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The Economics of Fairness, Reciprocity and Altruism – Experimental Evidence and New Theories

Author

Listed:
  • Fehr, Ernst
  • Schmidt, Klaus M.

Abstract

This paper surveys recent experimental and field evidence on the impact of concerns for fairness, reciprocity and altruism on economic decision making. It also reviews some new theoretical attempts to model the observed behavior.

Suggested Citation

  • Fehr, Ernst & Schmidt, Klaus M., 2005. "The Economics of Fairness, Reciprocity and Altruism – Experimental Evidence and New Theories," Discussion Papers in Economics 726, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenec:726
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    File URL: https://epub.ub.uni-muenchen.de/726/1/Fehr-Schmidt_Handbook_2005-Munichecon.pdf
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    More about this item

    Keywords

    Behavioural Economics; Other-regarding Preferences; Fairness; Reciprocity; Altruism; Experiments; Incentives; Contracts; Competition;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • D0 - Microeconomics - - General
    • J3 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs

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