In the workhorse  model of welfare economics, the elasticity of marginal utility, often denoted as η, serves simultaneously to represent aversion to risk, aversion to spatial inequality, and preferences for intertemporal substitution.  While Kreps-Porteus-Selden and Epstein-Zin preferences...

Arguments about the appropriate discount rate often start by assuming a Utilitarian social welfare function with isoelastic utility, in which the consumption discount rate is a function of the (constant) elasticity of marginal utility along with the (much discussed) utility discount rate. In...

Arguments about the appropriate discount rate often start by assuming a Utilitarian social welfare function with isoelastic utility, in which the consumption discount rate is a function of the (constant) elasticity of marginal utility along with the (much discussed) utility discount rate. In...

Unfair intentions provoke negative reciprocity from others, making their concealment potentially beneficial. This paper explores whether people hide their unfair intentions from others and how hiding intentions is itself perceived in fairness terms. Our experimental data show a high frequency of...

Redistribution is an inevitable feature of collective pension schemes. Nevertheless, it is still an open question what people’s preferences are regarding this form of redistribution. This paper reviews experimental evidence on preferences regarding redistribution and asks what this evidence...

Redistribution is an inevitable feature of collective pension schemes and economic experiments have revealed that most people have a preference for redistribution that is not merely inspired by self-interest. Interestingly, little is known on how these preferences interact with preferences for...

This experimental study investigates how behavior changes after punishment for an unkind action. It also studies how fairness perceptions affect the reaction to punishment and whether this effect is consistent across repeated play and role experiences. A repeated version of the power-to-take...

See also <I>Social ties and coordination on negative reciprocity: The role of affect</I>, <A href="http://www.sciencedirect.com/science/article/pii/S0047272707000679">Journal of Public Economics'</A>, 2008, 92, 34-53.<P> This experimental study investigates how behavior changes after punishment for an unkind action. It also studies how fairness perceptions affect the reaction to...</p></a></i>

The impact of ICT (information and communication technology) on economic performance has been the subject of academic research for several decades, and despite the remarkable and significant innovation in computer technology, usage, and investments, only a small growth in productivity was...