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

Engelmann, Dirk and Strobel, Martin (2002). Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments. UNU-MERIT Research Memoranda. UNU-MERIT.

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  • Sub-type Working paper
    Author Engelmann, Dirk
    Strobel, Martin
    Title Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments
    Series Title UNU-MERIT Research Memoranda
    Volume/Issue No. 13
    Publication Date 2002
    Publisher UNU-MERIT
    Language eng
    Abstract We present simple one-shot distribution experiments comparing the relative im-portance of efficiency, maximin preferences and inequality aversion, as well as the relative performance of the fairness theories by Bolton and Ockenfels (2000) and Fehr and Schmidt (1999). While the Fehr and Schmidt model performs better in a direct comparison, this appears to be due to being in line with max-imin preferences. More importantly, we find that the influence of both efficiency and maximin preferences is stronger than that of inequality aversion. We discuss potential implications our results might have for the interpretation of other experiments.
    Copyright Year 2002
    Copyright type All rights reserved
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    Created: Fri, 13 Dec 2013, 12:42:34 JST