Self-Flagellation and Utility Maximization

Robert Jerome, Kristina Terkun, Robert Horn and Bridget Butkevich

Review of Political Economy, 2008, vol. 20, issue 3, 307-318

Abstract: Economic models explain human behavior only to the degree that the underlying assumptions of the model are fulfilled. Consumer theory of rational choice has been applied to a wide array of situations. This paper examines the results of the model when a consumer considers bundles of goods, some of which may affect her self image. Under these conditions, wrong decisions are not easily corrected, but can more easily be reversed if the individual is able to forgive herself for having made the wrong decision.

Date: 2008
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DOI: 10.1080/09538250802170228

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