Ethics in a Market Economy
AbstractIt 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.
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Bibliographic InfoPaper provided by University of Bonn, Germany in its series Discussion Paper Serie B with number 290.
Date of creation: Aug 1994
Date of revision:
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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
Ethics; cheating; promises; market; Game theory;
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