Consumption of Values

Itzhak Gilboa, Stefania Minardi and Fan Wang

Working Papers from HAL

Keywords: 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. (search for similar items in EconPapers)
Date: 2020-12-01
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Working Paper: Consumption of Values (2020)
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