“The New Science of Pleasure,” a new paper by Daniel L. McFadden, reviews how psychology, biology, and neurology are ganging up on economics to prove that, when it comes to making decisions, people are anything but rational.
The neoclassical view of consumers as relentless egoistic maximizers is challenged by evidence from cognitive psychology, anthropology, evolutionary biology, and neurology. This paper begins by surveying the development of neoclassical consumer theory and the measurement of welfare, and expansions to encompass preference fields, nonlinear budgets, hedonic goods and household production, and consumption dynamics. Following this, it reviews the newer evidence on consumer behavior, and what this implies for the measurement of consumer beliefs, intentions, preferences, choices, and well-being.
The Atlantic’s Derek Thompson interviewed the author.
“Neither the physiology of pleasure nor the methods we use to make choices are as simple or as single-minded as the classical economists thought. A lot of behavior is consistent with pursuit of self-interest, but in novel or ambiguous decision-making environments there is a good chance that our habits will fail us and inconsistencies in the way we process information will undo us.”
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Experientia is pleased to announce that we’ve started 2016 with a brand new website. Experientia’s now officially 10 years old, and we decided that the best way to celebrate is by building a new website that showcases our growth – with new projects, new people in the staff, and two new locations in Lausanne and […]
Design for Ageing Gracefully Rethinking Health and Wellness for the Elderly: Public Services Asian Insights & Design Innovation, DesignSingapore Council October 2015
As we age, we increasingly depend on public services and the community for support. Well-designed public services can greatly affect the lives of the elderly and their experiences of healthcare. Experientia collaborated with DesignSingapore Council on understanding how the elderly interact with public services and how we can look towards improving their lives with design. […]
A new project funded under the FP7 European Commission framework is getting citizens involved in testing new tools for reducing energy consumption during peak loads, in the hope that its pilot program will set the new state of the art for protecting locations with fragile electricity supplies. One of France’s most fragile regions The Provence-Alpes-Côte […]
Design 4 Disaster features an engaging illustrated safety manual for ship passengers, a personal project by Experientia designer Dohun YuLuck Jang 유록. After the Korean ferry accident last year, Yuluck (who is Korean) wanted to find a way to make safety manuals more interesting to read. He spent one year designing an interactive safety guide […]