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The Social Context of Economic Decisions

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  • George J. Mailath
  • Andrew Postlewaite

Abstract

The social context can have a large impact on economic decisions. The theoretical challenge is to formulate a model that encompasses both social and economic decisions in a meaningful manner. We discuss the incorporation of social context into neoclassical economic models using social institutions. We also discuss the relationship between social institutions, social capital, and the social value of assets introduced by Mailath and Postlewaite (2002). (JEL: Z13) Copyright (c) 2003 The European Economic Association.
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Suggested Citation

  • George J. Mailath & Andrew Postlewaite, 2003. "The Social Context of Economic Decisions," Levine's Working Paper Archive 506439000000000315, David K. Levine.
    • Handle: RePEc:cla:levarc:506439000000000315
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    File URL: http://www.dklevine.com/archive/refs4506439000000000315.pdf
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    Cited by:

    1. F. Wirl, 2007. "Social Interactions within a Dynamic Competitive Economy," Journal of Optimization Theory and Applications, Springer, vol. 133(3), pages 385-400, June.
    2. Raphael Thomadsen & Robert P. Rooderkerk & On Amir & Neeraj Arora & Bryan Bollinger & Karsten Hansen & Leslie John & Wendy Liu & Aner Sela & Vishal Singh & K. Sudhir & Wendy Wood, 2018. "How Context Affects Choice," Customer Needs and Solutions, Springer;Institute for Sustainable Innovation and Growth (iSIG), vol. 5(1), pages 3-14, March.
    3. George J. Mailath & Andrew Postlewaite, 2006. "Social Assets," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 47(4), pages 1057-1091, November.
      • George J. Mailath & Andrew Postlewaite, 2002. "Social Assets," PIER Working Paper Archive 04-025, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 04 Jun 2004.
      • George J. Mailath & Andrew Postlewaite, 2002. "Social Assets," PIER Working Paper Archive 06-003, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 05 Jan 2006.
    4. Tacsir, Ezequiel, 2010. "Occupation Choice: Family, Social and Market Influences," MERIT Working Papers 2010-013, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    5. Prabirendra Chatterjee & Sudipta, Sarangi, "undated". "Social Identity and Group Lending," Working Papers UWEC-2005-06-R, University of Washington, Department of Economics.
    6. Marc Fleurbaey & Ravi Kanbur & Dennis Snower & Dennis J. Snower, 2021. "Efficiency and Equity in a Society-Economy Integrated Model," CESifo Working Paper Series 9259, CESifo.
    7. Fernández, Raquel, 2010. "Does Culture Matter?," CEPR Discussion Papers 7965, C.E.P.R. Discussion Papers.
    8. Kavetsos, Georgios, 2011. "The impact of physical activity on employment," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 40(6), pages 775-779.
    9. Raquel Fernandez, 2007. "Women, Work, and Culture," NBER Working Papers 12888, National Bureau of Economic Research, Inc.
    10. Cheng, Xiu & Long, Ruyin & Chen, Hong & Yang, Jiahui, 2019. "Does social interaction have an impact on residents’ sustainable lifestyle decisions? A multi-agent stimulation based on regret and game theory," Applied Energy, Elsevier, vol. 251(C), pages 1-1.
    11. Fernández, Raquel, 2007. "Women, Work and Culture," CEPR Discussion Papers 6153, C.E.P.R. Discussion Papers.
    12. Michael T. Rauh, 2007. "Incentives, Solidarity, and the Division of Labor," Working Papers 2007-15, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
    13. Wirl, Franz & Feichtinger, Gustav, 2006. "History versus expectations: Increasing returns or social influence?," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 35(5), pages 877-888, October.
    14. Bilancini, Ennio & Boncinelli, Leonardo, 2012. "Redistribution and the notion of social status," Journal of Public Economics, Elsevier, vol. 96(9-10), pages 651-657.
    15. Streicher, Tobias & Schmidt, Sascha L. & Schreyer, Dominik & Torgler, Benno, 2020. "Anticipated feelings and support for public mega projects: Hosting the Olympic Games," Technological Forecasting and Social Change, Elsevier, vol. 158(C).

    More about this item

    JEL classification:

    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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