A Reformulation of Normative Economics for Models with Endogenous Preferences

Vipul Bhatt (), Masao Ogaki and Yuichi Yaguchi
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Yuichi Yaguchi: Graduate Student, Graduate School of Economics, Chuo University, Tokyo, Japan

No 14-E-02, IMES Discussion Paper Series from Institute for Monetary and Economic Studies, Bank of Japan

Abstract: This paper proposes to balance considerations from welfarism and virtue ethics for normative analysis of economic models with endogenous preferences. Our framework introduces two concepts that are useful in evaluating alternative social states. First, we introduce the moral evaluation function (MEF), which is used to evaluate alternatives based on virtue ethics. Second, we introduce the social objective function (SOF), which gives weights to both the standard social welfare function (SWF) and the MEF. We illustrate our evaluation approach in the context of a model of intergenerational altruism with endogenous time preferences.

Keywords: Moral virtue ethics; Welfarism; Cultural transmission of preferences; Tough love (search for similar items in EconPapers)
JEL-codes: D03 Z18 (search for similar items in EconPapers)
Date: 2014-04
New Economics Papers: this item is included in nep-evo
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Citations: View citations in EconPapers (2)

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Related works:
Working Paper: A Reformulation of Normative Economics for Models with Endogenous Preferences (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:ime:imedps:14-e-02

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