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From Outcome-Based to Language-Based Preferences

Author

Listed:
  • Valerio Capraro
  • Joseph Y. Halpern
  • Matjaž Perc

Abstract

We review the literature on models that try to explain human behavior in social interactions described by normal-form games with monetary payoffs. We start by covering social and moral preferences. We then focus on the growing body of research showing that people react to the language with which actions are described, especially when it activates moral concerns. We conclude by arguing that behavioral economics is in the midst of a paradigm shift toward language-based preferences, which will require an exploration of new models and experimental setups.

Suggested Citation

  • Valerio Capraro & Joseph Y. Halpern & Matjaž Perc, 2024. "From Outcome-Based to Language-Based Preferences," Journal of Economic Literature, American Economic Association, vol. 62(1), pages 115-154, March.
    • Handle: RePEc:aea:jeclit:v:62:y:2024:i:1:p:115-54
    DOI: 10.1257/jel.20221613
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    More about this item

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C90 - Mathematical and Quantitative Methods - - Design of Experiments - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D90 - Microeconomics - - Micro-Based Behavioral Economics - - - General
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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