By Philip Alexander Rajko
Economics and ethical philosophy have lately been thought of to be particular and separate fields. notwithstanding, behavioural economics has began to reconcile numerous points of morality and economics, which has provided new conceptual possibilities to increase economics ethics and enterprise ethics.
This e-book goals to strengthen monetary ethics and company ethics by means of combining normative rules and empirical facts grounded at the key motivational forces in monetary choice making. It has 3 center goals: to evaluate order ethics as a concept of either monetary ethics and company ethics, utilizing behavioural economics equipment and proof; to spot cardinal virtues for contemporary enterprise ethics; to to establish necessary guidance for the implementation of financial ethics and company ethics.
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Additional info for Behavioural Economics and Business Ethics: Interrelations and Applications
301 This aspect is treated in some more detail in Chapter 7. For this book the combination of empirical evidence and normative theory is crucial. 302 Therefore in the following, some arguments in favour of this research approach are discussed. 304 On that basis, even though experimental observations might not bring definitive answers to ethical questions, they can be very useful for the formation of ethical theory. e. ”306 However, any relevant theory of business ethics must accommodate the empirical facts documented in behavioural economics.
312 But this consensus is a matter of empirically observed reality. On top of that, behavioural economics offers the currently most advanced models on which to base ethical theories. 315 These instincts become manifest in experimental data. Hence normative principles also have to accommodate the empirical facts. 320 This is a core assumption implicitly shared with classical game theory,321 although much experimental evidence and the discussions in Chapters 4 and 5 shed doubt on its 38 Current concepts in ethics and economics empirical adequacy.
However, both classes are relevant to econom ics. With regard to the strategies, there can be pure and mixed strategies. A pure strategy means, according to the definition above, that a player always picks exactly one of his available strategies. But there are games where it might be advantageous to make the opponent believe one might choose more than just one strategy. 157 It must hold that: is distributed with and . This includes zero probability for any given strategy, so that pure strategies become an extreme case of mixed strategies.