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Measuring tastes for equity and aggregate wealth behind the veil of ignorance

Author

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  • Heufer, Jan
  • Shachat, Jason
  • Xu, Yan

Abstract

We propose an instrument to measure individuals' social preferences regarding equity and efficiency behind a veil of ignorance while controlling for idiosyncratic risk preferences. We construct a battery of portfolio and wealth distribution choice problems sharing a common budget set. A given bundle induces the same distribution over an individual's wealth in both problems. The portfolio choice solely reflects an individual's risk attitude, providing a benchmark to evaluate whether their wealth distribution choice exhibits equity or efficiency preferring tastes. Our experiments show clusters of social preference types, which are unexpectedly independent of risk preferences.

Suggested Citation

  • Heufer, Jan & Shachat, Jason & Xu, Yan, 2025. "Measuring tastes for equity and aggregate wealth behind the veil of ignorance," Games and Economic Behavior, Elsevier, vol. 153(C), pages 209-232.
    • Handle: RePEc:eee:gamebe:v:153:y:2025:i:c:p:209-232
    DOI: 10.1016/j.geb.2025.06.005
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    JEL classification:

    • C14 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Semiparametric and Nonparametric Methods: General
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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