Behavioural Economics and Business Ethics: Interrelations by Philip Alexander Rajko

By Philip Alexander Rajko

Economics and ethical philosophy have lately been thought of to be unique and separate fields. even though, behavioural economics has began to reconcile quite a few points of morality and economics, which has provided new conceptual possibilities to develop economics ethics and enterprise ethics.

This e-book goals to develop financial ethics and company ethics by way of combining normative rules and empirical facts grounded at the key motivational forces in fiscal choice making. It has 3 center goals:

  • to determine order ethics as a thought of either financial ethics and enterprise ethics, utilizing behavioural economics tools and proof;
  • to determine cardinal virtues for contemporary enterprise ethics;
  • to to establish invaluable instructions for the implementation of financial ethics and enterprise ethics.

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Additional resources for Behavioural Economics and Business Ethics: Interrelations and Applications (Routledge Advances in Behavioural Economics and Finance)

Sample text

The gen­eral solution concept for dynamic games with complete in­forma­tion is backwards induction. Starting from the end of the game every subgame is ana­ lysed for the op­timal strategy of the deciding player. Then on the next stage above, the op­pon­ent can make his subgame de­cision based on the anticipation of the other player’s previous rational choice. 2 Extensive form representation of the repeated prisoner’s dilemma. 173 Thus especially all pre-­play communication is irrel­ev­ant from the game the­or­etic per­spect­ive, since it is non-­contractable.

277 So the observed beha­vi­our might be an evolutionary sensible product, which just does not yet comply with the cor­res­ponding theories. Now­adays, experimental eco­ nom­ics is widely accepted and even used as a tool for pol­icymaking in both businesses and pol­itics. 280 In fact, from a philo­sophy of science per­spect­ive, eco­ nom­ics has always been a deductive-­model-based science. 282 Hence the criticism of external validity is legitimate but insol­uble. ”285 Even more im­port­antly for the scope of this book one can follow Levitt and List, two researchers active in both laboratory and field experiments.

After all, deontological concepts such as Kant’s categorical imperative cannot be maintained after a game-­ theoretic ana­lysis. ”197 This relates to the traditional definition of instrumental ration­al­ity and leads to the conclusion that only situ­ations which are rationally bene­fi­cial to every parti­cip­ant are stable. That is nothing else than the basic idea of equilibrium concepts in game theory. 198 Con­sequently, Gauthier constructs his “morality of ad­vant­age”. More gen­erally, the formalisation of contractarianism can also relate to the theory of cooperative games.

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