Towards Understanding Prices and Ethics: Ethical Consumers with Price-Dependent Utilities ()
ABSTRACT
This paper analysis ethical consumption behavior
with price-dependent ethical preferences. It extends the definition of goods to
include ethical values in the preferences and introduces a mathematically
tractable definition of social labels paving the way for new theoretical and
empirical developments. Relationships between the standard economic model and the
ethical consumption model with price-dependent utilities are established.
Share and Cite:
Stiefenhofer, P. (2021) Towards Understanding Prices and Ethics: Ethical Consumers with Price-Dependent Utilities.
Theoretical Economics Letters,
11, 477-484. doi:
10.4236/tel.2021.113031.
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