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)

The initiative to ensure oil-palm smallholders around the world participate in sustainable certification is increasing. Different efforts were strategised including increasing awareness and providing financial support. Despite that, the number of smallholders’ participation in sustainable certification is relatively low. This study embarked on the objective to identify the role of social structure, namely social interaction ties in affecting smallholders’ participative behaviours. Moreover, this study is also looking on the mediating impact of deliberative communication and responsible leadership in explaining the relationship (...) between the two previously stated constructs. Using a quantitative research design, this study collected data from 440 smallholders as its respondents. Samples were randomly selected, and questionnaires were distributed to obtain their responses. Data collected were then analysed using PLS-SEM to test the developed hypothesis. Accordingly, the findings indicate that social interaction ties have a significant impact on smallholders’ decisions to participate in sustainable certification. Furthermore, both deliberative communication and responsible leadership were proven to be significant mediators. This study provides insights on how smallholders’ participation in sustainable certification can be improved by tapping on the social structure elements as well as adopting deliberative communication and responsible leadership as a method to communicate and lead with the smallholders. This shall expand literature related to organisation psychology in rural areas and sustainability. (shrink)

When young children confront a vast array of adults' testimonial claims, they should decide which testimony to endorse. If they are unable to immediately verify the content of testimonial assertions, children adopt or reject their informants' statements on the basis of forming trust in the sources of testimony. This kind of trust needs to be based on some underlying reasons. The rational choice theory, which currently dominates the social, cognitive, and psychological sciences, posits that trust should be formed on a (...) rational basis, as a result of probabilistic assessments and utility‐maximizing calculations. In this paper, the predictions stemming from the rational choice approach to trust are systematically compared with the empirical evidence from the field of developmental psychology on how children establish their trust in testimonial statements. The results of this comparison demonstrate an obvious inadequacy of the rational choice explanation of the emergence and development of children's testimonial trust, regardless of which form of trust rationality—weighting, threshold, or ordering—is examined. As none of the three forms of rationality of children's trust in testimony squares with the empirical data, this paper introduces a new version of trust rationality, adaptively rational trust. It explores the compatibility of the concept of adaptively rational trust with the recent empirical findings in the area of developmental psychology and addresses some avenues for future research on the rationality of testimonial trust. (shrink)

This paper evaluates how Amartya Sen’s critique of revealed preference theory stands against the latter’s contemporary, ‘neo-Samuelsonian’ version. Neo- Samuelsonians have argued that Sen’s arguments against RPT are innocuous, in particular once it is acknowledged that RPT does not assume away the existence of motivations or other latent psychological or cognitive processes. Sen’s claims that preferences and choices need to be distinguished and that external factors need to be taken into account to analyze the act of choice then appear to (...) be irrelevant. However, while it is true that contemporary revealed preference theory partially evades Sen’s critique, I show that the latter is still relevant outside the restricted areas of consumer choice and market dynamics. In particular, Sen’s views regarding the importance of incomplete preferences and the multiplicity of levels of agency can hardly be integrated into the framework of CRPT. This is a significant limit, given the imperialistic claims of some of the proponents of the latter. (shrink)

The enduring failure of financial institutions to identify and deal with risk events continues to have serious repercussions, whether in the form of small but significant losses or major and potentially far-reaching scandals. Using a mixed-methods approach that combines an innovative version of the classic dictator game to inform prosocial tendencies with the survey-based Theory of Planned Behaviour, we examine the risk-escalation behaviour of individuals within a large financial institution. We discover evidence of purely selfish behaviour that explains the lack (...) significance in pressure to adhere to the Subjective Norms of colleagues around intention to report risks. A finding that has potentially important implications for efforts to instil a high-error management climate and incentivise risk reporting within organisations where risk, if ignored or unchecked, could ultimately have consequences that extend far beyond the institutions themselves. (shrink)

According to some philosophers and social scientists, mainstream economic theories currently play an unprecedented role in shaping human societies. This phenomenon can be linked to the dissemination of methodological individualism, where common goods are interpreted as reducible to aggregates of individuals' well-being. Nonetheless, some emergent difficulties of economics in coping with global institutional issues have encouraged some authors to revise that paradigm. In the last three decades, there has been a parallel growing philosophical interest in investigating social sciences' epistemological and (...) ontological foundations. Unfortunately, these two research trends have often not communicated systematically enough to understand the specific ontology of collective aims. It is still unclear whether some irreducible social goods exist and how the answer to this question can set up a consistent understanding of cooperative actions. This dissertation addresses this issue, drawing on philosophical investigations about collective intentionality. It claims that a coherent ontological taxonomy of irreducible and reducible social goods is theoretically viable and can reframe prevailing approaches to collective action dilemmas influenced by the traditional economic categorisation of goods. The research begins by analysing how the influential theory of public goods has paved the way for some social and moral impasses. Furthermore, some theoretical proposals suggesting the existence of relational goods and common-pool resources are scrutinised. Hence, a refutation of the ontological reduction of all social goods to individual ones is developed, arguing that a specific form of cooperation, grounded in we-intentions and we-reasoning, shows the plausibility of the existence of some kinds of irreducible collective goods. Expanding on that view, a refinement of this categorisation of social goods is put forward by underlying the function of some relational entities, such as trust and shared sensemaking processes, in making cooperation robust in uncertain environments. Finally, by applying the taxonomy to collective action gridlocks regarding climate change, digital information, and public education, the consistency of this hypothesis is tested, showing that a pluralistic ontological account of social goods might improve the moral understanding of current social dilemmas. (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)