Ethics in a Market Economy

It will be shown that for rational players with a sufficiently large time horizon it is advantageous to keep promises and not to cheat even if cheating is the optimal behaviour in the short run. This explains why ethics could develop in a market economy where incentives to cheat are ubiquitous.

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Year of publication:	1994-08
Authors:	Krelle, Wilhelm
Institutions:	University of Bonn, Germany
Subject:	Ethics \| cheating \| promises \| market \| Game theory

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Series:	Discussion Paper Serie B.
Type of publication:	Book / Working Paper
Classification:	P00 - Economic Systems. General ; P21 - Planning, Coordination, and Reform ; P27 - Performance and Prospects ; E13 - Neoclassical ; E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination ; H50 - National Government Expenditures and Related Policies. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005032155