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- W1972753958 abstract "Traditional economic theory assumes that decisions matter: wrong decisions have a nonnegligable impact on the decision-maker. In this paper, we deal with two other types of decisions: (i) decisions where the individual decision is irrelevant for the individual himself/herself and for all other individuals, but the collective decision is relevant for all individuals, like voting decisions, and (ii) decisions where the individual decision is irrelevant for the individual himself/herself, but is highly relevant for other individuals, such as judicial decisions. For such decisions, soft incentives like those provided by moral rules can have a much stronger impact than (economic) hard incentives. As in a liberal and democratic society such low-cost decisions cannot be avoided, it is therefore important for the second type of decisions to select the decision-makers cautiously." @default.
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- W1972753958 date "1992-05-01" @default.
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- W1972753958 title "Towards a theory of low-cost decisions" @default.
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- W1972753958 doi "https://doi.org/10.1016/0176-2680(92)90028-f" @default.
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