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Theory of values

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  • Andreas Georgiadis
  • Alan Manning

Abstract

Economists have a well-developed theory of value but the theory of why people hold the values they do is rudimentary at best. In spite of the fact that it is common to argue that values are important, most work on values is normative and the positive theory of values is relatively under- developed. In this paper we propose a simple yet general way to think about values – they are about how one trades-off one own’s utility against that of others – and argue that we can draw on the large literature on pro-social behavior for hypotheses on how people will choose values. Then, using data from the UK’s Citizenship Survey we show how models of self-interest, fairness, reciprocity and identity, can explain many of the patterns that we observe in the data across a wide variety of values.

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File URL: http://eprints.lse.ac.uk/28613/
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Bibliographic Info

Paper provided by London School of Economics and Political Science, LSE Library in its series LSE Research Online Documents on Economics with number 28613.

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Length: 56 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:ehl:lserod:28613

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Keywords: Values; Pro-Social Behaviour;

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References

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  1. Axel Ockenfels & Gary E. Bolton, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March.
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  6. Raquel Fernandez & Alessandra Fogli, 2005. "Culture: an empirical investigation of beliefs, work, and fertility," Staff Report 361, Federal Reserve Bank of Minneapolis.
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  8. George A. Akerlof & Rachel E. Kranton, 2000. "Economics And Identity," The Quarterly Journal of Economics, MIT Press, vol. 115(3), pages 715-753, August.
  9. James Konow, 2003. "Which Is the Fairest One of All? A Positive Analysis of Justice Theories," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1188-1239, December.
  10. Louis Kaplow & Steven Shavell, 2007. "Moral Rules, the Moral Sentiments, and Behavior: Toward a Theory of an Optimal Moral System," Journal of Political Economy, University of Chicago Press, vol. 115, pages 494-514.
  11. Constant, Amelie & Gataullina, Liliya & Zimmermann, Klaus F, 2006. "Ethnosizing Immigrants," CEPR Discussion Papers 5636, C.E.P.R. Discussion Papers.
  12. Angrist, Joshua & Chin, Aimee & Godoy, Ricardo, 2008. "Is Spanish-only schooling responsible for the Puerto Rican language gap?," Journal of Development Economics, Elsevier, vol. 85(1-2), pages 105-128, February.
  13. Matthew Rabin., 1992. "Incorporating Fairness into Game Theory and Economics," Economics Working Papers 92-199, University of California at Berkeley.
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  15. Corneo, Giacomo & Jeanne, Olivier, 2009. "A theory of tolerance," Journal of Public Economics, Elsevier, vol. 93(5-6), pages 691-702, June.
  16. Ken Binmore, 1994. "Game Theory and the Social Contract, Volume 1: Playing Fair," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262023636, December.
  17. John List & David Reiley, 2008. "Field experiments," Artefactual Field Experiments 00091, The Field Experiments Website.
  18. Steven D. Levitt & John A. List, 2007. "What Do Laboratory Experiments Measuring Social Preferences Reveal About the Real World?," Journal of Economic Perspectives, American Economic Association, vol. 21(2), pages 153-174, Spring.
  19. Bisin, Alberto & Patacchini, Eleonora & Verdier, Thierry & Zenou, Yves, 2006. "'Bend It Like Beckham': Identity, Socialization and Assimilation," CEPR Discussion Papers 5662, C.E.P.R. Discussion Papers.
  20. Andreas Georgiadis & Alan Manning, 2009. "One Nation Under a Groove? Identity and Multiculturalism in Britain," CEP Discussion Papers dp0944, Centre for Economic Performance, LSE.
  21. Oriol Aspachs-Bracons & Irma Clots-Figueras & Joan Costa-Font & Paolo Masella, 2008. "Compulsory Language Educational Policies and Identity Formation," Journal of the European Economic Association, MIT Press, vol. 6(2-3), pages 434-444, 04-05.
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Cited by:
  1. Andreas Georgiadis & Alan Manning, 2009. "One nation under a groove? Identity and multiculturalism in Britain," LSE Research Online Documents on Economics 28676, London School of Economics and Political Science, LSE Library.
  2. Georgiadis, Andreas & Manning, Alan, 2013. "One nation under a groove? Understanding national identity," Journal of Economic Behavior & Organization, Elsevier, vol. 93(C), pages 166-185.

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