Behavioural Economics and Business Ethics

Interrelations and Applications

By Philip Alexander Rajko

© 2011 – Routledge

216 pages | 13 B/W Illus.

Purchasing Options:
Paperback: 9780415745932
pub: 2013-11-11
US Dollars$54.95
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Hardback: 9780415682640
pub: 2011-08-12
US Dollars$150.00
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About the Book

Economics and moral philosophy have in recent years been considered to be distinct and separate fields. However, behavioural economics has started to reconcile various aspects of morality and economics, which has offered new conceptual opportunities to advance economics ethics and business ethics.

This book aims to advance economic ethics and business ethics by combining normative principles and empirical evidence grounded on the key motivational forces in economic decision making. It has three core objectives:

  • to assess order ethics as a theory of both economic ethics and business ethics, using behavioural economics methods and evidence;
  • to identify cardinal virtues for modern business ethics;
  • to to set up valuable guidelines for the implementation of economic ethics and business ethics.

Table of Contents

1. Introduction 2. Ethics, Economics, Economic Ethics & Business Ethics 3. Cooperation in Order Ethics 4. Rationality in Order Ethics 5. Fairness in Order Ethics 6. Cardinal Virtues of Business Ethics Based on Behavioural Economics 7. Implementing Economic Ethics and Business Ethics 8. Conclusions and Outlook

About the Author

Alexander Rajko is Assistant Professor at the University of Cologne, Germany

About the Series

Routledge Advances in Behavioural Economics and Finance

Traditionally, economists have based their analysis of financial markets and corporate finance on the assumption that agents are fully rational, emotionless, self-interested maximizers of expected utility. However, behavioural economists are increasingly recognizing that financial decision makers may be subject to psychological biases, and the effects of emotions. Examples of this include the effects on investors’ and managers’ decision-making of such biases as excessive optimism, overconfidence, confirmation bias, and illusion of control. At a practical level, the current state of the financial markets suggests that trust between investors and managers is of paramount importance.

Routledge Advances in Behavioural Economics and Finance presents innovative and cutting edge research in this fast paced and rapidly growing area, and will be of great interest to academics, practitioners, and policy-makers alike.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS008000
BUSINESS & ECONOMICS / Business Ethics
BUS041000
BUSINESS & ECONOMICS / Management
BUS069000
BUSINESS & ECONOMICS / Economics / General
BUS069030
BUSINESS & ECONOMICS / Economics / Theory