Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
7243357 | Journal of Economic Behavior & Organization | 2014 | 6 Pages |
Abstract
In this note we shall discuss a concept that - despite its prominence in both Hume (1739) and Smith (1759), its obvious relevance for social behavior, and its not so infrequent use in colloquial language - has never gained a foothold in economic theory: the concept of empathy. Specifically, we illustrate how some insights from the psychological literature on empathy can be incorporated into a standard utility framework, and demonstrate the potential interaction of beliefs and utility through the channel of empathy.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Jan Grohn, Steffen Huck, Justin Mattias Valasek,