“Fool me once, …”: deception, morality and self-regeneration in decentralized markets

Orlando Gomes and João Frade
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João Frade: Instituto Politecnico de Lisboa Instituto Superior de Contabilidade e Administracao de Lisboa, Lisboa, Lisboa, Portugal

Journal of Economics, Finance and Administrative Science, 2019, vol. 24, issue 48, 312-326

Abstract: This paper aims to provide an overall review and assessment of the virtues and flaws of decentralized self-regulated markets, discussing in particular the extent to which deceiving attitudes by some market participants might be potentially diluted and contradicted.

The discussion and the model allow for highlighting the main drivers of the purchasing decisions of consumers and for evaluating how they react to manipulating behaviour by firms in the market.

Agents pursuing short-run gains through unfair market practices are likely to be punished as fooled agents spread the word about the malpractices they were allegedly subject to.

Keywords: Markets; Deception; Morality; Purchasing decisions; Preferences; Rumour spreading (search for similar items in EconPapers)
JEL-codes: D01 D22 D40 D69 D91 (search for similar items in EconPapers)
Date: 2019
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Journal Article: “Fool me once, …”: deception, morality and self-regeneration in decentralized markets (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:ris:joefas:0151

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