We study how individuals adjust their judgment of fairness and unfairness when they are in the position of spectators before and after making real decisions, and how this adjustment depends on the actions they take in the game. We find that norms that appear universal instead take into account...

We investigate the relation between lotteries and sunspot allocations in a dynamic economy where the utility functions are not concave. In an intertemporal competitive economy, the household consumption set is identified with the set of lotteries, while in the intertemporal sunspot economy it is...