Process fairness and dynamic consistency

When process fairness deviates from outcome fairness, dynamic inconsistencies can arise as in nonexpected utility. Resolute choice (Machina) can restore dynamic consistency under nonexpected utility without using Strotz's precommitment. It can similarly justify dynamically consistent process fairness.

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Year of publication:	2010
Authors:	Trautmann, Stefan T. ; Wakker, Peter P.
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 109.2010, 3, p. 187-189
Publisher:	Elsevier
Keywords:	Dynamic consistency Procedural fairness Time consistency Equity Nonexpected utility

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Type of publication:	Article
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008866867