Self-Flagellation and Utility Maximization

Abstract

Economic models explain human behavior only to the degree that the underlying assumptions of the model are fulfilled. Consumer theory of rational choice has been applied to a wide array of situations. This paper examines the results of the model when a consumer considers bundles of goods, some of which may affect her self image. Under these conditions, wrong decisions are not easily corrected, but can more easily be reversed if the individual is able to forgive herself for having made the wrong decision.

Religion, longevity, and cooperation: The case of the craft guild

“…This is not the only way that religious beliefs may enhance cooperation Jerome et al (2008),. for example, explain how the Judeo-Christian teachings on forgiveness can lower the cost to invidiuals of making consumption choices by allowing individuals to adjust their consumption choices more easily through time.…”