Download Behavioural Economics and Business Ethics: Interrelations by Philip Alexander Rajko PDF

By Philip Alexander Rajko

Economics and ethical philosophy have lately been thought of to be exact and separate fields. although, behavioural economics has began to reconcile a variety of features of morality and economics, which has provided new conceptual possibilities to develop economics ethics and company ethics.

This ebook goals to boost monetary ethics and company ethics through combining normative rules and empirical proof grounded at the key motivational forces in fiscal determination making. It has 3 middle pursuits: to evaluate order ethics as a idea of either financial ethics and enterprise ethics, utilizing behavioural economics tools and facts; to spot cardinal virtues for contemporary enterprise ethics; to to establish worthwhile directions for the implementation of financial ethics and enterprise ethics.

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Extra resources for Behavioural Economics and Business Ethics: Interrelations and Applications

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1 Cooperation in game theory and ethics In the fol­low­ing, coopera­tion is discussed in the light of modern theories of the social contract and from the per­spect­ive of game theory. The discussion is based on the as­sump­tions of norm­ative ration­al­ity and indi­vidual self-­interest. On this founda­tion game theory can be used to derive various justifications for cooperative beha­vi­our. 4 The cor­res­ponding milestone in eco­nom­ics would be Smith’s quote: 40 Cooperation in economic ethics It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own inter­est.

Current concepts in ethics and economics 21 games the players choose their de­cisions simultaneously. 149 The typical repres­enta­tion form for static games is a matrix and its most prominent example is the classical prisoner’s dilemma. By contrast, dynamic games are characterised by sequential moves of the participating players. This is usually visualised in the form of a game tree. Here the ultimatum game is a prime example of a basic game with sequential character. Accordingly, in dynamic games players can form strategies con­ditional on expectations of the op­pon­ent’s moves.

How­ever, beha­ vi­oural eco­nom­ics is more than psychology. Despite these novel influences, game theory as a central pillar has persisted. 230 Therefore theories and experiments in beha­vi­oural eco­nom­ics are conducted much more rigorously and are ana­lysed much more formally than in psychology. 3. From a philo­sophy of science point of view beha­vi­oural eco­nom­ics is based on beha­vi­ourism. 236 More­over, the nat­ural research methodology of beha­vi­ ourism is to conduct experiments. The resulting theories in beha­vi­oural eco­nom­ ics are usually based on a dualist view of the human cognitive ap­par­atus.

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