using choice data alone.

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