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American Economic Review: Vol. 103 No. 7 (December 2013)

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Social Preferences under Risk: Equality of Opportunity versus Equality of Outcome

Article Citation

Saito, Kota. 2013. "Social Preferences under Risk: Equality of Opportunity versus Equality of Outcome." American Economic Review, 103(7): 3084-3101.

DOI: 10.1257/aer.103.7.3084

Abstract

This paper axiomatizes a utility function for social preferences under risk. In the model, a single parameter captures a preference for equality of opportunity (i.e., equality of exante expected payoffs) relative to equality of outcome (i.e., equality of ex-post payoffs). In a deterministic environment, the model reduces to the model of Fehr and Schmidt (1999). The model is consistent with recent experiments on probabilistic dictator games.

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Authors

Saito, Kota (CA Institute of Technology)

JEL Classifications

C72: Noncooperative Games
D71: Social Choice; Clubs; Committees; Associations
D81: Criteria for Decision-Making under Risk and Uncertainty


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