Implicit in most applications of the expected utility (EU) model is the assumption that only the decision maker's own income matters. Moreover, studies that estimate risk preferences typically measure how individuals respond to changes in the level and likelihood of having their own income altered (Young). The focus on own income in the EU model is consistent with the assumption most often applied in the neoclassical economic paradigm; namely, that the identity of participants in an economic exchange does not affect the outcome (Telser and Higinbotham).
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Paper provided by Michigan State University, Department of Agricultural, Food, and Resource Economics in its series Staff Papers with number
11533.
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Robison, Lindon J & Schmid, A Allan & Siles, Marcelo E, 2002.
"Is Social Capital Really Capital?,"
Review of Social Economy,
Taylor and Francis Journals, vol. 60(1), pages 1-21, March.
[Downloadable!] (restricted)
Other versions:
Robison, Lindon J. & Schmid, A. Allan & Siles, Marcelo E., 1999.
"Is Social Capital Really Capital?,"
Staff Papers
11649, Michigan State University, Department of Agricultural, Food, and Resource Economics.
[Downloadable!]
Samuel Bowles & Glenn C. Loury & Rajiv Sethi, 2009.
"Group Inequality,"
Economics Working Papers
0088, Institute for Advanced Study, School of Social Science.
[Downloadable!]