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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.

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

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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