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© 2014 Elsevier B.V. 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.

Original publication

DOI

10.1016/j.jebo.2014.01.008

Type

Journal article

Journal

Journal of Economic Behavior and Organization

Publication Date

01/12/2014

Volume

108

Pages

383 - 388