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Informed preference consequentialism, contractarianism and libertarian paternalism: on Harsanyi, Rawls and Robert Sugden’s The Community of Advantage
Robert Sugden abandons certain central tenets of traditional welfare economics and recommends a contractarian alternative. He rejects ‘Libertarian...
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Evaluating opportunities when more is less
There exists psychological evidence that consumers do not consider all available items in the market, which can lead to the “more-is-less” effect, a...
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Welfare (Well-Faring) Economics, Criteria for What Is Right and Wrong: My Take
Welfare economics is an ethic: a criterion for determining whether a behavior is right (morally) or wrong. It is a rare type of welfare...
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Consequentialism
Adopting a consequentialist approach requires knowing the whole set of consequences of an action. If we assume the future is radically uncertain,...
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Dynamic consistency, valuable information and subjective beliefs
Ambiguity sensitive preferences must fail either Consequentialism or Dynamic Consistency (DC), two properties that are compatible with subjective...
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Economics of the community mechanism
This paper discusses the importance of the community mechanism that complements the market and power mechanisms in an economic system during an era...
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A Primer on Welfare Economics vs. Other Ethics
I compare welfare economics with other ethics, including Buddhist, Mill’s liberalism, duty-based/deontological (Kantian and God’s will), virtue, and...
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Consequentialism and dynamic consistency in updating ambiguous beliefs
By proposing the notions of upper-constrained dynamic consistency and lower-constrained dynamic consistency that are weaker axioms than dynamic...
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Ambiguity and partial Bayesian updating
Models of updating a set of priors either do not allow a decision maker to make inference about her priors (full bayesian updating or FB) or require...
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Peter J. Hammond
Following an initiative of Social Choice and Welfare, this is the result of an interview conducted by email exchange during the period from July 2017...
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Bentham and Utilitarianism
The importance of happiness as an end for humans has long been recognized. Forms of hedonism were put forward by Aristippus and Epicurus; Aristotle...
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Development-Induced Displacement: A Call for Ethical Considerations in Africa
Development projects often lead to displacement. This chapter builds on the trolley problem as an ethical decision-making tool for displacement. It...
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Inequality of Opportunity, Economic Development, and Poverty
Traditionally, countries’ level of development has been measured by the Gross Domestic Product (GDP). However, in the last decades, the use of this...
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Amartya Sen and the Revival of Ethical Tradition in Economics
Much of the twentieth century debate regarding economics revolved around the contested roles of the state and the market. The outcome of this debate...
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Normative Economics
This chapter covers …...
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