IDEAS home Printed from https://ideas.repec.org/a/sae/ratsoc/v8y1996i1p57-80.html
   My bibliography  Save this article

Self-Command In Adam Smith'S Theory Of Moral Sentiments

Author

Listed:
  • Stephen J. Meardon
  • Andreas Ortmann

Abstract

Building on an analysis of Adam Smith's enumeration of five classes of passions, we show that self-command in his Theory of Moral Sentiments (TMS) can be modeled as a game whose structure is identical to endogenous quality or reputation models. While acknowledging Smith's views on the evolutive nature of the general rules of morality (as well as the individual's understanding of them), we take the general rules as given. Within the game's framework we show how self-command can be attained in equilibrium solely due to the `internal reputation effect' arising from one's self-interested behavior. Our game-theoretic reinterpretation of TMS sheds new light on the acquisition of self-command and casts Smith as a sophisticated early theorist: he had already dealt with the issue of reputational enforcement, and wrestled with the same tension that has led to the eductive and evolutive approaches to non-cooperative game theory.

Suggested Citation

  • Stephen J. Meardon & Andreas Ortmann, 1996. "Self-Command In Adam Smith'S Theory Of Moral Sentiments," Rationality and Society, , vol. 8(1), pages 57-80, February.
    • Handle: RePEc:sae:ratsoc:v:8:y:1996:i:1:p:57-80
    DOI: 10.1177/104346396008001003
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/104346396008001003
    Download Restriction: no
    File URL: https://libkey.io/10.1177/104346396008001003?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Kreps, David M. & Milgrom, Paul & Roberts, John & Wilson, Robert, 1982. "Rational cooperation in the finitely repeated prisoners' dilemma," Journal of Economic Theory, Elsevier, vol. 27(2), pages 245-252, August.
    2. Smith, Vernon L & Walker, James M, 1993. "Monetary Rewards and Decision Cost in Experimental Economics," Economic Inquiry, Western Economic Association International, vol. 31(2), pages 245-261, April.
    3. Kavka, Gregory S., 1991. "Is Individual Choice Less Problematic than Collective Choice?," Economics and Philosophy, Cambridge University Press, vol. 7(2), pages 143-165, October.
    4. Becker, Gary S, 1993. "Nobel Lecture: The Economic Way of Looking at Behavior," Journal of Political Economy, University of Chicago Press, vol. 101(3), pages 385-409, June.
    5. Elster, Jon, 1985. "Weakness of Will and the Free-Rider Problem," Economics and Philosophy, Cambridge University Press, vol. 1(2), pages 231-265, October.
    6. Elster, Jon, 1985. "Weakness of will and the free-rider problem," Mathematical Social Sciences, Elsevier, vol. 10(3), pages 293-294, December.
    7. Holmstrom, Bengt R. & Tirole, Jean, 1989. "The theory of the firm," Handbook of Industrial Organization, in: R. Schmalensee & R. Willig (ed.), Handbook of Industrial Organization, edition 1, volume 1, chapter 2, pages 61-133, Elsevier.
    8. Lutz, Mark A., 1993. "The Utility of Multiple Utility: A Comment on Brennan," Economics and Philosophy, Cambridge University Press, vol. 9(1), pages 145-154, April.
    9. Harrison, Glenn W, 1992. "Theory and Misbehavior of First-Price Auctions: Reply," American Economic Review, American Economic Association, vol. 82(5), pages 1426-1443, December.
    10. Schelling, Thomas C, 1984. "Self-Command in Practice, in Policy, and in a Theory of Rational Choice," American Economic Review, American Economic Association, vol. 74(2), pages 1-11, May.
    11. Smith, Vernon L, 1991. "Rational Choice: The Contrast between Economics and Psychology," Journal of Political Economy, University of Chicago Press, vol. 99(4), pages 877-897, August.
    12. Jean Tirole, 1988. "The Theory of Industrial Organization," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262200716, December.
    13. Kreps, David M., 1990. "Game Theory and Economic Modelling," OUP Catalogue, Oxford University Press, number 9780198283812.
    14. Kavka, Gregory S., 1993. "Internal Prisoner's Dilemma Vindicated," Economics and Philosophy, Cambridge University Press, vol. 9(1), pages 171-174, April.
    15. Etzioni, Amitai, 1986. "The Case for a Multiple-Utility Conception," Economics and Philosophy, Cambridge University Press, vol. 2(2), pages 159-184, October.
    16. Friedman, Daniel, 1991. "Evolutionary Games in Economics," Econometrica, Econometric Society, vol. 59(3), pages 637-666, May.
    17. Schelling, Thomas C, 1978. "Egonomics, or the Art of Self-Management," American Economic Review, American Economic Association, vol. 68(2), pages 290-294, May.
    18. Pitchik, Carolyn & Schotter, Andrew, 1987. "Honesty in a Model of Strategic Information Transmission," American Economic Review, American Economic Association, vol. 77(5), pages 1032-1036, December.
    19. Brennan, Timothy J., 1989. "A Methodological Assessment of Multiple Utility Frameworks," Economics and Philosophy, Cambridge University Press, vol. 5(2), pages 189-208, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Andreas Ortmann & Benoit Walraevens, 2015. "The Rhetorical Structure of Adam Smith’s Wealth of Nations (and the importance of acknowledging it)," Discussion Papers 2014-11A, School of Economics, The University of New South Wales.
    2. Roland Benabou & Jean Tirole, 2004. "Willpower and Personal Rules," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 848-886, August.
    3. Kevin L. Brown, 1996. "Was Adam Smith An Economist?," Rationality and Society, , vol. 8(3), pages 343-347, August.
    4. Karl-Dieter Opp, 1997. "Norms, Rationalizations and Collective Political Action. A Rational Choice Perspective," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(II), pages 241-274, June.
    5. Stephen J. Meardon & Andreas Ortmann, 1996. "Yes, Adam Smith Was An Economist (A Very Modern One Indeed)," Rationality and Society, , vol. 8(3), pages 348-352, August.
    6. Andrew F Smith, 2014. "Political deliberation and the challenge of bounded rationality," Politics, Philosophy & Economics, , vol. 13(3), pages 269-291, August.
    7. Peter Hans Matthews & Andreas Ortmann, 2002. "An Austrian (Mis)Reads Adam Smith: A critique of Rothbard as intellectual historian," Review of Political Economy, Taylor & Francis Journals, vol. 14(3), pages 379-392.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. S. Abu Turab Rizvi, 2001. "Preference Formation and the Axioms of Choice," Review of Political Economy, Taylor & Francis Journals, vol. 13(2), pages 141-159.
    2. Elodie Brahic & Valérie Clément & Nathalie Moureau & Marion Vidal, 2008. "A la recherche des Merit Goods," Working Papers 08-08, LAMETA, Universtiy of Montpellier, revised Jun 2008.
    3. Mark White, 2006. "Multiple utilities and weakness of will: A kantian perspective," Review of Social Economy, Taylor & Francis Journals, vol. 64(1), pages 1-20.
    4. Müller Christian, 2004. "Christliche Sozialethik und das Wertproblem in den Wirtschaftswissenschaften," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 55(1), pages 77-98, January.
    5. Khalil, Elias L., 1996. "Respect, admiration, aggrandizement: Adam Smith as economic psychologist," Journal of Economic Psychology, Elsevier, vol. 17(5), pages 555-577, November.
    6. Tomer, John F., 1996. "Good habits and bad habits: A new age socio-economic model of preference formation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 25(6), pages 619-638.
    7. Lynne, Gary D., 1995. "Modifying The Neo-Classical Approach To Technology Adoption With Behavioral Science Models," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 27(1), pages 1-14, July.
    8. Ole Rogeberg, 2003. "Preferences, Rationality and Welfare in Becker's Extended Utility Approach," Rationality and Society, , vol. 15(3), pages 283-323, August.
    9. Ho, Teck-Hua, 1996. "Finite automata play repeated prisoner's dilemma with information processing costs," Journal of Economic Dynamics and Control, Elsevier, vol. 20(1-3), pages 173-207.
    10. Nick Netzer, 2009. "Evolution of Time Preferences and Attitudes toward Risk," American Economic Review, American Economic Association, vol. 99(3), pages 937-955, June.
    11. Lanse Minkler, 1999. "The Problem with Utility: Toward a Non-Consequentialist/Utility Theory Synthesis," Review of Social Economy, Taylor & Francis Journals, vol. 57(1), pages 4-24.
    12. Morrison, William G., 1996. "Instincts as reflex choice: Does loss of temper have strategic value?," Journal of Economic Behavior & Organization, Elsevier, vol. 31(3), pages 335-356, December.
    13. Matthew Rabin & Ted O'Donoghue, 1999. "Doing It Now or Later," American Economic Review, American Economic Association, vol. 89(1), pages 103-124, March.
    14. Brennan, Timothy J., 2014. "Behavioral economics and policy evaluation," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 5(1), pages 89-109, January.
    15. Elias L. Khalil, 2010. "Adam Smith’S Concept Of Self‐Command As A Solution To Dynamic Inconsistency And The Commitment Problem," Economic Inquiry, Western Economic Association International, vol. 48(1), pages 177-191, January.
    16. Samuelson,L. & Swinkels,J.M., 2001. "Information and the evolution of the utility function," Working papers 6, Wisconsin Madison - Social Systems.
    17. Boymal, Jonathan, 2003. "Addiction and intrapersonal externalities in the labour market," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(6), pages 657-672.
    18. Kelly Busche & W. David Walls, 2000. "Decision Costs And Betting Market Efficiency," Rationality and Society, , vol. 12(4), pages 477-492, November.
    19. Donna Rowen & Michael Dietrich, 2004. "Incorporating Ethics into Economics: Problems and Possibilities," Working Papers 2004006, The University of Sheffield, Department of Economics, revised Jul 2004.
    20. Chouinard, Hayley H. & Wandschneider, Philip R. & Paterson, Tobias, 2016. "Inferences from sparse data: An integrated, meta-utility approach to conservation research," Ecological Economics, Elsevier, vol. 122(C), pages 71-78.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:ratsoc:v:8:y:1996:i:1:p:57-80. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.