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Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when …
Persistent link: https://www.econbiz.de/10008572569
In this paper we show that a simple model of fairness preferences explains major experimental regularities of common pool resource (CPR) experiments. The evidence indicates that in standard CPR games without communication and without sanctioning possibilities inefficient excess appropriation is...
Persistent link: https://www.econbiz.de/10005181497