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Generalised Means of Simple Utility Functions with Risk Aversion

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Author Info

  • Thomas Jeitschko

    (Michigan State University, Michigan, USA)

  • Seamus O'Connell

    (Maynooth College, Co. Kildare)

  • Rowena Pecchenino

    (Dept. of Economics, National University of Ireland, Maynooth, Co. Kildare)

Abstract

Humans are social creatures that interact in a number of different and at least partially independent social settings, such as work, home, social and political organisations, and church. In each setting one has an identity, or set of identities, which one is called upon to achieve. To obtain and maintain an identity one must dedicate scarce resources. The benefits of expending these resources may be, among other things, income; wealth; success; prestige; power; security; respect; social acceptance; spiritual fulfillment; and salvation. To better understand how the individual makes his resource allocation decisions given the many possible interactions, both positive and negative, across his identities, changes in collective beliefs defining identity, and the substitutability or complementarity of identities, we develop a simple behavioural model of an individual whose personal identity is an amalgam of two identities. We interpret the model in the context of an individual with a secular and a religious identity.

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File URL: http://www.esr.ie/Vol39_1/03%20Jeitschko.pdf
File Function: First version, 2008
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Bibliographic Info

Article provided by Economic and Social Studies in its journal Economic and Social Review.

Volume (Year): 39 (2008)
Issue (Month): 1 ()
Pages: 39-54

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Handle: RePEc:eso:journl:v:39:y:2008:i:1:p:39-54

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  1. Amartya Sen, 1997. "Maximization and the Act of Choice," Econometrica, Econometric Society, vol. 65(4), pages 745-780, July.
  2. Kjell Arne Brekke & Snorre Kverndokk & Karinen Nyborg, 2000. "An Economic Model of Moral Motivation," Discussion Papers 290, Research Department of Statistics Norway.
  3. Alan Kirman & Miriam Teschl, 2006. "Searching for identity in the capability space," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(3), pages 299-325.
  4. George A. Akerlof & Rachel E. Kranton, 2005. "Identity and the Economics of Organizations," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 9-32, Winter.
  5. Karla Hoff & Priyanka Pandey, 2006. "Discrimination, Social Identity, and Durable Inequalities," American Economic Review, American Economic Association, vol. 96(2), pages 206-211, May.
  6. Jonathan Gruber, 2005. "Religious Market Structure, Religious Participation, and Outcomes: Is Religion Good for You?," NBER Working Papers 11377, National Bureau of Economic Research, Inc.
  7. Sen, Amartya, 1985. "Goals, Commitment, and Identity," Journal of Law, Economics and Organization, Oxford University Press, vol. 1(2), pages 341-55, Fall.
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  9. John Davis, 2006. "Social identity strategies in recent economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 13(3), pages 371-390.
  10. Ulrich Horst & Alan Kirman & Miriam Teschl, 2007. "Changing Identity: The Emergence of Social Groups," Economics Working Papers 0078, Institute for Advanced Study, School of Social Science.
  11. George A. Akerlof & Rachel E. Kranton, 2000. "Economics And Identity," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 715-753, August.
  12. Clark, Andrew E. & Oswald, Andrew J., 1998. "Comparison-concave utility and following behaviour in social and economic settings," Journal of Public Economics, Elsevier, vol. 70(1), pages 133-155, October.
  13. Frank, Robert H, 1985. "The Demand for Unobservable and Other Nonpositional Goods," American Economic Review, American Economic Association, vol. 75(1), pages 101-16, March.
  14. Gruber Jonathan H, 2005. "Religious Market Structure, Religious Participation, and Outcomes: Is Religion Good for You?," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 5(1), pages 1-32, September.
  15. George Loewenstein, 2000. "Emotions in Economic Theory and Economic Behavior," American Economic Review, American Economic Association, vol. 90(2), pages 426-432, May.
  16. Hollander, Heinz, 1990. "A Social Exchange Approach to Voluntary Cooperation," American Economic Review, American Economic Association, vol. 80(5), pages 1157-67, December.
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