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Inequality aversion with general payoff function

Author

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  • Daijiro Kawanaka

    (Graduate School of Economics, Osaka University)

Abstract

In the existing axiomatic models of inequity aversion, players have linear payoff functions, so they can predict that a dictator chooses only a completely selfish or completely fair offer in dictator games. However, experimental literature documents that a significantly amount of dictators offers 20-30% of the total pie to the passive opponent. This note, in contrast, axiomatizes inequity averse representation with general payoff function, so that we can explain such interior choices.

Suggested Citation

  • Daijiro Kawanaka, 2021. "Inequality aversion with general payoff function," Discussion Papers in Economics and Business 21-09, Osaka University, Graduate School of Economics.
    • Handle: RePEc:osk:wpaper:2109
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    More about this item

    Keywords

    Inequality aversion under risk; Maxmin expected utility; Social preferences;
    All these keywords.

    JEL classification:

    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty

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