Lotz, Aïleen (2011): An Economic Approach to the Self : the Dual Agent.
Download (7Mb) | Preview
This paper extends the notion of the rational agent in economics by acknowledging the role of the unconscious in the agent�s decision-making process. It argues that the unconscious can be modelled by a rational agent with his own objective function and set of information. The combination of both the conscious and unconscious agents is called the "dual agent". This dual agent presents rationally biased behaviors that may not disappear through aggregation, and could be potentially measured. It also provides a theoretical approach to the emotionally-driven actions. On the social sciences side, the paper pleads for a wider use of substantive rationality in the understanding of human behavior.
|Item Type:||MPRA Paper|
|Original Title:||An Economic Approach to the Self : the Dual Agent|
|Keywords:||rational agent; decision-making; conscious; unconscious; asymmetry of information; imperfect information; dual agent; theory of emotion; substantive and procedural rationality; psychology; bias|
|Subjects:||D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty
D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D82 - Asymmetric and Private Information; Mechanism Design
D - Microeconomics > D0 - General > D01 - Microeconomic Behavior: Underlying Principles
B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology
|Depositing User:||Aileen Lotz|
|Date Deposited:||04. Apr 2011 07:00|
|Last Modified:||16. Feb 2013 02:04|
 Baltussen, Guido, Behavioral Finance: An Introduction (January 13, 2009).
 Becker, Gary (1968). "Crime and Punishment: An Economic Approach". The Journal of Political Economy 76, pp. 169.217.
 Becker, G. S. 1962. Irrational behavior and economic theory, Journal of Political Economy 70:1-13.
 Berg, Nathan & Gigerenzer, Gerd, 2010. "As-if behavioral economics: Neo- classical economics in disguise?," MPRA Paper 26586, University Library of Munich, Germany.
 Camerer, Colin F. 1999. "Behavioral Economics: Reunifying Psychology and Economics." Proceedings of the National Academy of Sciences, 96, 10575-77.
 Jon Elster, 1998. "Emotions and Economic Theory," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 47-74, March.
 Freud, S. The Interpretation of Dreams (Die Traumdeutung), 1899/1900
 Friedman, M. (1953). Essays in positive economics. Chicago : University of Chicago Press.
 Gosselin, P. Lotz,A. Wyplosz,C. When Central Banks Reveal Future Interest Rates: Alignment of Expectations Vs.Creative Opacity. International Journal of Central Banking Vol. 4 Nbr 3, 145 (2008)
 Gosselin, P. Lotz,A. Wyplosz,C. How Much Information should Interest Rate-Setting Central Banks Reveal ? NBER International Seminar on Macroeconomics, 8 (2007)
 James, W. (1890). Principles of Psychology (2 vols). New York. Holt
 Kahneman, D. E. and Tversky, A. 1979. .Prospect theory: An analysis of decision under risk., Econometrica 47: 263.91.
 Katona, G. 1951. Psychological Analysis of Economic Behavior. New York : McGraw-Hill.
 Keynes, J. M. 1936. The General Theory of Employment, Interest and Money. London : Macmillan
 Lea, S.E.G., Webley, P. & Young, B.M. (1992). (Eds). New Directions in Economic Psychology: theory, experiment and application. Cheltenham: Edward Elgar.
 Rabin, M. 2002. .A perspective on psychology and economics., European Economic Review 46: 657.85.
 Simon, Herbert A, 1986. "Rationality in Psychology and Economics," Journal of Business, University of Chicago Press, vol. 59(4), pages S209-24, October.
 Smith, A. 1759/2002. The Theory of Moral Sentiments, 6th edn, K. Haakonssen (ed.), Cambridge: Cambridge University Press.
 Tarde, G. (1902). La psychologie économique (2 vols). Paris : Alcan.
Available Versions of this Item
- An Economic Approach to the Self : the Dual Agent. (deposited 04. Apr 2011 07:00) [Currently Displayed]