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Consumption of Values

Author

Listed:
  • Itzhak Gilboa

    (HEC Paris - Ecole des Hautes Etudes Commerciales)

  • Stefania Minardi

    (HEC Paris - Ecole des Hautes Etudes Commerciales)

  • Fan Wang

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.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Itzhak Gilboa & Stefania Minardi & Fan Wang, 2020. "Consumption of Values," Working Papers hal-03033206, HAL.
    • Handle: RePEc:hal:wpaper:hal-03033206
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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.

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