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Consumption of Values

Author

Listed:
  • Stefania Minardi

    (Economics and Decision Sciences Department, École des Hautes Études Commerciales de Paris (HEC Paris), 78351 Jouy-en-Josas, France)

  • Fan Wang

    (Economics Department, École Supérieure des Sciences Économiques et Commerciales (ESSEC), 139408 Singapore)

  • Itzhak Gilboa

    (Economics and Decision Sciences Department, École des Hautes Études Commerciales de Paris (HEC Paris), 78351 Jouy-en-Josas, France; and Tiomkin School of Economics, Reichman University, Herzliya 4610101, Israel)

Abstract

Consumption decisions are partly influenced by values and ideologies. Consumers care about global warming, child labor, fair trade, etc. We develop an axiomatic model of intrinsic values—those that are carriers of meaning in and of themselves—and argue that they often introduce discontinuities near zero. For example, a vegetarian’s preferences would be discontinuous near zero amount of animal meat. We distinguish intrinsic values from instrumental ones, which are means rather than ends and serve as proxies for intrinsic values. We illustrate the relevance of our value-based model in different contexts, including equity concerns and prosocial behavior.

Suggested Citation

  • Stefania Minardi & Fan Wang & Itzhak Gilboa, 2025. "Consumption of Values," Management Science, INFORMS, vol. 71(3), pages 2623-2634, March.
    • Handle: RePEc:inm:ormnsc:v:71:y:2025:i:3:p:2623-2634
    DOI: 10.1287/mnsc.2023.01632
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