Biased preferences equilibrium

Ariel Rubinstein, Asher Wolinksy

    Research output: Contribution to journalArticlepeer-review


    We model economic environments in which individual choice sets are fixed and the level of a specific parameter that systematically modifies the preferences of all agents is determined endogenously to achieve equilibrium. The equilibrium concept, Biased Preferences Equilibrium, is reminiscent of competitive equilibrium: agents' choice sets and their preferences are independent of the behaviour of other agents, the combined choices must satisfy overall feasibility constraints and the endogenous adjustment of the equilibrating preference parameter is analogous to equilibrating price adjustment. The concept is applied in a number of economic examples.

    Original languageEnglish (US)
    Pages (from-to)24-33
    Number of pages10
    JournalEconomics and Philosophy
    Issue number1
    StatePublished - Mar 24 2022


    • Biased preferences
    • Economic environment
    • Equilibrium

    ASJC Scopus subject areas

    • Philosophy
    • Economics and Econometrics


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