Lapses in ethical conduct by those in corporate and public authority worldwide have given business researchers and practitioners alike cause to re-examine the antecedents to personal ethical values. We explore the relationship between ethical values and an individual’s long-term orientation or LTO, defined as the degree to which one plans for and considers the future, as well as values traditions of the past. Our study also examines the role of work ethic and conservative attitudes in the formation of a person’s (...) long-term orientation and consequent ethical beliefs. Empirically testing these hypothesized relationships using data from 292 subjects, we find that long-term perspectives on tradition and planning indeed engender higher levels of ethical values. The results also support work ethic’s role in fostering tradition and planning, as well as conservatism’s positive association with planning. Additionally, we report how tradition and planning mediate the influence of conservatism and work ethic on the formation of ethical values. Limitations of the study and future research directions, as well as implications for business managers and academics, are also discussed. (shrink)
Cloning Human Embryos for Spare Tissue An Ethical Dilemma Content Type Journal Article Pages 22-23 Authors Donald Bruce, Religion and Technology Project, Church of Scotland, John Knox House, 45 High Street, Edinburgh, EH1 1SR, Scotland Journal Human Reproduction & Genetic Ethics Online ISSN 2043-0469 Print ISSN 1028-7825 Journal Volume Volume 8 Journal Issue Volume 8, Number 2 / 2002.
Future technological developmentsconcerning food, agriculture, and theenvironment face a gulf of social legitimationfrom a skeptical public and media, in the wakeof the crises of BSE, GM food, and foot andmouth disease in the UK (House of Lords, 2000). Keyethical issues were ignored by the bioindustry,regulators, and the Government, leaving alegacy of distrust. The paper examinesagricultural biotechnology in terms of a socialcontract, whose conditions would have to be fulfilled togain acceptance of novel applications. Variouscurrent and future GM applications areevaluated against these (...) conditions. Successwould depend critically on how far a sharedvision can be found with the public. Tore-establish trust, significant changes areidentified in the planning and pursuit ofbiotechnology. (shrink)
This paper examines the ethical andsocial questions that underlie the present UKdiscussion whether GM crops and organicagriculture can co-exist within a given regionor are mutually exclusive. A EuropeanCommission report predicted practicaldifficulties in achieving sufficientseparation distances to guarantee lowerthreshold levels proposed for GM material inorganic produce. Evidence of gene flow betweensome crops and their wild relatives has beena key issue in the recent Government consultation toconsult on whether or not to authorizecommercial planting of GM crops, following theresults of the current UK (...) farm scale trials.The admixture of imported Bt transgenes intolandrace varieties of Mexican maize alsopresents difficulties. An ethical evaluationis made of the claim that organic growersshould expect protection from adventitioustraces of GM constructs in their products. Towhat extent – on either side of the debate –can any particular group in society set upagricultural standards for itself that mayeffectively restrain others from an otherwisejust business? The assumptions behind notionslike ``purity'' and ``contamination'' areexamined, together with their underlying viewsof nature and human intervention. The 2001UK Agriculture and Environmental BiotechnologyCommission report is relevant to theseissues. While the Government wishes to promotethe UK biotechnology industry and is underpressure from US claims of trade restraint, astrong organic lobby demands purity from GMcontamination. Does this adversarial framingof the issues reflect broader public opinionin the UK public consultation? Inarriving at policy decisions, the role of thevirtue of tolerance is considered inpost-modern and Christian ethical contexts. (shrink)
Three interpretations of theprecautionary principle are identified, namely``soft,'' ``hard,'' and outright rejection. The ECCommunication of February 2000 is largely aresponse to the latter, to provide alegitimation in trade-related WTO disputes.This context leads to an over stress onscientific closure. This is critiqued asidealistic in respect of resolving long termuncertainties inherent in the GM food issue.While offering some useful guidelines in riskmanagement, the EC report seriously fails totake into account the ethical and societaldimension of risk. These are crucial both indetermining when precautionary (...) principle isinvoked and the action to be taken. The EC viewleans too much to a scientific rationalist riskperspective. However, the ``Green''interpretation of the precautionary principleas a reversal of the burden of proof is alsocriticized as inconsistent both with the natureof technology and with the nature of reality asseen in a Christian perspective. Biblicalinsights on risk reveal a balance ofintervention and conservation in a world whererisk is inherent. The notion of risk as asocial contract reveals that ethical andsocietal issues have a crucial role to play inapplying the precautionary principle. (shrink)
This paper examines a model of income and quality of life that controls the love of money, job satisfaction, gender, and marital status and treats employment status (full-time versus part-time), income level, and gender as moderators. For the whole sample, income was not significantly related to quality of life when this path was examined alone. When all variables were controlled, income was negatively related to quality of life. When (1) the love of money was negatively correlated to job (...) satisfaction and (2) job satisfaction was positively related to both income and quality of life, income was negatively related to quality of life for full-time, high-income, and male employees. When these two conditions failed to exist, income was not related to quality of life for part-time, median- or low-income, and female employees. This model provides new insights regarding the impact of the love of money and job satisfaction on the income–quality of life relationship. (shrink)
This study examines a model involving income, the love of money, pay satisfaction, organizational commitment, job changes, and unethical behavior among 211 full-time employees in Hong Kong, China. Direct paths suggested that the love of money was related to unethical behavior, but income (money) was not. Indirect paths showed that income was negatively related to the love of money that, in turn, was negatively related to pay satisfaction that, in turn, was negatively associated with unethical behavior. (...) Pay satisfaction was positively related to organizational commitment. Thus, the love of money is the root of evil, but money is not. (shrink)
Why are people interested in money? Specifically, what could be the biological basis for the extraordinary incentive and reinforcing power of money, which seems to be unique to the human species? We identify two ways in which a commodity which is of no biological significance in itself can become a strong motivator. The first is if it is used as a tool, and by a metaphorical extension this is often applied to money: it is used instrumentally, in (...) order to obtain biologically relevant incentives. Second, substances can be strong motivators because they imitate the action of natural incentives but do not produce the fitness gains for which those incentives are instinctively sought. The classic examples of this process are psychoactive drugs, but we argue that the drug concept can also be extended metaphorically to provide an account of money motivation. From a review of theoretical and empirical literature about money, we conclude that (i) there are a number of phenomena that cannot be accounted for by a pure Tool Theory of money motivation; (ii) supplementing Tool Theory with a Drug Theory enables the anomalous phenomena to be explained; and (iii) the human instincts that, according to a Drug Theory, money parasitizes include trading (derived from reciprocal altruism) and object play. (Published Online April 5 2006) Key Words: economic behaviour; evolutionary psychology; giving; incentive; money; motivation; play; reciprocal altruism. (shrink)
An exposition of Karl Marx’s argument in the Grundrisse for the logical development of money, this essay is divided into three parts. Since Marx is concerned to distinguish himself and his method from that of the seventeenth century political economists, I begin my paper with a brief reflection on “the scientifically correct method” or the “theoretical method” (Grundrisse 101 and 102). The second part of this paper considers how Marx justifies beginning his reflection with the concept of production in (...) general. To understand the importance that Marx attributes to production, one must also appreciate the way in which distribution, exchange, and consumption belong to the sphere of production. In the remaining pages of this section of my paper, then, I attempt to reconstruct Marx’s argument for the way in which these concepts (distribution, exchange, and consumption) are to be understood in relation to the sphere of production. (shrink)
This research investigates the efficacy of business ethics intervention, tests a theoretical model that the love of money is directly or indirectly related to propensity to engage in unethical behavior (PUB), and treats college major (business vs. psychology) and gender (male vs. female) as moderators in multi-group analyses. Results suggested that business students who received business ethics intervention significantly changed their conceptions of unethical behavior and reduced their propensity to engage in theft; while psychology students without intervention had no (...) such changes. Therefore, ethics training had some impacts on business students' learning and education (intelligence). For our theoretical model, results of the whole sample (N = 298) revealed that Machiavellianism (measured at Time 1) was a mediator of the relationship between the love of money (measured at Time 1) and unethical behavior (measured at Time 2) (the Love of Money → Machiavellianism → Unethical Behavior). Further, this mediating effect existed for business students (n = 198) but not for psychology students (n = 100), for male students (n = 165) but not for female students (n = 133), and for male business students (n = 128) but not for female business students (n = 70). Moreover, when examined alone, the direct effect (the Love of Money → Unethical Behavior) existed for business students but not for psychology students. We concluded that a short business ethics intervention may have no impact on the issue of virtue (wisdom). (shrink)
This article presents the results of a study that investigated the roles that one’s money ethic, religiosity and attitude toward business play in determining consumer attitudes/beliefs in various situations regarding questionable consumer practices. Two dimensions of religiosity – intrinsic and extrinsic religiousness – were studied. A global scale of money ethic was examined, as was a global measure of attitude toward business. Results indicate that both types of religiosity as well as one’s money ethic and attitude toward (...) business were significant determinants of at least some types of consumer ethical beliefs. (shrink)
"Shell offers admirably close readings [which are] often brilliant... Summary could do little more than hint at the riches laid open."-- The Eighteenth Century "A remarkable piece of work. Valuable for a wide range of readers from the expert to the inquiring generalist."-- Religious Studies Review In Money, Language, and Thought , Marc Shell explores the interactions between linguistic and economic production as they inform discourse from Chretien de Troyes to Heidegger.
We investigate the extent to which perceptions of the authenticity of supervisor’s personal integrity and character (ASPIRE) moderate the relationship between people’s love of money (LOM) and propensity to engage in unethical behavior (PUB) among 266 part-time employees who were also business students in a five-wave panel study. We found that a high level of ASPIRE perceptions was related to high love-of-money orientation, high self-esteem, but low unethical behavior intention (PUB). Unethical behavior intention (PUB) was significantly correlated with (...) their high Machiavellianism, low self-esteem, and low intrinsic religiosity. Our counterintuitive results revealed that the main effect of LOM on PUB was not significant, but the main effect of ASPIRE on PUB was significant. Further, the significant interaction effect between LOM and ASPIRE on unethical behavior intention provided profoundly interesting findings: High LOM was related to high unethical behavior intention for people with low ASPIRE, but was related to low unethical intention for those with high ASPIRE. People with high LOM and low ASPIRE had the highest unethical behavior intention; whereas those with high LOM and high ASPIRE had the lowest. We discuss results in light of individual differences, ethical environment, and perceived demand characteristics. (shrink)
This study investigates measurement invariance of the 17-item-4-factor Love of Money Scale (LOMS) (Rich, Motivator, Success, and Important) across gender and college major among university students in People’s Republic of China. Results revealed configural (factor structures) invariance across gender. Metric (factor loadings) invariance across gender was not achieved based on chi-square change, but achieved based on fit indices change between unconstrained and constrained multi-group confirmatory factor analysis (MGCFA). Both configural invariance and metric invariance (chi-square change and fit indices (...) change) were achieved across college major (law, sociology, and political science). Results of this study suggest that the Love of Money Scale, developed in the U.S., has achieved measurement invariance in this student sample in China. Future researchers will have some confidence in using this measurement when they examine the love of money in Chinese management and organizational studies. (shrink)
This research tests a model of employee helping behavior (a component of Organizational Citizenship Behavior, OCB) that involves a direct path (Intrinsic Motives → Helping Behavior, the Good Samaritan Effect) and an indirect path (the Love of Money → Extrinsic Motives → Helping Behavior). Results for the full sample supported the Good Samaritan Effect. Further, the love of money was positively related to extrinsic motives that were negatively related with helping behavior. We tested the model across four cultures (...) (the USA., Taiwan, Poland, and Egypt). The Good Samaritan Effect was significant for all four countries. For the indirect path, the first part was significant for all countries, except Egypt, whereas the second part was significant for Poland only. For Poland, the indirect path was significant and positive. The love of money may cause one to help in one culture (Poland) but not to help in others. Results were discussed in the light of ethical decision making. (shrink)
Based on theory of planned behavior, we develop a theoretical model involving love of money (LOM), job satisfaction (attitude), coping strategies/responses (perceived behavioral control), work environment (subjective norm), and work-related behavioral intentions (behavioral intention). We tested this model using job satisfaction as a mediator and sector (public versus private), personal character (good apples versus bad apples), gender, and income as moderators in a sample of 515 employees and their managers in the Republic of Macedonia. For the whole sample, both (...) coping strategies and helpful work environment were related to high job satisfaction. The relationship between work environment and job satisfaction was the strongest link in all subsequent analyses. High LOM is associated with unfavorable work environment for employees in the private sectors and people with low income and is positively associated with coping strategies for bad apples. A favorable work environment was related to less corrupt intent for people in the public sectors, good apples, and with low income, but not for their counterparts. Coping strategies were related to high job satisfaction for males, but not for females. Our counterintuitive results showed that bad apples’ high LOM was related to low corrupt intent. Our theoretical model sheds new light and provides novel theoretical, empirical, and practical implications to Macedonian managers’ corrupt intent. (shrink)
The money-pump argument is the standard argument for the acyclicity of rational preferences. The argument purports to show that agents with cyclic preferences are in some possible situations forced to act against their preference. In the usual, diachronic version of the money-pump argument, such agents accept a series of trades that leaves them worse off than before. Two stock objections are (i) that one may get the drift and refuse the trades and (ii) that one may adopt a (...) plan to only accept some of the trades. This article argues that these objections are irrelevant. If the diachronic money-pump argument is cogent, so is a more direct synchronic argument. The upshot is that the standard objections to the diachronic money-pump argument do not affect this simpler synchronic argument. Hence the standard objections to the money-pump argument for acyclicity are irrelevant. (shrink)
Recent research suggests there may be a link between religiousness and business ethics. This study seeks to add to the understanding of the relationship through a questionnaire survey on Malaysian Christians in business. The questionnaire taps into three different constructs. The religiousness construct is reflected in the level of participation in various common religious activities. The love of money construct is captured through the Love of Money Scale as used in Luna-Arocas and Tang [Journal of Business Ethics 50 (...) (2004) 329]. Response to 25 business vignettes taken from Conroy and Emerson [Journal of Business Ethics 50 (2004) 383] would surface ethical attitudes. A convenience sample of 300 was drawn from three large churches in the Kuala Lumpur area each with a congregation exceeding 1000 together with some representation from the smaller churches. The study finds some differences in the ethical attitudes of Malaysian Christians in business with different levels of religiousness. The study also finds that those longer in the faith are less accepting of unethical behavior. As such it can be concluded that there are ethical attitude differences between Christians in business with different levels of religiousness. This lends support to the claim of a positive relationship between religion and business ethics. The more significant finding is that even within a somewhat homogenous religious group there are different love of money profiles resulting in significant differences in ethical attitudes. This suggests that moderating money attitudes can contribute towards stronger ethical attitudes. (shrink)
The common saying “time is money” reflects the widespread belief in many people’s everyday life that time is valuable like money. Psychologically and neurophysiologically, however, these concepts seem to be quite different. This research replicates prior behavioral investigations by showing that merely mentioning “time” (compared to merely mentioning “money”) leads participants to evaluate a product more positively. Beyond this finding, the present functional magnetic resonance imaging (fMRI) experiment provides novel insight into the neurophysiological underpinnings of this behavioral (...) effect by showing that more positive product evaluations in the time primes (compared to money primes) are preceded by increased activation in the insula. Our data, therefore, support the idea of a time mindset that is different from a money mindset. Studies on the functional neuroanatomy of the insula have implicated this brain area in distinct but related psychological phenomena such as urging, addiction, loss aversion, and love. These functions imply greater personal connection between the consumer and a target subject or object and, thus, help explain why time-primed consumers rate products more positively. (shrink)
This paper investigates the key drivers behind the origins of value-for-money (VFM) audit in Canada and the aims, intents, and logics ascribed by the original proponents. Drawing on insights from governmentality and New Public Management, the paper utilizes analysis methods adapted from case study research to review a wide range of primary documentation (e.g., Hansards from the Public Accounts Committee, House of Commons debates, the so-called Wilson report and the FMCS study) and secondary documentation (newspaper articles, Office of the (...) Auditor General internal publications, journal articles). Major findings indicate a rise of a management consulting culture within the Auditor General’s office following the appointment of James Johnson Macdonell. VFM legislation effectively operationalized practices drawn from management consulting expertise by invitation of the consultant. It was offered as an answer to the growing scope and size of government, which had become problematized by the Auditor General in terms of parliament losing control over the public purse. The Auditor General’s invocation of financial crisis led to a substantial broadening of mandate and increase in resources for that office. (shrink)
This essay is a literature review journey of ancient Chinese texts, including Confucius' Analects, Sima Qian's Records of the Grand Historians of China, Pan Ku's The History of the Former Han Dynasty, and official historical texts of subsequent dynasties. Confucius is not against the accumulation of wealth as long as it is acquired through moral means. Sima Qian, the greatest Chinese historian, appreciates the contribution of successful private enterprises towards the betterment of economy by its efficient usage of resources and (...) his opinion is strikingly similar to modern economic theories such as F. A. Hakey's ideas on free market economy. Their standpoints are, however, rejected by all later official view which emphasizes "All land and resources belong to the King." Starting from Pan Ku' proposal on the classification of social hierarchy, businessmen belong to the bottom stratum of the social ladder. The money-making businessmen of the common people is portrayed as "immoral" or even "illegal," but when the profit goes to the King or when the business is state-owned, it is taken as reasonable and highly acceptable. The Chinese King is the controller of most profitable and important businesses in major industries and mining as well as the distributor of most valuable resources. All official view emphasizes the stability of the state, for then the control of the country can be ensured and the power of the King can be consolidated. (shrink)
In this study, we develop a theoretical model of monetary intelligence (MI), explore the extent to which individuals’ meaning of money is related to the pursuit of materialistic purposes, and test our model using the whole sample and across college major and gender. We select the 15-item love of money (LOM) construct—Factors Good, Evil (Affective), Budget (Behavioral), Achievement, and Power (Cognitive)—from the Money Ethic Scale and Factors Success and Centrality and two indicators—from the Materialism Scale. Based on (...) our data collected from 330 university students in Czech Republic, we provide the following findings. First, our formative models are superior to our reflective models. Second, for the reflective model, money represents Power, Good, Achievement, and not Evil, in the context of materialism. Our formative model suggests that those who pursuit materialism cherish Achievement (vanity) but Budget their money poorly. Third, multi-group analyses illustrate that humanities students (62.4 % female) consider money as Evil and Budget their money poorly, while those in natural sciences (37.6 % female) do not. Further, men are obsessed with Achievement, whereas women do not Budget their money properly, suggesting reflective temptation for males and impulsive temptation for females. Our novel discoveries shed new lights on the relationships between LOM and materialism and offer practical implications to the field of consumer behavior and business ethics. (shrink)
With continuous growth in information aggregation and dissemination, studies on privacy preferences are important to understand what makes people reveal information about them. Previous studies have demonstrated that short-term gains and possible monetary rewards make people risk disclosing information. Given the malleability of privacy preferences and the ubiquitous monetary cues in daily lives, we measured the contextual effect of reminding people about money on their privacy disclosure preferences. In experiment 1, we found that priming money increased willingness to (...) disclose their personal information that could be shared with an online shopping website. Beyond stated willingness, experiment 2 tested whether priming money increases propensity for actually giving out personal information. Across both experiments, we found that priming money increases both the reported willingness and the actual disclosure of personal information. Our results imply that not only do short-term rewards make people trade-off personal security and privacy, but also mere exposure to money increases self-disclosure. (shrink)
The paper's focus is on pragmatic arguments for various ‘rationality constraints’ on a decision maker’s state of mind: on his beliefs or preferences. An argument of this kind purports to show that a violator of a given constraint can be exposed to a decision problem in which he will act to his guaranteed disadvantage. Dramatically put, he can be exploited by a clever bookie who doesn’t know more than the agent himself. Examples of pragmatic arguments of this kind are synchronic (...) Dutch Books, for the standard probability axioms, diachronic Dutch Books, for the more controversial principles of reflection and conditionalization, and Money Pumps, for the transitivity requirement on preferences. The proposed exploitation set-ups share a common feature. If the violator of a given constraint is logically and mathematically competent, he can be exploited only if he is disunified in his decision-making. Exploitation is possible only if the agent makes decisions on various issues he confronts one by one, rather than on all of them together. Unity in decision making may be quite costly and is often inconvenient, especially when it concerns opportunity packages that are spread over time. Therefore, pragmatic arguments should be seen as delivering conditional conclusions: “To afford being disunified as a decision maker, you’d better satisfy these constraints.” Arguments of this kind fail to establish the inherent rationality of the constraints under consideration. Levi’s view of the status of pragmatic arguments (cf. Levi 2002) is diametrally opposed. According to him, only synchronic pragmatic arguments are valid (indeed, categorically valid). The diachronic ones, he argues, lack any validity at all. This line of reasoning is questioned in the paper. (shrink)
The impact of “love of money” on different aspects of consumers’ ethical beliefs has been investigated by previous research. In this study we investigate the potential impact of “love of money” on a manager’s ethical decision-making in marketing. Another objective of the current study is to investigate the potential impacts of extrinsic and intrinsic religiosity on ethical marketing decision-making. We also include ethical judgments as an element of ethical decision-making. We found “love of money”, both dimensions of (...) religiosity, and ethical judgment to have significant impacts on ethical intentions in a marketing situation. In addition to providing an important contribution to the business ethics literature, the findings also have important managerial implications. (shrink)
The introduction of the euro gave a unique opportunity to empirically disentangle two components of utility: intrinsic value, a rational component central in economics, and the numerosity effect (going by numbers while ignoring units), a descriptive and irrational component central in prospect theory and underlying the money illusion. We measured relative risk aversion in Belgium before and after the introduction of the euro, and could consider changes in intrinsic value while keeping numbers constant, and changes in numbers while keeping (...) intrinsic value constant. Intrinsic value significantly affected risk aversion, and the numerosity effect did not. Our study is the first to confirm the classical hypothesis of increasing relative risk aversion while avoiding irrational distortions due to the numerosity effect. (shrink)
How were the Greeks of the sixth century BC able to invent philosophy and tragedy? Richard Seaford argues that a large part of the answer can be found in another momentous development, the invention and rapid spread of coinage. By transforming social relations, monetization contributed to the concepts of the universe as an impersonal system (fundamental to Presocratic philosophy) and of the individual alienated from his own kin and from the gods, as found in tragedy.
January 21, 2010 will go down as a dark day in the history of American democracy, and its decline. The editors of the New York Times did not exaggerate when they wrote that the Supreme Court decision that day “strikes at the heart of democracy” by having “paved the way for corporations to use their vast treasuries to overwhelm elections and intimidate elected officials into doing their bidding” – more explicitly, for permitting corporate managers to do so, since current laws (...) permit them to spend shareholder money without consent. (shrink)
In The Construction of Social Reality (1995), John Searle develops a theory of institutional facts and objects, of which money, borders and property are presented as prime examples. These objects are the result of us collectively intending certain natural objects to have a certain status, i.e. to ‘count as’ being certain social objects. This view renders such objects irreducible to natural objects. In this paper we propose a radically different approach that is more compatible with standard economic theory. We (...) claim that such institutional objects can be fully understood in terms of actions and incentives, and hence the Searlean apparatus solves a non-existent problem. (shrink)
This is a translation of "Socialite et argent", a text by Emmanuel Levinas originally published in 1987. Levinas describes the emergence of money out of inter-human relations of exchange and the social relations - sociality - that result. While elsewhere he has presented sociality as "non-indifference to alterity" it appears here as "proximity of the stranger" and points to the tension between an economic system based on money and the basic human disposition to respond to the face of (...) the other person. Money both encodes and effaces sociality, both designates and disguises social relations. It arises from the way that needs and interests are manifested in exchange relations, in what he calls the "interestedness" of economic life. But interests are always already cut through by the fact that being is always "being with others". Being is always "inter-being". Interestedness is always confronted by disinterestedness, that is, by a sociality marked by the "goodness of giving", attachment to and concern for the poverty of the other person. Levinas concludes with a discussion of sociality and justice, posing questions about the tension between the demand to respond to an Other immediately before me and at the same time to respond to the demands of an other Other (the third person) who also invites a response. (shrink)
In Searle’s social ontology, collective intentionality is an essential component of all institutional facts. This is because the latter involve the assignment of functions, namely "status functions," on entities whose physical features do not guarantee their performance, therefore requiring our acceptance that it be performed. One counter-example to that claim can be found in Carl Menger’s individualistic account of the money system. Menger’s commitment to the self-interest assumption, however, prevents him from accounting for the deontic dimensions of institutional facts.
There are two questions with regard to money: What can it buy? and, How is it distributed? The two must be taken up in that order, for only after we have described the sphere within which money operates, and the scope of its operations, can we sensibly address its distribution. We must figure out how important money really is. It is best to begin with the naive view, which is also the common view, that money is (...) all-important, the root of all evil, the source of all good. "Money answereth all things," as Ecclesiastes says. According to Marx, it is the universal pander, arranging scandalous couplings between people and goods, breaching every natural, every moral barrier. Marx might have discovered this by looking around in nineteenth-century Europe, but in fact he found it in a book, Shakespeare's Timon of Athens, where Timon, digging for buried gold, interrogates his object: Gold? yellow, glittering, precious gold? No, gods. (shrink)
The standard argument for the claim that rational preferences are transitive is the pragmatic money-pump argument. However, a money-pump only exploits agents with cyclic strict preferences. In order to pump agents who violate transitivity but without a cycle of strict preferences, one needs to somehow induce such a cycle. Methods for inducing cycles of strict preferences from non-cyclic violations of transitivity have been proposed in the literature, based either on offering the agent small monetary transaction premiums or on (...) multi-dimensional preferences. This paper argues that previous proposals have been flawed and presents a new approach based on the dominance principle. (shrink)