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- Scientists, economists included, already tend to, whether knowingly or unknowingly, assert subjective values within their theories. Values not only generate a necessary entanglement of facts and values, but they then become present throughout the very act of theorizing.
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Behavioral economics gathers insights from numerous disciplines including economics, psychology, sociology, anthropology, neuroscience, and biology to determine and predict how people actually make economic decisions.
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Normative economics acknowledges the ethical dimensions inherent in economic decision-making, recognizing that value judgments often underpin policy prescriptions. Economists grapple with questions of distributive justice, fairness, and equity when evaluating the desirability of various economic outcomes (Su, 2012).
Scientists, economists included, already tend to, whether knowingly or unknowingly, assert subjective values within their theories. Values not only generate a necessary entanglement of facts and values, but they then become present throughout the very act of theorizing.
- Erik Dean, Justin Elardo, Mitch Green, Benjamin Wilson, Sebastian Berger
- 2016
This chapter proposes an economic model of decision-making based on non-consequentialist ethics, focusing on the moral theory of Immanuel Kant wh.
Oct 24, 2012 · Since the 1870s, economists have agreed that value is subjective, but, following Alfred Marshall, many argued that the cost side of the equation is determined by objective conditions.
Jan 19, 2021 · In my view, the discussion on values in science in the philosophy of science offers us insights on how to identify and trace diverse normative commitments influencing economics, and on how we might possibly revisit the older debates on value-judgments in economic research by changing the analytical angle and approach.
Mar 4, 2021 · People make suboptimal decisions when they over- or under-estimate an action’s utility: In one instance, important but non-salient information, like energy usage, is ignored; In another instance, salient but unrepresentative information, like overoptimistic expectations, is used to form the big picture.
