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.
Read or Download Behavioural Economics and Business Ethics: Interrelations and Applications (Routledge Advances in Behavioural Economics and Finance) PDF
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Additional resources for Behavioural Economics and Business Ethics: Interrelations and Applications (Routledge Advances in Behavioural Economics and Finance)
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.