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Respect

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Author Info
Alan Manning

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Abstract

Becker (1974) introduced to modern economics the idea that others care about what othersthink about them and derived many useful insights from this assumption. But he did notprovide a very complete description of the general equilibrium of an economy in whichpeople both demand respect from and supply respect to others. This paper analyzes theequilibrium price of respect, showing how it depends on the distribution of materialendowments and discussing whether we would expect that, as society gets richer, the marketfor respect becomes more or less important. It explains why a demand for respect is a humanuniversal in terms of Becker's observation that this helps to provide insurance where marketsare absent. Although the demand for respect is universal, the activities that command respecthave enormous cultural diversity - the paper explains how there can be many Nash equilibriaif respect is withheld from those who violate prescribed behaviour. Finally the paperdiscusses where, in a modern economy, respect is demanded and supplied arguing it isprimarily bundled up with other goods and services because of the nature of the costs ofsupplying it.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0793.

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Date of creation: May 2007
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Handle: RePEc:cep:cepdps:dp0793

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Related research
Keywords: Respect; Status; Pro-Social Preferences;

Find related papers by JEL classification:
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
  2. Hoffman Elizabeth & McCabe Kevin & Shachat Keith & Smith Vernon, 1994. "Preferences, Property Rights, and Anonymity in Bargaining Games," Games and Economic Behavior, Elsevier, vol. 7(3), pages 346-380, November. [Downloadable!] (restricted)
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    Other versions:
  4. Akerlof, George A, 1982. "Labor Contracts as Partial Gift Exchange," The Quarterly Journal of Economics, MIT Press, vol. 97(4), pages 543-69, November. [Downloadable!] (restricted)
  5. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467. [Downloadable!] (restricted)
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  8. Posner, Richard A, 1980. "A Theory of Primitive Society, with Special Reference to Law," Journal of Law & Economics, University of Chicago Press, vol. 23(1), pages 1-53, April.
    Other versions:
  9. Benabou, Roland & Tirole, Jean, 2003. "Incentives and Prosocial Behavior," IDEI Working Papers 389, Institut d'Économie Industrielle (IDEI), Toulouse, revised Jan 2006. [Downloadable!]
    Other versions:
  10. Andreoni, James, 1989. "Giving with Impure Altruism: Applications to Charity and Ricardian Equivalence," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1447-58, December. [Downloadable!] (restricted)
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