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A Simple Risk-Sharing Experiment

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Author Info
John Bone
John Hey
John Suckling

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Abstract

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.

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Handle: RePEc:yor:yorken:00/36

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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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Related research
Keywords: Risk-sharing; experiments; bargaining; fairness.;

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Find related papers by JEL classification:
D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
C92 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Group Behavior

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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.:
  1. Bone, John, 1998. "Risk-sharing CARA individuals are collectively EU," Economics Letters, Elsevier, vol. 58(3), pages 311-317, March. [Downloadable!] (restricted)
  2. repec:cup:cbooks:9780521576475 is not listed on IDEAS
  3. Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December. [Downloadable!] (restricted)
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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.)

  1. Nadja Trhal & Ralf Radermacher, 2006. "Bad luck vs. self-inflicted neediness – An experimental investigation of gift giving in a solidarity game," Working Paper Series in Economics 28, University of Cologne, Department of Economics, revised 07 Mar 2008. [Downloadable!]
  2. 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. [Downloadable!]
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  3. Gary Charness & Garance Genicot, 2008. "Informal Risk Sharing in an Infinite-horizon Experiment," University of California at Santa Barbara, Economics Working Paper Series 09-08, Department of Economics, UC Santa Barbara. [Downloadable!]
    Other versions:
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