By Philip Alexander Rajko
Economics and ethical philosophy have in recent times been thought of to be special and separate fields. notwithstanding, behavioural economics has began to reconcile quite a few points of morality and economics, which has provided new conceptual possibilities to increase economics ethics and company ethics.
This publication goals to increase monetary ethics and enterprise ethics by means of combining normative ideas and empirical proof grounded at the key motivational forces in financial choice making. It has 3 center pursuits: to evaluate order ethics as a thought of either financial ethics and company ethics, utilizing behavioural economics equipment and facts; to spot cardinal virtues for contemporary enterprise ethics; to to establish beneficial instructions for the implementation of monetary ethics and enterprise ethics.
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Extra info for Behavioural Economics and Business Ethics: Interrelations and Applications
4 Behavioural economics and ethics After having introduced game theory as an analytical method, the field of beha vioural economics is presented. Therefore the close relations of behavioural eco nomics with the moral tradition of Adam Smith are described and the related fields of experimental economics and social psychology are characterised as far. ”217 This realistic account of human agency is at the heart of behavioural economics and therefore it needs to be related to ethics.
155 In cooperative games there is the opportunity of specifying contracts via a third party in order to regulate behaviour during the game. 156 Here cooperation is also possible, but must be self enforcing by means of rational strategies. Non-cooperative games can be zero-sum and non-zero sum. In the former, one player’s gain is another player’s loss, which can be illustrated with the ultimatum game. In the latter, coordination can yield benefits for both players, as for example in the classical “battle of the sexes” game.
And vice versa, every ethical theory must fulfil the requirements of normative foundation and universality. 307 Hence business ethics as well as virtue ethics need to be discussed in the light of the findings in behavioural economics. 310 The combination of ethics and economics posits a gap between normative and empirical research. Initially, normative and empirical concepts have always been treated independently. 312 But this consensus is a matter of empirically observed reality.