This paper reports on an experiment designed to test whether pairs of individuals are able to exploit efficiency gains in the sharing of a risky financial prospect. Observations from a previous experiment had suggested a general rejection of efficiency in favour of ex post equality. The present experiment explores some possible explanations for this. The results indicate that fairness is not a significant consideration, but rather that having to choose between prospects diverts partners from allocating the chosen prospect efficiently.
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Paper provided by Department of Economics, University of York in its series Discussion Papers with number
00/36.
Length: Date of creation: Date of revision: Handle: RePEc:yor:yorken:00/36
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Cited by: (explanations, 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.)
Gary Charness, University of California, Santa Barbara and Garance Genicot,Georgetown University, .
"An Experimental Test of Risk-Sharing Arrangements,"
Working Papers
gueconwpa~04-04-02, Georgetown University, Department of Economics.
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