I think Anand raises a more interesting question than is addressed
in the responses so far. I bet it's been addressed in some literature,
but I think the interesting question implied by Anand's post
is "how similar are preferences made in absence of prices to prefences
developed with full knowledge of prices?"
I am not sure what you mean by that. In neoclassical theory, preferences (represented by the indifference map) are independent of prices. Choices, of course, are made on the basis of preferences, relative prices, and consumer budgets. Perhaps you are talking about choices? Or do you want to incorporate non-price costs in choices?
P.L.
Visiting Professor , Universit� du Qu�bec � Hull
Co-director of the Groupe de Recherche �conomie et Libert� (GREL)
Research Fellow, Independent Institute
http://www.pierrelemieux.org
[EMAIL PROTECTED] (Backup: [EMAIL PROTECTED])
Montr�al address:
C.P. 725, Tour de la Bourse, Montr�al, Canada H4Z 1J9
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"L'homme vivant sous la servitude des lois prend
sans s'en douter une �me d'esclave."
The man who lives under the servitude of laws takes,
without suspecting it, the soul of a slave.
(Georges Ripert, Le D�clin du Droit, Paris, Librairie
G�n�rale de Droit et de Jurisprudence, 1949, p. 94)
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