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Economy and values after a century of empirical research. V: POLIČ, Marko (ur.), BAJEC, Boštjan (ur.), KOMIDAR, Luka (ur.). Values and economy : proceedings of the 32nd IAREP Conference, [Ljubljana, 2007]. Ljubljana: Filozofska fakulteta, 2007, str. 12-22, ilustr. [COBISS.SI-ID 35181410]
The study of values is prominent both in psychology and economy. Contrary to the long history of theoretical axiology, the empirical research of values has a much shorter tradition. On the basis of the empirical studies of values, a comprehensive model of human values can be built including the structural (descriptive), developmental, cross-cultural and etiological (causal) aspects of values, as well as the relationships between values and other major domains of personality (motivation, personality dimensions, intellect and cognition, emotions, well-being and health). According to this model, the entire structural hierarchy of human values encompasses four levels differing in the generality of value categories or dimensions. The hierarchy extends from the bottom level of single general values through the levels of the middle-order dimensions and higher-order dimensions of values to the top level of two superdimensions of values (Apollonian and Dionysian values). In economy and economic psychology, the empirically based model of values is of importance in the light of the changing the homo economicus perspective to the behavioral economics perspective. In order to obtain more efficient predictions of human behavior, the contemporary economy and economical psychology should more properly reflect and consider the entire spectrum of the principal human values, which is much broader than the value systems being considered in classical economy.