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Protected values and economic decision-making


Gibson, Rajna; Tanner, Carmen; Wagner, Alexander F (2016). Protected values and economic decision-making. In: Brosch, Tobias; Sander, David. Handbook of Value: Perspectives from Economics, Neuroscience, Philosophy, Psychology and Sociology. New York: Oxford University Press, 223-241.

Abstract

This chapter starts by reflecting on the notion of "value" in economics. It then describes how economic decision-making models are framed and examines their moral dimension. The foundations of traditional economic decision-making models contrast with the emphasis of psychological research on the role of deontological considerations in decision-making. The focus is on a specific deontological value, so called "protected values". The chapter describes the main characteristics of individuals endowed with protected values in particular when these values focus on honesty, and reviews experimental evidence on the role of protected values for honesty in economic decision-making. Finally, some speculative thoughts are offered on the relevance of research on moral values for business policies, incentive design, and regulation. Also discussed are some open research questions regarding the role of moral values in economic decision-making.

Abstract

This chapter starts by reflecting on the notion of "value" in economics. It then describes how economic decision-making models are framed and examines their moral dimension. The foundations of traditional economic decision-making models contrast with the emphasis of psychological research on the role of deontological considerations in decision-making. The focus is on a specific deontological value, so called "protected values". The chapter describes the main characteristics of individuals endowed with protected values in particular when these values focus on honesty, and reviews experimental evidence on the role of protected values for honesty in economic decision-making. Finally, some speculative thoughts are offered on the relevance of research on moral values for business policies, incentive design, and regulation. Also discussed are some open research questions regarding the role of moral values in economic decision-making.

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Additional indexing

Item Type:Book Section, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Banking and Finance
Dewey Decimal Classification:330 Economics
Language:English
Date:1 January 2016
Deposited On:02 Feb 2017 08:41
Last Modified:29 Aug 2017 22:39
Publisher:Oxford University Press
ISBN:9780198716600
Publisher DOI:https://doi.org/10.1093/acprof:oso/9780198716600.003.0011
Related URLs:http://www.oxfordscholarship.com/view/10.1093/acprof:oso/9780198716600.001.0001/acprof-9780198716600-chapter-11 (Publisher)
Other Identification Number:merlin-id:9305

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