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Economics and duty-motivated choices

Author

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  • Giovanni Razzu

    (Department of Economics, University of Reading)

Abstract

We study the relationship between economics and duties, the latter considered as deep, intrinsic moral obligations that motivate individuals. We first define duty in a way that could be amenable to work within the tools of decision theory, distinguishing between perfect and imperfect duty-motivated choices. Finally, we apply standard decision theory to assess how duties relate to economics, particularly to rationality. Three main findings emerge. One, perfect duty-motivated choice is rational. Two, when imperfect duty is at play, rationality conditions can be violated. Third, by making use of the difference between two representations of the maximisation problem - the relational and the real valued utility function - we show that individuals motivated by duty can choose a maximal while optimising their preference rankings; instead, maximisation of utility may not be possible under duty-motivated choices that supervene the local non satiation assumption.

Suggested Citation

  • Giovanni Razzu, 2021. "Economics and duty-motivated choices," Economics Discussion Papers em-dp2021-02, Department of Economics, University of Reading.
    • Handle: RePEc:rdg:emxxdp:em-dp2021-02
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    File URL: http://www.reading.ac.uk/web/FILES/economics/emdp202102.pdf
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    References listed on IDEAS

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    More about this item

    Keywords

    duties; decision theory; rationality; maximisation; optimisation;
    All these keywords.

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D60 - Microeconomics - - Welfare Economics - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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