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NormativeEconomics SIGNED

Reconstructing normative economics on a foundation of mutual advantage

Total Cost €

0

EC-Contrib. €

0

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.

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

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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