Abstract

SEGOVIANO CONTRERAS, Luis Enrique  and  MORALES SANCHEZ, Mario Alberto. The self-interest principle in economic design and analysis. Inter disciplina [online]. 2021, vol.9, n.25, pp.185-208.  Epub Nov 22, 2021. ISSN 2448-5705.  https://doi.org/10.22201/ceiich.24485705e.2021.25.79973.

The aim of this paper is to analyze the explicative and descriptive function of self-interest assumption as one of the most important elements of the behavioral model of rational choice in economics. From experimental evidence in behavioral sciences on prosocial behavior and social preferences, has been developing a critical approach about the way human agency is modeled in economic theory, specifically, about empirical and theoretical scope of behavioral assumptions as self-interest. Setting out that the self-interest assumption has two functions -one representational in modelling and the other normative in economic design-, we argue what aspects in the economic practice required radical changes and what others not, taking into account such experimental evidence. Our main thesis is that there is a difference between the self-interest assumption’s validity to represent human behavior and, on the other side, its application in economic design, because the latter entails a vision that legitimizes only incentives and markets mechanisms, which could undermine our understanding about how such instruments crowding out norms and people’s social preferences.

Keywords : self-interest; behavioral sciences; economic design; incentives; social preferences.

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