From Outcome-Based to Language-Based Preferences

We review the literature on models that try to explain human behavior in social interactions described by normal-form games with monetary payoffs. We start by covering social and moral preferences. We then focus on the growing body of research showing that people react to the language with which act...

Full description

Saved in:
Bibliographic Details
Published in:Journal of economic literature 2024-03, Vol.62 (1), p.115-154
Main Authors: Capraro, Valerio, Halpern, Joseph Y., Perc, Matjaž
Format: Article
Language:English
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:We review the literature on models that try to explain human behavior in social interactions described by normal-form games with monetary payoffs. We start by covering social and moral preferences. We then focus on the growing body of research showing that people react to the language with which actions are described, especially when it activates moral concerns. We conclude by arguing that behavioral economics is in the midst of a paradigm shift toward language-based preferences, which will require an exploration of new models and experimental setups.(JEL C70, C90, D11, D90, Z13)
ISSN:0022-0515
DOI:10.1257/jel.20221613