The uncertain moral context of price changes |
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| Authors: | Luiz Freitas |
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| Affiliation: | a Department of Agricultural and Consumer Economics, University of Illinois at Urbana-Champaign, United States
b Department of Economics, Rochester Institute of Technology, United States |
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| Abstract: | The purpose of this paper is to motivate a microeconomic model of consumption in which there is uncertainty that is not resolved ex post regarding the moral context of price changes. We show that neoclassical microeconomic theory can yield a result in which expected utility falls when a consumer who is sufficiently concerned for the uncertain moral context of production is faced with a falling price. |
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