Value Judgements - Ethical implications of Rational Choice Theory
9 important questions on Value Judgements - Ethical implications of Rational Choice Theory
What is the ethical principle of "minimal benevolence"? (Hausman and McPherson)
= normative image underlying the standard rational choice theory
vb: Pareto efficient, or cost benefit analysis, is still moral judgements
What is the Pareto Optimality principle?
What is the cost benefit analysis?
One can recommend a policy that some people are better off, and some people are worse off but the profits of the former are greater than the losses of the latter
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What is cardinal utility?
- Poor man gets money from a rich man
But we cannot measure this
What was Lionel Robbin's opinion on cardinal utility?
= influenced by LP (which wanted to be objective)
= cost benefit analysis
How do economic explanations incorporate value judgements?
- Economists should align their reports of economic behaviour with motives that work with ethical life (establishing values and norms that people perceive as part of their economic statements)
How is this different from rational choice theory?
- It says nothing about the kind of things that individuals prefer or their motivation to prefer them
What is an altruistic preference?
What are moral norms?
- relative freedom in the fact that they are not bound to certain specific ethical values and that they are even often endorsed by people who have other ethical values.
- Moral standards effectively determine people's expectations of what they can count on.
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