subjects are exposed to random shocks. We find that aggregate behavior is ex-post and ex-ante inequality averse, but also that … the other. The first presentation draws attention to inequality in payoffs, the second to collective risk. We find that … conclude that ex-post inequality aversion is the primary concern in the evaluation of social lotteries while collective risk is …

heterogeneity. As is well known, heterogeneity in time preference results in substantial inequality. This paper shows that, even if …―sacrifice and altruism, and interventions by the authority are justified. Sustainable heterogeneity indicates that globalization … heterogeneity may more correctly measure people’s “happiness.” However, it also indicates that inequality is necessary for …

subjects are exposed to random shocks. We find that aggregate behavior is ex-post and ex-ante inequality averse, but also that … the other. The first presentation draws attention to inequality in payoffs, the second to collective risk. We find that … conclude that ex-post inequality aversion is the primary concern in the evaluation of social lotteries while collective risk is …