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NormativeEconomics SIGNED

Reconstructing normative economics on a foundation of mutual advantage

Total Cost €

0

EC-Contrib. €

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Partnership

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 NormativeEconomics project word cloud

Explore the words cloud of the NormativeEconomics project. It provides you a very rough idea of what is the project "NormativeEconomics" about.

ideas    market    view    practices    theoretical    motivation    assumed    motivated    parties    integrate    motivations    fairness    preference    satisfy    preferences    cooperation    joint    individuals    socially    disabling    analytical    satisfaction    shown    team    experimental    social    transactions    corresponding    ethics    presumptions    formalise    distributional    behavioural    point    trust    extend    inference    first    neoclassical    competitive    intention    paternalism    criterion    seek    privately    invalidated    opportunity    ways    mutual    benefit    individual    instability    relationship    mutually    pro    economics    innovative    version    normative    maintaining    philosophy    coherent    beneficial    cognitive    incentives    reasoning    tend    economy    assumptions    regulation    rationality    transaction    advantageous    limitations    markets    theory    economic    construed    actions    question    lack    agents    existence    normatively    asocial    consumers    government   

Project "NormativeEconomics" data sheet

The following table provides information about the project.

Coordinator
UNIVERSITY OF EAST ANGLIA 

Organization address
address: EARLHAM ROAD
city: NORWICH
postcode: NR4 7TJ
website: http://www.uea.ac.uk

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country United Kingdom [UK]
 Total cost 1˙172˙374 €
 EC max contribution 1˙172˙374 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2014-ADG
 Funding Scheme ERC-ADG
 Starting year 2016
 Duration (year-month-day) from 2016-01-01   to  2020-09-30

 Partnership

Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 
1    UNIVERSITY OF EAST ANGLIA UK (NORWICH) coordinator 993˙616.00
2    THE UNIVERSITY OF WARWICK UK (COVENTRY) participant 178˙757.00

Map

 Project objective

Economics has traditionally assumed that individuals seek to satisfy coherent and asocial preferences, and has used the satisfaction of those preferences as a normative criterion. This ‘neoclassical’ approach has supported a view of the market as an institution in which privately-motivated individual actions tend to produce socially beneficial consequences. These ideas have been called into question by recent developments in behavioural economics, which point to the cognitive limitations of economic agents, the instability of preferences, and the existence of pro-social motivations. A common inference is that traditional presumptions in favour of the market and against paternalism are invalidated. I aim to develop an approach to normative economics, and a corresponding understanding of the role of markets, which do not require neoclassical rationality assumptions but may still support those presumptions.

My approach is innovative in two ways. First, the criterion for normative analysis is opportunity, not preference satisfaction. Even if individuals lack coherent preferences, opportunities for mutually advantageous transactions can be defined in a normatively significant way, and competitive markets can be shown to be effective in providing such opportunities. Second, using a new version of the theory of ‘team reasoning’, the relationship between parties to a market transaction can be construed in terms of a joint intention to achieve mutual benefit. This motivation can support practices of trust and cooperation without disabling market incentives. Using the methods of theoretical and experimental economics and analytical philosophy, I will formalise and integrate these ideas and extend them to provide a new understanding of the role of government in the economy. This work will include analyses of distributional fairness, market ethics, and of the role of regulation in maintaining competitive markets in the face of consumers’ cognitive limitations.

 Publications

year authors and title journal last update
List of publications.
2018 Robert Sugden
Awards, incentives and mutual benefit
published pages: , ISSN: 1865-1704, DOI: 10.1007/s12232-017-0288-1
International Review of Economics 2019-07-04
2018 Robert Sugden
Paternalism and Entrepreneurship
published pages: 243-259, ISSN: 2326-6198, DOI: 10.1561/105.00000089
Review of Behavioral Economics 5/3-4 2019-02-26

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