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Towards Understanding Prices and Ethics: Ethical Consumers with Price-Dependent Utilities
Newcastle University Business School, Newcastle upon Tyne, UK
- 1 Newcastle University Business School, Newcastle upon Tyne, UK
Theoretical Economics Letters·Volume 11 (2021)·Pages 477–484·Published 8 May 2021·DOI10.4236/tel.2021.113031
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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.
KeywordsEthical ConsumptionPrice-Dependent UtilityEthical Prices
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