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Behavioral economics poses a challenge for the welfare evaluation of choices, particularly those that involve risk. It demands that we recognize that the descriptive account of behavior toward those choices might not be the ones we were all taught, and still teach, and that subjective risk perceptions might not accord with expert assessments of probabilities. In addition to these challenges, we are faced with the need to jettison naive notions of revealed preferences, according to which every choice by a subject expresses her objective function, as behavioral evidence forces us to confront pervasive inconsistencies and noise in a typical individual’s choice data. A principled account of errant choice must be built into models used for identification and estimation. These challenges demand close attention to the methodological claims often used to justify policy interventions. They also require, we argue, closer attention by economists to relevant contributions from cognitive science. We propose that a quantitative application of the “intentional stance” of Dennett provides a coherent, attractive and general approach to behavioral welfare economics.

People have unconscious motives which affects their decision-making and associated behavior. The paper describes a study using thematic apperception test (TAT) to measure how unconscious motives influence travelers' interpretations and preferences toward alternative tours and hotels. Using the TAT, the present study explores the relationships between three unconscious needs: (1) achievement, (2) affiliation, and (3) power and preferences for four package tours (adventure, culture, business, and escape tours) and for seven hotel identities (quality, familiarity, location, price, friendliness, food and beverage, and cleanliness and aesthetics). The present study conducts canonical correlation analyses to examine the relationships between unconscious needs and preferences for package tours and hotel identities using data from 467 university students. The study scores 2,438 stories according to the TAT manual to identify unconscious needs. The findings indicate that (1) people with a high need for affiliation prefer an experience based on cultural values and hotels that are conveniently located, (2) individuals with a high need for power indicate a preference for high prices and good value for their money, and (3) people with a high need for achievement prefer a travel experience with adventure as a motivation. The study findings are consistent with previous research of McClelland (1990), Wilson (2002), and Woodside et al. (2008) in exploring impacts of the unconscious levels of human need.

Böhm-Bawerk’s time preference approach had significant importance among many other theories of interest. His assertion based on inherent human nature and the distinction he made between the positive and normative aspects of interest were remarkably authentic. As it is assumed that any efficient evaluation, judgment or regulation on the legitimacy of interest has to consider the theory of time preference, especially Böhm-Bawerk’s approach, the paper aimed to examine the Islamic economists’ response to the time preference theory of interest.

The paper presents Böhm-Bawerk’s time preference theory of interest. Then, it evaluates the Islamic economists’ views on the concepts of the time value of money and time preference qualitatively by scrutinizing the relevant literature.

It is observed that there is not any proper response of Islamic economists to the assertions of the causes of time preference. Responding to such challenges requires an approach that is mostly developed in the positive domain.

Although it is evident that interest is regarded as destructive in Islamic economics, the consideration is primarily normative. However, a convincing assertion also requires to be justified in the positive domain. Empirical works are exhibiting the problems with interest-based transactions. Besides, this paper raises the need for theoretical expositions of Islamic economists in response to the interest theories, which claim that the existence of interest is inevitable.

The purpose of this paper is to develop a motivation preferences scale and identify different groups' motivation preferences.

Song Lianke designed a motivation preferences scale in 2002. Authors developed this scale by factor analysis in 2006. Participants were a sample of employees from ten organizations in Jiangsu Province, Eastern China. This paper compared motivation preferences among different groups via multivariate analysis of variance.

Motivation preferences can be characterized by existence needs, relatedness needs and growth needs. Results indicated that motivation preferences were strongly related to needs with which individuals desire to be satisfied. There were significant differences in motivation preferences among groups that were categorized by gender or personality. Additionally, we found that Chinese culture influenced motivation preferences.

Authors collected all data from Jiangsu Province, but future investigation ought to collect data from more places. This paper did not analyze why and how motivation preferences related to needs. Relationship between motivation preference and performance was not discussed. This research did not distinguish motivation preferences between managers and non‐managers. Future research should do those works.

This research provided an instrument for scholars and managers who want to measure motivation preferences. Results suggested that there were differences among different groups on motivation preferences.

We present the results of a questionnaire study with Belgian undergraduate students as respondents. We consider the relationship between people’s direct ethical preferences, their preferences behind a veil of ignorance, and their purely individual risk preferences over income distributions. The results reveal that, although there are important similarities between the three types of preferences, the first and third types form two extremes, while the second type lies in between the other two. Consistency of response patterns with the expected utility (EU) and rank-dependent expected utility (RDEU) models – natural analogues of the social welfare functions most frequently used in the literature on inequality and social welfare – is tested as well. For all three types of preferences the results reveal that, in the considered context, the RDEU model does not add explanatory power to the EU model. However, preferences appear to be relatively well described by some of the basic concepts from non-expected utility theory not usually considered in the income distribution literature.

The theme of micro‐foundation of economic theory has not been adequately addressed. This is true even of those who pioneered the area of micro‐foundation of macro‐economics. The great missing link in economic theory, both of micro‐economics and macro‐economics, is the inability to methodologically integrate ethical and moral values through preference mapping. This missing methodology disables the study of institutions, policy formulation and normative statements of structural transformation. On the other hand, such issues are once again haunting the human race in the murky and troubled global relations today – from capitalism to war to governance. This paper addresses the preference mapping and embedding of ethical and moral issues as endogenous dynamics in economic theory. The approach is rigorous and methodological.

The paper aims to offer a new perspective on the strictly microeconomic nature of all of Islamic economics. Writers in this field continue to work in the mainstream tradition without noticing the micro‐interface of the theoretical nature of Islamic economics. This paper aims to address this issue.

The paper provides a comparative study of received literature in the history of economic thought and contrasts the ethical foundations of Islamic economics from the mainstream dichotomy between microeconomic and macroeconomic parts.

There is a cogent microeconomic foundation of Islamic economics for the economy‐wide treatment of ethical economic issues and problems including the policy framework.

This is a theoretical exploration. The empirical part is yet to be expanded upon.

The paper has practical implications for graduate students on policy formulation and economic theorizing, by making them analytically aware on the extensive relevance of microeconomics in the building block of ethical content of economic theory, policy and institutions.

The paper presents original thinking along lines of microeconomic foundations of macroeconomic theory from the social and ethical vantage points of Islamic economics and finance that writers in this field should not ignore. The paper is meant for serious students and academics of economic theory and ethical social policy embedded in the economic treatment.

Choice under risk has a large stochastic (unpredictable) component. This chapter examines five stochastic models for binary discrete choice under risk and how they combine with “structural” theories of choice under risk. Stochastic models are substantive theoretical hypotheses that are frequently testable in and of themselves, and also identifying restrictions for hypothesis tests, estimation and prediction. Econometric comparisons suggest that for the purpose of prediction (as opposed to explanation), choices of stochastic models may be far more consequential than choices of structures such as expected utility or rank-dependent utility.

Professor Shackle has long maintained both the originality of the liquidity preference theory of interest rates and its paramount importance for macroeconomics. He has argued, for example, that:

As independent travel has become increasingly popular in recent years, factors influencing users’ attitudes and behaviors should be explored. Besides, the rise of video platforms like YouTube, Bilibili and TikTok has led to the flourishing of user generated content (UGC), among which travel vlogs have become convenient and essential references for tourists before and while they travel on their own.

This research used quantitative analysis through a survey designed for young people, as most vlog viewers are in those age groups, to explore the attitudes and perceptions of vlog preference, attitudes and cognizance of travel vlogs among different gender, guided by the decision-making theory and preference theory with 455 participants.

Survey results showed that both genders have common choices regarding travel vlog preference, attitudes, sharing and cognizance. Yet, gender differences appear in some cognition of travel vlogs and specific preferences, such as information searching habits, trusty travel and information sources.

Existing studies focus on the influence of platforms on users, but scant studies focus on user perceptions of vlogs as a new information carrier for young people in East Asia, especially regarding gender differences, which is crucial in media-based marketing. This research provides practical suggestions to marketers and vloggers to attract and engage different genders of young people and theoretical implications on decision and preference theories.