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Values, attitudes and economic behavior

Author

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  • Roos, Michael W. M.

Abstract

In this paper, I propose a simple model in which behavior is determined by the individual's attitude towards the behavior and the attitude depends on the individual's values. The model is based on the Schwartz theory of human values, which is very prominent in social psychology. Values are desirable, transsituational, abstract goals. In the model, they fix aspiration levels for specific targets that are related to an object. The distance between the properties of an object and the aspiration levels determines the degree of the agent's satisfaction or dissatisfaction with the properties of the object. Attitude is the importance-weighted sum of the degrees of (dis-)satisfaction. The model highlights the importance of systematic and measurable heterogeneity among individuals and shows how values can predict differences in tastes and sensitivity to income and prices. The model also explains when Veblen effects occur.

Suggested Citation

  • Roos, Michael W. M., 2018. "Values, attitudes and economic behavior," Ruhr Economic Papers 777, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
    • Handle: RePEc:zbw:rwirep:777
    DOI: 10.4419/86788905
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    Cited by:

    1. Mattauch, Linus & Hepburn, Cameron & Stern, Nicholas, 2018. "Pigou pushes preferences: decarbonisation and endogenous values," INET Oxford Working Papers 2018-16, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
    2. Li, Yadong & Guan, Zhenzhong & Ren, Jianbiao, 2023. "Channel coordination under retailer's (sub)conscious preferences of loss aversion and fairness," Journal of Retailing and Consumer Services, Elsevier, vol. 74(C).
    3. Petcharat, Thanatchaphan & Jattamart, Aungkana & Leelasantitham, Adisorn, 2023. "A conceptual model to imply a negative innovation assessment framework on consumer behaviors through the electronic business platforms," Journal of Retailing and Consumer Services, Elsevier, vol. 74(C).

    More about this item

    Keywords

    values; attitudes; heterogeneity; Veblen effect; preferences; multiple attributes;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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