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Social Image Concern and Reference Point Formation

Author

Listed:
  • Hashidate Yosuke

    (Waseda Business School, Waseda University, Japan Society for the Promotion of Science, Tokyo, Japan)

Abstract

This paper develops an axiomatic context-dependent model of social image concerns. Allowing for context-dependence based on choice sets, it examines how context-dependence impacts social image concerns, in particular how a decision maker exhibits various social emotions stemming from their intrinsic reference point, which may not be captured by conforming to social norms. To elicit the intrinsic reference point, this paper provides weaker versions of Strategic Rationality and Independence, in addition to the basic axioms, to characterize the model of the Reference-Dependent Image-Conscious utilitarian. This paper also examines how social emotions stemming from the intrinsic reference point are related to preference reversals as violations of the Weak Axiom of Revealed Preference (WARP). Finally, this paper considers the relationship between social image concerns and intrinsic reciprocity. The findings demonstrate that social image plays a large role and the model developed illustrates a condition in which cooperation is sustained in prisoner’s dilemma games.

Suggested Citation

  • Hashidate Yosuke, 2021. "Social Image Concern and Reference Point Formation," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 21(1), pages 19-84, January.
    • Handle: RePEc:bpj:bejtec:v:21:y:2021:i:1:p:19-84:n:14
    DOI: 10.1515/bejte-2018-0075
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    More about this item

    Keywords

    social image; social emotions; reference point formation; context-dependence; image-conscious utilitarian;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy; Intergenerational Transfers
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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