Social Preferences or Sacred Values? Theory and Evidence of Deontological Motivations
56 Pages Posted: 30 May 2017 Last revised: 24 Feb 2020
Date Written: January 27, 2020
Recent advances in economic theory, largely motivated by experimental findings, have led to the adoption of models of human behavior where decision-makers not only take into consideration their own payoff but also others’ payoffs and any potential consequences of these payoffs. Investigations of deontological motivations, where decision-makers make their choice not only based on the consequences of a decision but also the decision per se have been rare. We provide a formal interpretation of major moral philosophies and a revealed preference method to distinguish the presence of deontological motivations from a purely consequentialist decision-maker whose preferences satisfy first-order stochastic dominance.
Keywords: consequentialism, deontological motivations, normative commitments, social preferences, revealed preference, decision theory, first order stochastic dominance, random lottery incentive method
JEL Classification: D6, K2
Suggested Citation: Suggested Citation