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New study challenges traditional economic theories, reshaping understanding of consumer behavior.

The Quarterly Journal of Economics
Beyond Revealed Preference: Choice-Theoretic Foundations for Behavioral Welfare Economics<sup>*</sup>
B. Douglas Bernheim, Antonio Rangel

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The article discusses how people's choices can reveal their true preferences and how this information can be used to understand and improve welfare. The researchers explore the foundations of behavioral welfare economics by looking beyond just what people choose to buy. They find that traditional economic models may not fully capture how people make decisions, and suggest new ways to understand and improve welfare based on these insights.