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Value formation : the role of esteem
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Akerlof, Robert J. (2017) Value formation : the role of esteem. Games and Economic Behavior, 102 . pp. 1-19. doi:10.1016/j.geb.2016.10.011 ISSN 0899-8256.
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Official URL: http://doi.org/10.1016/j.geb.2016.10.011
Abstract
People’s values are a critical determinant of their behavior. But, how do values form and what causes them to change? This paper proposes a theory of value formation. In the model, agents choose values, motivated by economic considerations and, crucially, also by the desire for esteem. The comparative statics are driven by the following tension: agents obtain more esteem from peers if they conform in their choice of values; but they may obtain more self-esteem if they differentiate. This tension explains why, for instance, peer effects are sometimes positive and sometimes negative. Three applications are considered, related to: schools, inner cities, and organizational resistance
Item Type: | Journal Article | ||||||||
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Subjects: | B Philosophy. Psychology. Religion > BF Psychology H Social Sciences > HB Economic Theory |
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Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Economics -- Psychological aspects , Self-esteem | ||||||||
Journal or Publication Title: | Games and Economic Behavior | ||||||||
Publisher: | Elsevier | ||||||||
ISSN: | 0899-8256 | ||||||||
Official Date: | March 2017 | ||||||||
Dates: |
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Volume: | 102 | ||||||||
Page Range: | pp. 1-19 | ||||||||
DOI: | 10.1016/j.geb.2016.10.011 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 28 October 2016 | ||||||||
Date of first compliant Open Access: | 5 November 2017 | ||||||||
Funder: | Institute for New Economic Thinking, European Research Council (ERC) | ||||||||
Open Access Version: |
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