From Outcome-Based to Language-Based Preferences

Valerio Capraro, Joseph Y. Halpern and Matjaž Perc

Journal of Economic Literature, 2024, vol. 62, issue 1, 115-54

Abstract: We review the literature on models that try to explain human behavior in social interactions described by normal-form games with monetary payoffs. We start by covering social and moral preferences. We then focus on the growing body of research showing that people react to the language with which actions are described, especially when it activates moral concerns. We conclude by arguing that behavioral economics is in the midst of a paradigm shift toward language-based preferences, which will require an exploration of new models and experimental setups.

JEL-codes: C70 C90 D11 D90 Z13 (search for similar items in EconPapers)
Date: 2024
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Citations: View citations in EconPapers (10)

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DOI: 10.1257/jel.20221613

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