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“Fool me once, …”: deception, morality and self-regeneration in decentralized markets

Author

Listed:
  • Gomes, Orlando

    (Instituto Politecnico de Lisboa Instituto Superior de Contabilidade e Administracao de Lisboa, Lisboa, Lisboa, Portugal)

  • Frade, João

    (Instituto Politecnico de Lisboa Instituto Superior de Contabilidade e Administracao de Lisboa, Lisboa, Lisboa, Portugal)

Abstract

This paper aims to provide an overall review and assessment of the virtues and flaws of decentralized self-regulated markets, discussing in particular the extent to which deceiving attitudes by some market participants might be potentially diluted and contradicted. The discussion and the model allow for highlighting the main drivers of the purchasing decisions of consumers and for evaluating how they react to manipulating behaviour by firms in the market. Agents pursuing short-run gains through unfair market practices are likely to be punished as fooled agents spread the word about the malpractices they were allegedly subject to.

Suggested Citation

  • Gomes, Orlando & Frade, João, 2019. "“Fool me once, …”: deception, morality and self-regeneration in decentralized markets," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 24(48), pages 312-326.
    • Handle: RePEc:ris:joefas:0151
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Markets; Deception; Morality; Purchasing decisions; Preferences; Rumour spreading;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D69 - Microeconomics - - Welfare Economics - - - Other
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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