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  • The relationship between risk in the environment, risk aversion and inequality aversion is not well understood. Theories of fairness have typically assumed that pie sizes are known ex-ante. Pie sizes are, however, rarely known ex ante. Using two simple allocation problems—the Dictator and Ultimatum game—we explore whether, and how exactly, unknown pie sizes with varying degrees of risk (“endowment risk) influence individual behavior. We derive theoretical predictions for these games using utility functions that capture additively separable constant relative risk aversion and inequity aversion. We experimentally test the theoretical predictions using two subject pools: students of Czech Technical University and employees of Prague City Hall.
  • The relationship between risk in the environment, risk aversion and inequality aversion is not well understood. Theories of fairness have typically assumed that pie sizes are known ex-ante. Pie sizes are, however, rarely known ex ante. Using two simple allocation problems—the Dictator and Ultimatum game—we explore whether, and how exactly, unknown pie sizes with varying degrees of risk (“endowment risk) influence individual behavior. We derive theoretical predictions for these games using utility functions that capture additively separable constant relative risk aversion and inequity aversion. We experimentally test the theoretical predictions using two subject pools: students of Czech Technical University and employees of Prague City Hall. (en)
Title
  • Fairness in risky environments: theory and evidence
  • Fairness in risky environments: theory and evidence (en)
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  • Fairness in risky environments: theory and evidence
  • Fairness in risky environments: theory and evidence (en)
skos:notation
  • RIV/67985998:_____/13:00394897!RIV14-AV0-67985998
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  • 74581
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  • RIV/67985998:_____/13:00394897
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  • fairness; risk aversion; subject-pool effects (en)
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  • CH - Švýcarská konfederace
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  • 4
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  • van Koten, Silvester
  • Babický, Vítězslav
  • Ortmann, A.
issn
  • 2073-4336
number of pages
http://bibframe.org/vocab/doi
  • 10.3390/g4020208
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