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Social Preferences under Risk: Equality of Opportunity versus Equality of Outcome

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  • Kota Saito
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    Abstract

    This paper axiomatizes a utility function for social preferences under risk. In the model, a single parameter captures a preference for equality of opportunity (i.e., equality of exante expected payoffs) relative to equality of outcome (i.e., equality of ex-post payoffs). In a deterministic environment, the model reduces to the model of Fehr and Schmidt (1999). The model is consistent with recent experiments on probabilistic dictator games.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.103.7.3084
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    File URL: http://www.aeaweb.org/aer/ds/dec2013/20120423_ds.zip
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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 103 (2013)
    Issue (Month): 7 (December)
    Pages: 3084-3101

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    Handle: RePEc:aea:aecrev:v:103:y:2013:i:7:p:3084-3101

    Note: DOI: 10.1257/aer.103.7.3084
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    1. Schmeidler, David, 1989. "Subjective Probability and Expected Utility without Additivity," Econometrica, Econometric Society, vol. 57(3), pages 571-87, May.
    2. Thibault Gadjos & Eric Maurin, 2002. "Unequal Uncertainties and Uncertain Inequalities : An Axiomatic Approach," Working Papers 2002-32, Centre de Recherche en Economie et Statistique.
    3. Christian Grund & Dirk Sliwka, 2005. "Envy and Compassion in Tournaments," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 14(1), pages 187-207, 03.
    4. Charness, Gary B & Rabin, Matthew, 2001. "Understanding Social Preferences With Simple Tests," University of California at Santa Barbara, Economics Working Paper Series qt0dc3k4m5, Department of Economics, UC Santa Barbara.
    5. Kirsten Rohde, 2010. "A preference foundation for Fehr and Schmidt’s model of inequity aversion," Social Choice and Welfare, Springer, vol. 34(4), pages 537-547, April.
    6. repec:hal:journl:halshs-00085940 is not listed on IDEAS
    7. Sandroni Alvaro & Ludwig Sandra & Kircher Philipp, 2013. "On the Difference between Social and Private Goods," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 13(1), pages 27, June.
    8. Fudenberg, Drew & Lavine, David K., 2012. "Fairness, Risk Preferences and Independence: Impossibility Theorems," Scholarly Articles 11022184, Harvard University Department of Economics.
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