ECON 0347
Indiv. Social Political Choice
Individual, Social, and Political Choice
How do individuals make choices? How do individual and group choices differ? In this course we will address these questions by providing an introduction to choice theory, prospect theory, social choice theory, and political economy. We will first develop the foundations of rational individual choice and consider critiques of standard "rationality" assumptions. We will examine challenges which arise in attempting to aggregate individual preferences into "social" preferences and various solutions to these challenges. Our focus will be on recent approaches taken in the field of political economics. (ECON 0155 and MATH 0121 required; ECON 0255 recommended) 3 hrs. lect.
How do individuals make choices? How do individual and group choices differ? In this course we will address these questions by providing an introduction to choice theory, prospect theory, social choice theory, and political economy. We will first develop the foundations of rational individual choice and consider critiques of standard "rationality" assumptions. We will examine challenges which arise in attempting to aggregate individual preferences into "social" preferences and various solutions to these challenges. Our focus will be on recent approaches taken in the field of political economics. (ECON 0155 and MATH 0121 required; ECON 0255 recommended) 3 hrs. lect.