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Addiction

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Abstract

Economists were latecomers to the study of addiction, a concept which researchers in other disciplines usually define as including a loss of self-control, continuation of behaviour despite adverse consequences, and preoccupation or obsession with the substance or activity one is addicted to. Economists came late to the subject perhaps because the first two of these characteristics seem inconsistent with economists’ rational choice paradigm.

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© 2008 Palgrave Macmillan, a division of Macmillan Publishers Limited

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Loewenstein, G., Rick, S. (2008). Addiction. In: Durlauf, S.N., Blume, L.E. (eds) The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-58802-2_9

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