The Institute for Mathematical Behavioral Sciences and the Department of Economics Lilien Econometrics Seminar Series present
"The New Science of Pleasure: Consumer Choice Behavior and the Measurement of Well-Being"
with Daniel McFadden, E. Morris Cox Professor of Economics, University of California, Berkeley, Presidential Professor of Health Economics, University of Southern California, and Nobel Laureate in Economics
Monday, November 4, 2013
Social Sciences Plaza A, Room 2112
Economists since the days of Adam Smith and Jeremy Bentham have traditionally viewed consumers as driven by relentless and consistent pursuit of self-interest, with their choices in the marketplace providing all the measurements needed to reveal their preferences and assess their well-being. This theory of consumer choice is empirically successful, and provides the foundation for most economic policy. However, the traditional view is now being challenged by evidence from cognitive psychology, anthropology, evolutionary biology, and neurology. This talk will begin by surveying the origins of neoclassical consumer choice theory and recent developments. Following this, McFadden will review the newer evidence on consumer behavior, and what this implies for the measurement of consumer choice behavior and well-being.
For further information, please contact Joanna Kerner, firstname.lastname@example.org or 949-824-8651.