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American Economic Review: Vol. 103 No. 1 (February 2013)

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Dictating the Risk: Experimental Evidence on Giving in Risky Environments

Article Citation

Brock, J. Michelle, Andreas Lange, and Erkut Y. Ozbay. 2013. "Dictating the Risk: Experimental Evidence on Giving in Risky Environments." American Economic Review, 103(1): 415-37.

DOI: 10.1257/aer.103.1.415

Abstract

We study if and how social preferences extend to risky environments. We provide experimental evidence from different versions of dictator games with risky outcomes and establish that preferences that are exclusively based on ex post or on ex ante comparisons cannot generate the observed behavioral patterns. The more money decision-makers transfer in the standard dictator game, the more likely they are to equalize payoff chances under risk. Risk to the recipient does, however, generally decrease the transferred amount. Ultimately, a utility function with a combination of ex post and ex ante fairness concerns may best describe behavior. (JEL C72, D63, D64, D81)

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Authors

Brock, J. Michelle (European Bank of Reconstruction and Development)
Lange, Andreas (U Hamburg)
Ozbay, Erkut Y. (U MD)

JEL Classifications

C72: Noncooperative Games
D63: Equity, Justice, Inequality, and Other Normative Criteria and Measurement
D64: Altruism; Philanthropy
D81: Criteria for Decision-Making under Risk and Uncertainty


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