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Export Reference (APA) 
Gomes, O. (2011). The hierarchy of human needs and their social valuation. International Journal of Social Economics. 38 (3), 237-259
Export Reference (IEEE) 
O. M. Gomes,  "The hierarchy of human needs and their social valuation", in Int. Journal of Social Economics, vol. 38, no. 3, pp. 237-259, 2011
Export BibTeX 
@article{gomes2011_1715942780458,
	author = "Gomes, O.",
	title = "The hierarchy of human needs and their social valuation",
	journal = "International Journal of Social Economics",
	year = "2011",
	volume = "38",
	number = "3",
	doi = "10.1108/03068291111105183",
	pages = "237-259",
	url = "http://www.emeraldinsight.com/doi/abs/10.1108/03068291111105183"
}
Export RIS 
TY  - JOUR
TI  - The hierarchy of human needs and their social valuation
T2  - International Journal of Social Economics
VL  - 38
IS  - 3
AU  - Gomes, O.
PY  - 2011
SP  - 237-259
SN  - 0306-8293
DO  - 10.1108/03068291111105183
UR  - http://www.emeraldinsight.com/doi/abs/10.1108/03068291111105183
AB  - Purpose: The purpose of this paper is to discuss the valuation of human needs within a given hierarchy. An important distinction is made between private utility and social relevance of needs. Design/methodology/approach: The authors consider a generic hierarchy of needs in a world of similar agents. For the assumed pyramid, agents have to predict the current social value of a need that they will try to fulfill only at some future date. Several possibilities are explored about the way agents predict the social value of future needs. Findings: It is found that if agents are unable to form an accurate forecast on the social value of a future need, distortions will eventually occur. Complex dynamics may emerge when agents try to learn future social values and use inaccurate learning algorithms. Research limitations/implications: The paper discusses how individuals measure the value of a need that is fulfilled in some future date. Results are dependent on the assumed learning algorithm. Different learning algorithms may lead to other kinds of long-term implications. Practical implications: The paper allows for a better understanding of how human needs can be valued. Social implications: It is highlighted that aggregate behavior on the evaluation of needs may be different from the behavior of an average agent. Originality/value: In this paper, the notion of hierarchy of needs is combined with an assessment of how agents form expectations about future events. This furnishes a new paradigm of analysis that can be explored in related future work.
ER  -