Understanding moral philosophy can help one to do economics better, and philosophers can learn by drawing on economic insights and analytical tools. This book argues that standard views of rationality lead economists to espouse questionable moral principles, and discusses methods of economic evaluation in terms of welfare and other moral criteria. It also contains a brief discussion of the relevance of social choice and game theory to philosophy. There is a glossary and at the end of each chapter are suggestions for further reading.13.4 Bargaining theory and the social contract To clarify the difficulties involved in applying game theory to moral ... The bargaining problem is to select a distribution of utility, u* to the first party and v* to the second party, from a closed convex set, 5, of possible utility outcomes. ... d are real numbers and a and c are positive, then (aw* + b, cv* + d) is the solution to the transformed bargaining problem. 3.
|Title||:||Economic Analysis and Moral Philosophy|
|Author||:||Daniel M. Hausman, Michael S. McPherson|
|Publisher||:||Cambridge University Press - 1996-03-28|