Naqvi, Nadeem (2010): On Non-binary Personal Preferences in Society, Economic Theory and Racial Discrimination.
Download (178kB) | Preview
This paper examines some of the consequences for economic theory of the replacement of binary personal preferences by non-binary personal preferences in an Arrow-Debreu society as in Debreu (1959), and reaches the conclusion that there is both much damage to existing theory and greater opportunity for providing formal explanations of such phenomena as discrimination, personal freedoms and power, among others, which are impossible to explain at a formal level on the basis of an economic theory that is founded on a choice theory that is based exclusively on binary relational personal preferences.
|Item Type:||MPRA Paper|
|Original Title:||On Non-binary Personal Preferences in Society, Economic Theory and Racial Discrimination|
|English Title:||On Non-binary Personal Preferences in Society, Economic Theory and Racial Discrimination|
|Keywords:||Choice theory; decision theory; preference; binary relational logic; non-binary relational logic; utility function; expected utility; game theory; theory of value; discrimination; race; gender|
|Subjects:||E - Macroeconomics and Monetary Economics > E0 - General
D - Microeconomics > D0 - General
B - History of Economic Thought, Methodology, and Heterodox Approaches > B0 - General
C - Mathematical and Quantitative Methods > C0 - General
J - Labor and Demographic Economics > J0 - General
|Depositing User:||Nadeem Naqvi|
|Date Deposited:||22. Mar 2010 00:34|
|Last Modified:||21. Feb 2013 08:00|
Akerlof, George, A. (1970), “The market for "Lemons": quality uncertainty and the market mechanism,” The Quarterly Journal of Economics, Vol. 84, No. 3, 488-500.
Arrow, Kenneth J. (1998), “What has economics to say about racial discrimination?” Journal of economic perspectives, Vol. 12, No. 2, 91-100.
Becker, Gary S. (1957, 1971), Economics of discrimination, Chicago University Press, Chicago.
Debreu, Gerard (1959), Theory of value, Yale University Press, New Haven.
Jones, R. W. (1971) “A three factor model in trade, theory and history,” in Trade, Balance of Payments and Growth: Essays in Honor of Charles P. Kindleherger, North Holland, Amsterdam, 3-21.
Kelsey, David & Yalcin, Erkan, 2007. "The arbitrage pricing theorem with incomplete preferences," Mathematical Social Sciences, Elsevier, Vol. 54, No. 1, 90-105.
Sen, Amartya (1991), “Non-binary choice and preference,” in Prawitz, Dag, Skyrms, Brian, Westerstahl, Dag (1994), Logic, Methodology and Philosophy of Science IX, Proceedings of the Ninth International Congress on Logic, Methodology and Philosophy of Science, Uppsala, Sweden, August 7 – 14, 1991.
__________ (1993), “Internal consistency of choice,” Vol. 61, Issue 3, Econometrica, 495-521 (Presidential Address to the 1984 Econometric Society Congress).
__________ (1997), “Maximization and the act of choice,” Vol. 65, Issue 4, Econometrica, 745-779.
__________ (2000), “Consequential evaluation and practical reason,” Journal of Philosophy, Vol. 97, No. 9, 477-502.
__________ (2002), Rationality and freedom, Belknap Press of Harvard University Press, Cambridge, Massachusetts.
__________ and Majumdar, Mukul (1976), “A note on representing partial orderings,” Review of Economic Studies, Vol. 43, No. 3, 543-545.
Sraffa, Piero, (1960), Production of commodities by means of commodities, Cambridge University Press, Cambridge.