Consumption of Values

Itzhak Gilboa, Stefania Minardi and Fan Wang
Additional contact information
Fan Wang: ESSEC

No 1406, HEC Research Papers Series from HEC Paris

Abstract: Consumption decisions are partly influenced by values and ideologies. Consumers care about global warming, child labor, fair trade, etc. Incorporating values into the consumer’s utility function will often violate monotonicity, if consumption hurts values in a way that isn’t offset by hedonic benefits. We distinguish between intrinsic and instrumental values, and argue that the former tend to introduce dis- continuities near zero. For example, a vegetarian’s preferences would be discontinuous near zero amount of animal meat. We axiomatize a utility representation that captures such preferences and discuss the measurability of the degree to which consumers care about such values.

Keywords: Consumption (search for similar items in EconPapers)
JEL-codes: M30 (search for similar items in EconPapers)
Pages: 60 pages
Date: 2020-12-02
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Citations: View citations in EconPapers (1)

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Working Paper: Consumption of Values (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:ebg:heccah:1406

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