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

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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.

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