Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments Export

@article{citeulike:1674940, abstract = {We present simple one-shot distribution experiments comparing the relative importance of efficiency concerns, maximin preferences, and inequality aversion, as well as the relative performance of the fairness theories by Gary E Bolton and Axel Ockenfels and by Ernst Fehr and Klaus M. Schmidt. While the Fehr-Schmidt theory performs better in a direct comparison, this appears to be due to being in line with maximin preferences. More importantly, we find that a combination of efficiency concerns, maximin preferences, and selfishness can rationalize most of the data while the Bolton-Ockenfels and Fehr-Schmidt theories are unable to explain important patterns.}, author = {Engelmann, Dirk and Strobel, Martin}, citeulike-article-id = {1674940}, citeulike-linkout-0 = {http://www.jstor.org/stable/3592796}, journal = {The American Economic Review}, number = {4}, pages = {857--869}, posted-at = {2007-09-19 09:22:14}, priority = {4}, title = {Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments}, url = {http://www.jstor.org/stable/3592796}, volume = {94}, year = {2004} }

TY - JOUR ID - citeulike:1674940 L3 - citeulike-article-id:1674940 N2 - We present simple one-shot distribution experiments comparing the relative importance of efficiency concerns, maximin preferences, and inequality aversion, as well as the relative performance of the fairness theories by Gary E Bolton and Axel Ockenfels and by Ernst Fehr and Klaus M. Schmidt. While the Fehr-Schmidt theory performs better in a direct comparison, this appears to be due to being in line with maximin preferences. More importantly, we find that a combination of efficiency concerns, maximin preferences, and selfishness can rationalize most of the data while the Bolton-Ockenfels and Fehr-Schmidt theories are unable to explain important patterns. IS - 4 JF - The American Economic Review EP - 869 TI - Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments VL - 94 SP - 857 AU - Engelmann, Dirk AU - Strobel, Martin PY - 2004/// UR - http://www.jstor.org/stable/3592796 ER -