Normative Behavioural Economics Based on Unconditional Love and Moral Virtue

Vipul Bhatt, Masao Ogaki, Yuichi Yaguchi

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)

Abstract

An important difficulty in many models of behavioural economics is that preferences are endogenous and unstable. Therefore, preferences may not provide the most desirable yardstick to evaluate social states. The present paper proposes unconditional love as a candidate for such a yardstick. The concept of unconditional love, although lofty, is often hard to apply for practical policy recommendations. We propose an intermediary learning stage, where learning to unconditionally love is desirable, and policies that promote such learning are deemed to be good. We illustrate the use of this principle in models of endogenous altruism.

Original languageEnglish
Pages (from-to)226-246
Number of pages21
JournalJapanese Economic Review
Volume66
Issue number2
DOIs
Publication statusPublished - 2015 Jun 1

ASJC Scopus subject areas

  • Economics and Econometrics

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