This paper uses a controlled laboratory experiment to investigate the effect of wealth on individual social responsibility (ISR), defined as choosing a more socially responsible product if a cheaper alternative is available. We find that rich consumers are significantly less likely to engage in...

To address the impact of regulation on ethical concerns of consumers, we study the example of minimum wages. In our experimental market, consumers have monopsony power, firms set prices and wages, and workers are passive recipients of a wage payment. We find that the majority of consumers...