An experimental comparison of the fairness models by Bolton and Ockenfels and by Fehr and Schmidt
AbstractIn this note we present an experiment to compare the two competing fairness theories by Bolton / Ockenfels and Fehr / Schmidt. For most experiments that these theories have previously been applied to, they make similar predictions so that it is difficult to compare their predictive accuracy. We designed a very simple experiment that induces opposing predictions made by both theories. We find that if the maximization of total payoff is in line with the decision predicted by Fehr and Schmidt, almost all subjects decide accordingly, whereas if it is in line with the prediction by Bolton and Ockenfels, decisions are dispersed. --
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Bibliographic InfoPaper provided by Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes in its series SFB 373 Discussion Papers with number 2000,28.
Date of creation: 2000
Date of revision:
Other versions of this item:
- Dirk Engelmann & Martin Strobel, 2000. "An Experimental Comparison of the Fairness Models by Bolton and Ockenfels and by Fehr and Schmidt," Econometric Society World Congress 2000 Contributed Papers 1229, Econometric Society.
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- Ernst Fehr & Klaus M. Schmidt, 1999.
"A Theory Of Fairness, Competition, And Cooperation,"
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- Gary E. Bolton & Axel Ockenfels, 2002.
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- Gary Bolton & Axel Ockenfels, 2005. "A stress test of fairness measures in models of social utility," Economic Theory, Springer, vol. 25(4), pages 957-982, 06.
- Chu, Ke-young, 2004. "Group-Oriented Values, Rules and Cooperation," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
- Attila Gulyás, 2010. "- Friends?... Fair enough," Proceedings of FIKUSZ '10, in: László Áron Kóczy (ed.), Proceedings of FIKUSZ 2010, pages 72-92 Óbuda University, Keleti Faculty of Business and Management.
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