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Consumption of Values

Author

Listed:
  • Gilboa, Itzhak

    (Tel Aviv University - Eitan Berglas School of Economics; HEC Paris - Economics & Decision Sciences)

  • Minardi, Stefania

    (HEC Paris)

  • Wang, Fan

    (ESSEC)

Abstract

Consumption decisions are partly influenced by values and ideologies. Consumers care about global warming, child labor, fair trade, etc. Incorporating values into the consumer’s utility function will often violate monotonicity, if consumption hurts values in a way that isn’t offset by hedonic benefits. We distinguish between intrinsic and instrumental values, and argue that the former tend to introduce dis- continuities near zero. For example, a vegetarian’s preferences would be discontinuous near zero amount of animal meat. We axiomatize a utility representation that captures such preferences and discuss the measurability of the degree to which consumers care about such values.

Suggested Citation

  • Gilboa, Itzhak & Minardi, Stefania & Wang, Fan, 2020. "Consumption of Values," HEC Research Papers Series 1406, HEC Paris.
    • Handle: RePEc:ebg:heccah:1406
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    Cited by:

    1. Eszter Czibor & Danny Hsu & David Jimenez-Gomez & Susanne Neckermann & Burcu Subasi, 2022. "Loss-Framed Incentives and Employee (Mis-)Behavior," Management Science, INFORMS, vol. 68(10), pages 7518-7537, October.

    More about this item

    Keywords

    Consumption;

    JEL classification:

    • M30 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - General

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