Behavioural Economics and Business Ethics: Interrelations by Philip Alexander Rajko

By Philip Alexander Rajko

Economics and ethical philosophy have in recent times been thought of to be targeted and separate fields. in spite of the fact that, behavioural economics has began to reconcile a number of facets of morality and economics, which has provided new conceptual possibilities to enhance economics ethics and company ethics.

This ebook goals to develop fiscal ethics and company ethics via combining normative ideas and empirical facts grounded at the key motivational forces in fiscal selection making. It has 3 middle targets:

  • to determine order ethics as a idea of either fiscal ethics and company ethics, utilizing behavioural economics equipment and facts;
  • to establish cardinal virtues for contemporary company ethics;
  • to to establish priceless instructions for the implementation of monetary ethics and enterprise ethics.

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

Example text

Also a relation between beha­vi­oural eco­nom­ics and eco­nomic ethics is estab­lished, serving as the founda­tion for the further investigations. 218 It builds on the two central as­sump­tions of ration­al­ity and self-­interest. 219 Therefore beha­vi­oural eco­nom­ics is partly motiv­ated by these deficits. 220 In contrast to the two key as­sump­tions of neoclassical theories, beha­vi­oural eco­nom­ics takes different conceptions of ration­al­ity as bounded ration­al­ity and social pref­er­ences instead of strict self-­interest.

In the fol­low­ing, I focus on the game-­theoretic per­spect­ive on coopera­tion and the resulting lines of argument. 2 A game-­theoretic rationale for cooperation The gen­eral bene­fits and opera­tion of coopera­tion have already been realised by social contract theories. Now a more detailed discussion based on game theory is initiated. 3.

Taking all aspects and applica­tion of game theory into account it becomes evid­ent, that it is an excellent tool for order ethics as well. 211 The structure of the prisoner’s dilemma is also central to order ethics because it exhibits the prob­lem of failing to achieve social efficiency, whilst maintaining indi­vidual ration­al­ity. 214 It also makes order ethics very suit­able for the applica­tion of game theory. But there are some aspects which have not yet been discussed in sufficient detail.

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