Justice and economic decision making: A model of akrasia | Zendy

Robert D. Cooter | Zendy

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Justice and economic decision making: A model of akrasia

Author(s) -

Robert D. Cooter

Publication year - 1990

Publication title -

social justice research

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.645

H-Index - 56

eISSN - 1573-6725

pISSN - 0885-7466

DOI - 10.1007/bf01126776

Subject(s) - rationality , regret , economic justice , epistemology , morality , positive economics , scope (computer science) , power (physics) , utilitarianism , economics , law and economics , sociology , philosophy , neoclassical economics , computer science , physics , quantum mechanics , machine learning , programming language

Economics has provided the most rigorous model of decision making. Unfortunately, its severe rationality assumptions rule out psychological conflict. Modifying the standard model to allow for conflicting preferences creates scope for hesitation, doubt, regret, and akrasia. Akrasia, which is doing wrong knowingly, figures prominently in discussions of morality and justice in classical philosophy. The development of a formal model of akrasia along the lines taken in this essay holds the promise of combining the mathematical rigor of economics, the analytical power of philosophy, and the empirical methods of psychology in the study of justice.

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