The books’ goal is to answer the question: Do the weaknesses of value-free economics imply the need for a paradigm shift? The author synthesizes criticisms from different perspectives (descriptive and methodological). Special attention is paid to choices over time, because in this area value-free economics has the most problems. In that context, the enriched concept of multiple self is proposed and investigated. However, it is not enough to present the criticisms towards value-free economics. For scientists, a bad paradigm is better (...) than no paradigm. Therefore, the author considers whether value-based economics with normative approaches such as economics of happiness, capability approach, libertarian paternalism, and the concept of multiple self can be the alternative paradigm for value-free economics. This book is essential reading to everyone interested in the current state of economics as a discipline. (shrink)

To determine the role of physical self in body-involving consumption, we explore how body image influences purchasing intention toward hybrid products with body-involving features. In this study, we establish the dual nature of body image: specifically, body image influences intention to purchase via the perception of utilitarian value and symbolic value. Further, we find a competitive mediation in which positive body image negatively influences purchase intention, while PBI is positively related to purchase intention via utilitarian and symbolic value. This indicates (...) that without the mediation testing of the utilitarian-symbolic framework, the positive influence of body image will be “hidden.” Additionally, the mediated effect of symbolic value is moderated by personal innovativeness toward technology, suggesting that a consumer’s knowledge of wearables enhances the effect of body image. With the introduction of body image, this paper provides a more comprehensive model to analyze purchase intention with regard to digital products with body-involving features. (shrink)

Satisficing is a central concept in both individual and social multiagent decision making. In this paper we first extend the notion of satisficing by formally modeling the tradeoff between costs and decision failure. Second, we extend this notion of “neo”-satisficing into the context of social or multiagent decision making and interaction, and model the social conditioning of preferences in a satisficing framework.

The paper begins by providing a game-theoretic reconstruction of Gilbert’s (1989) philosophical critique of Lewis (1969) on the role of salience in selecting conventions. Gilbert’s insight is reformulated thus: Nash equilibrium is insufficiently powerful as a solution concept to rationalize conventions for unboundedly rational agents if conventions are solutions to the kinds of games Lewis supposes. Both refinements to NE and appeals to bounded rationality can plug this gap, but lack generality. As Binmore (this issue) argues, evolutive game theory readily (...) explains the origin of conventional behavior, but that is not Lewis’s project. Gilbert’s critique is generalized by reference to Bacharach’s (2006) work on team reasoning in games. The paper then argues that although Lewis’s account of the rationalization of conventions is shown by the reconstruction of Gilbert’s critique to be incomplete, Gilbert is wrong to conclude that classical (‘eductive’) game theory lacks the resources to explain conformity to conventions among people. A game-theoretic account of the dynamics of socialization, based on Ross’s (2005, 2006) idea of ‘game determination’, rationalizes choices of conventional strategies in overlapping generations contexts, provided agents are products of evolutionary selection and know that other players are also such products. (shrink)

An extensive literature has focused on the impact of new public management oriented structural changes on academics’ practice and identity. These critical studies have been resolute in concluding that NPM inevitably leads to a degeneration of academics’ ethos and values. Drawing from the moral philosophy of Alasdair MacIntyre, we argue that these previous analyses have overlooked the moral agency of the academics and their role in ‘moralizing’ and consequently shaping the ethical nature of their practices. The paper provides a new (...) theoretical understanding of NPM-oriented reforms in light of the virtue ethics approach, thereby directing the attention to the moral character and moral agency of academics. Our analysis of interviews collected in the business department of a Danish university provides an example of how individuals have divergent ethical understandings of these structural changes and enact/resist pre-defined social roles in different ways. While in some cases the NPM agenda of the institutions has triggered internal moral conflict and a crisis of moral character, in other cases the new logic resonates with academics’ values and evaluative standards. Partially departing from the theoretical ground of MacIntyre, we conclude that academics can play a crucial role in shaping the morality of NPM-oriented institutions and in transforming these settings into suitable contexts for the cultivation of virtues. (shrink)

In game theory, the word ‘game’ is used to describe any interdependence between interacting parties, and the Nash equilibrium is a prominent tool for analysing such interactions. I argue that the concept of the Nash equilibrium may also be used in non-gaming contexts. An individual is in a Nash equilibrium if his or her beliefs are consistent with his or her actions. Given that discordance between beliefs and behaviour is a typical cause of psychiatric disorders, individuals who are not in (...) a Nash equilibrium are likely to be affected by such disorders. In this regard, the concept of the Nash equilibrium could aptly be introduced into the medical practitioner’s vocabulary for describing a patient’s mental health status. (shrink)

ArgumentToday's models of temporal discounting are the result of multiple interdisciplinary exchanges between psychology and economics. Although these exchanges did not result in an integrated discipline, they had important effects on all disciplines involved. The paper describes these exchanges from the 1930s onwards, focusing on two episodes in particular: an attempted synthesis by psychiatrist George Ainslie and others in the 1970s; and the attempted application of this new discounting model by a generation of economists and psychologists in the 1980s, which (...) ultimately ended in thediversity of measurements disappointment. I draw four main conclusions. First, multiple notions of temporal discounting must be conceptually distinguished. Second, behavioral economics is not an integration or unification of psychology and economics. Third, the analysis identifies some central disciplinary markers that distinguish modeling strategies in economics and psychology. Finally, it offers a case of interdisciplinary success that does not fit the currently dominant account of interdisciplinarity as integration. (shrink)

In the Theory of Moral Sentiments, Adam Smith observed that we live in a fundamentally conflictual world. Although he held that we are creatures who sympathize, he also observed that our sympathy seems to be constrained by geographical limits. Accordingly, traditional theories of cosmopolitanism were implausible; yet, as a moral philosopher, Smith attempted to reconcile his bleak description of the world with his eagerness for international peace. Smith believed that commercial intercourse among self‐interested nations would emulate sympathy on a global (...) scale, balancing national wealth and international peace without a coercive apparatus to enforce compliance with international law. (shrink)

According to Perelman (Rhétoriques, Presses Universitaires de Bruxelles, 1989: 80), a pseudo-argument is an argument that is supposed to be convincing from a given audience viewpoint, while it is not from another audience viewpoint. Such a claim raises the traditional problem of the boundaries between the well known “convince versus persuade” dichotomy. This paper aims at investigating it from a contemporary rhetorical and argumentative perspective which will take into account the fictional dimension of persuasion. In this perspective, it will be (...) claimed that the notion of an “as if” argument better fits to some rhetorical phenomena. (shrink)

The goal of this article is to show that instrumental rationality and utility that have been used in economics for many years does not work well. What is presented in the article is how significant the influence of utilitarianism has been on economics and why the economists get rid of humans’ goals and motivations. It is shown in the article that the human who decides in present is absolutely different from the human who decides over time. Many economists neglected this (...) problem because they wanted to have an effective and simple model. Becker’s economic method is presented as a dead end to which economics has been brought to. It is impossible to connect different selves of one human being by using the utility measure. The works of Schelling and J.S. Mill are used to explain this impossibility. The conclusion of this article is that instrumental rationality and utility have affected economics significantly. But, this simplified view on human nature is no longer valid. Hence, economics needs to think not only about the means but also about the human goals. Economics needs to rebuff relativism and show people how to achieve well-being. If we want to help people with their self-governance, we will have to choose reason over emotions. (shrink)

Virtually every aspect of the current philosophical discussion of self-deception is a matter of controversy including its definition and paradigmatic cases. We may say generally, however, that self-deception is the acquisition and maintenance of a belief (or, at least, the avowal of that belief) in the face of strong evidence to the contrary motivated by desires or emotions favoring the acquisition and retention of that belief. Beyond this, philosophers divide over whether this action is intentional or not, whether self-deceivers recognize (...) the belief being acquired is unwarranted on the available evidence, whether self-deceivers are morally responsible for their self-deception, and whether self-deception is morally problematic (and if it is in what ways and under what circumstances). The discussion of self-deception and its associated puzzles gives us insight into the ways in which motivation affects belief acquisition and retention. And yet insofar as self-deception represents an obstacle to self-knowledge, which has potentially serious moral implications, self-deception is more than an interesting philosophical puzzle. It is a problem of particular concern for moral development, since self-deception can make us strangers to ourselves and blind to our own moral failings. (shrink)

semantic minimalism and moderte contextualism.

The concept of time discounting introduces weights on future goods to make these less valu- able. Famously, both the specic functional form of time discounting and its normative sta- tus are contested. To address these problems, this paper provides a measurement-theoretic framework of representation for time discounting. The general representation theorem char- acterises time discounting factors as ratio-scale representations of dierences in temporally extended prospects. This framework of representation is used to reconsider interpretations of time discounting factors such as time (...) preferences, uncertainty and preference change. It also allows to compare these interpretations with regards to their normative appeal, the kinds of reductionism regarding time and preference they imply and the specic functional form of time discounting they suggest. Farther, multiple-self interpretations of decision-makers become available, such that a time discounting factor represents the degree of connectedness between temporal selves in a person. (shrink)

The phenomenon of weakness of will – not doing what we perceive as the best action – is not recognized by neoclassical economics due to the axiomatic assumptions of the revealed preference theory (RPT) that people do what is best for them. However, present bias shows that people have different preferences over time. As they cannot be compared by the utility measurements, economists need to normatively decide between selves (short- versus long-term preferences). A problem is that neoclassical economists perceive RPT (...) as value-free and incorporate present bias within the economic framework. The axiomatic assumption that people do what is best for them leads to theoretical and practical dilemmas. This work examines weakness of will to resolve some shortcomings of RPT. The concept of intention is used to provide multiple self conception with the framework to decide between selves, which had not been done before. The paper concludes that individuals should not always follow their revealed preferences (desires) but the intentions (reason) because the latter indicates what people really want. (shrink)

The goal of the article is to substantiate that despite the criticism the paradigm in economics will not change because of the axiomatic assumptions of value-free economics. How these assumptions work is demonstrated on the example of Gary Becker’s economic approach which is analyzed from the perspective of scientific research programme. The author indicates hard core of economic approach and the protective belt which makes hard core immune from any criticism. This immunity leads economists to believe that they are objective (...) scientists and, consequently, it results in epistemological hubris. Due to its tautological nature, economic approach is considered to be a degenerative programme. This conclusion is extended on value-free economics. In spite of these problems, many economists still believe in positive economics and they dismiss normative approaches. It has a negative influence on people. The conclusion of the article is that thanks to axiomatic assumptions economists do not have objective and ironclad methodology and they should accept normative values in their research. (shrink)

We analyze the sequential structure of dynamic games with perfect information. A three-stage account is proposed, that species setup, reasoning and play stages. Accordingly, we define a player as a set of agents corresponding to these three stages. The notion of agent connectedness is introduced into a type-based epistemic model. Agent connectedness measures the extent to which agents' choices are sequentially stable. Thus describing dynamic games allows to more fully understand strategic interaction over time. In particular, we provide suffcient conditions (...) for backward induction in terms of agent connectedness. Also, our framework makes explicit that the epistemic independence assumption involved in backward induction reasoning is stronger than usually presumed, and makes accessible multiple-self interpretations for dynamic games. (shrink)

How can the propositional attitudes of several individuals be aggregated into overall collective propositional attitudes? Although there are large bodies of work on the aggregation of various special kinds of propositional attitudes, such as preferences, judgments, probabilities and utilities, the aggregation of propositional attitudes is seldom studied in full generality. In this paper, we seek to contribute to filling this gap in the literature. We sketch the ingredients of a general theory of propositional attitude aggregation and prove two new theorems. (...) Our first theorem simultaneously characterizes some prominent aggregation rules in the cases of probability, judgment and preference aggregation, including linear opinion pooling and Arrovian dictatorships. Our second theorem abstracts even further from the specific kinds of attitudes in question and describes the properties of a large class of aggregation rules applicable to a variety of belief-like attitudes. Our approach integrates some previously disconnected areas of investigation. (shrink)