The two theories are evaluated relatively with respect to empirical adequacy. It is shown that utility statements derived within the standard approach cannot be related to experience. Contrary to what seems generally believed, revealed preference theory fails to make the widely accepted behavioristic utility concept ordinally measurable. It is argued that the concept of utility …
Category Archives: 연구논문
Loewenstein, G. (1999). Because it is there: The challenge of mountaineering… for utility theory. Kyklos, 52(3), 315-343.
초록 없음 Loewenstein, G. (1999). Because it is there: The challenge of mountaineering… for utility theory. Kyklos, 52(3), 315-343. https://doi.org/10.1111/j.1467-6435.1999.tb00221.x
Osterloh, M., &Frey, B. (2003). Corporate governance for crooks? The case for corporate virtue. Corporate Governance and Firm Organization
Corporate scandals are reflected in excessive top management compensation and fraudulent accounts. These scandals cause an enormous amount of damage, not only to the companies affected, but also to the market economy as a whole. As a solution, conventional wisdom suggests more monitoring and sanctioning of management. We argue that these efforts will create a …
Schwarze, J., &Winkelmann, R. (2005). What can happiness research tell us about altruism? Evidence from the German Socio-Economic Panel. Discussion Paper 1487, IZA (Institute for the Study of Labor).
Much progress has been made in recent years on developing and applying a direct measure of utility using survey questions on subjective well-being. In this paper we explore whether this new type of measurement can be fruitfully applied to the study of interdependent utility in general, and altruism between parents and children in particular. We …
Fehr, E., &Gächter, S. (1998). Reciprocity and economics: The economic implications of Homo Reciprocans1.European economic review, 42(3-5), 845-859.
A large number of studies suggest that reciprocity constitutes a basic motivational drive. This paper shows that reciprocity can account for a wide range of empirical phenomena: It (1) is a powerful effort elicitation device, (2) explains why employers refuse to hire underbidders and, hence, why wages are downwardly rigid, (3) gives rise to non-compensating …
Fehr, E., &Gächter, S. (2000). Fairness and retaliation: The economics of reciprocity. Journal of economic perspectives, 14(3), 159-181.
This paper shows that reciprocity has powerful implications for many economic domains. It is an important determinant in the enforcement of contracts and social norms and enhances the possibilities of collective action greatly. Reciprocity may render the provision of explicit incentive inefficient because the incentives may crowd out voluntary co-operation. It strongly limits the effects …
Frey, B. S., &Stutzer, A. (2005). Beyond outcomes: measuring procedural utility. Oxford Economic Papers, 57(1), 90-111.
Abstract People not only obtain utility from actual outcomes but also from the conditions which lead to these outcomes. The paper proposes an economic concept of this notion of procedural utility. Preferences beyond outcome can be manifold. We distinguish procedural utility people get from institutions as such, i.e., from how allocative and redistributive decisions are …
Diener, E., &Seligman, M. E. (2004). Beyond money: Toward an economy of well-being. Psychological science in the public interest, 5(1), 1-31.
Policy decisions at the organizational, corporate, and governmental levels should be more heavily influenced by issues related to well-being—people’s evaluations and feelings about their lives. Domestic policy currently focuses heavily on economic outcomes, although economic indicators omit, and even mislead about, much of what society values. We show that economic indicators have many shortcomings, and …
Ng, Y. K. (2003). From preference to happiness: Towards a more complete welfare economics. Social Choice and Welfare, 20(2), 307-350.
Welfare economics is incomplete as it analyzes preference without going on to analyze welfare (or happiness) which is the ultimate objective. Preference and welfare may differ due to imperfect knowledge, imperfect rationality, and/or a concern for the welfare of others (non-affective altruism). Imperfection in knowledge and rationality has a biological basis and the resulting accumulation …
Sen, A. (1996). Rationality, joy and freedom. Critical Review, 10(4), 481-494.
In The Joyless Economy, Tibor Scitovsky proposes a model of human behavior that differs substantially from that of standard economic theory. Scitovsky begins with a basic distinction between “comfort” and “stimulation.” While stimulation is ultimately more satisfying and creative, we frequently fall for the bewitching attractions of comfort, which leads to impoverished lives. Scitovsky’s analysis …
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