Ethics in a Market Economy
Abstract
It will be shown that for rational players with a sufficiently large time horizon it is advantageous to keep promises and not to cheat even if cheating is the optimal behaviour in the short run. This explains why ethics could develop in a market economy where incentives to cheat are ubiquitous.Download Info
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Bibliographic Info
Paper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 290.Length: pages
Date of creation: Aug 1994
Date of revision:
Handle: RePEc:bon:bonsfb:290
Contact details of provider:
Postal: Bonn Graduate School of Economics, University of Bonn, Adenauerallee 24 - 26, 53113 Bonn, Germany
Fax: +49 228 73 6884
Web page: http://www.bgse.uni-bonn.de/index.php?id=517
Related research
Keywords: Ethics; cheating; promises; market; Game theory;Find related papers by JEL classification:
- P00 - Economic Systems - - General - - - General
- P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
- P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
- E13 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Neoclassical
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
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