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Handbook of ValuePerspectives from Economics, Neuroscience, Philosophy, Psychology and Sociology$
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Tobias Brosch and David Sander

Print publication date: 2015

Print ISBN-13: 9780198716600

Published to Oxford Scholarship Online: December 2015

DOI: 10.1093/acprof:oso/9780198716600.001.0001

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Protected values and economic decision-making

Protected values and economic decision-making

(p.223) Chapter 11 Protected values and economic decision-making
Handbook of Value

Rajna Gibson

Carmen Tanner

Alexander F. Wagner

Oxford University Press

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.

Keywords:   consequentialism, deontology, economic decision-making, economic value, honesty, moral values, protected values

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