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Process fairness and dynamic consistency

  • Trautmann, Stefan T.
  • Wakker, Peter P.

When process fairness deviates from outcome fairness, dynamic inconsistencies can arise as in nonexpected utility. Resolute choice (Machina) can restore dynamic consistency under nonexpected utility without using Strotz's precommitment. It can similarly justify dynamically consistent process fairness.

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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 109 (2010)
Issue (Month): 3 (December)
Pages: 187-189

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Handle: RePEc:eee:ecolet:v:109:y:2010:i:3:p:187-189
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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