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Economists commonly use the Edgeworth box to illustrate the ability of exchange to generate gains from trade. In contrast to this framework of dyadic exchange, we explore triadic forms of exchange where margins of coercion are also present. In the presence of triadic exchange, market...
Persistent link: https://www.econbiz.de/10013108081
recover individual notions of distributive justice from data collected in appropriately designed experiments. “Dictator games … planner” experiments or experiments under a “veil of ignorance” (Rawls 1971) can be used to recover larger parts of the notion … necessarily incentivecompatible, and to recover a greater part of an individual’s preference relation in dictator experiments than …
Persistent link: https://www.econbiz.de/10010192945
recover individual notions of distributive justice from data collected in appropriately designed experiments. "Dictator games … planner" experiments or experiments under a "veil of ignorance" (Rawls 1971) can be used to recover larger parts of the notion … necessarily incentive-compatible, and to recover a greater part of an individual's preference relation in dictator experiments …
Persistent link: https://www.econbiz.de/10010370991
whether the wealth distribution choice exhibits equity or efficiency preferring tastes. We report experiments using a within …
Persistent link: https://www.econbiz.de/10011928322
material payoff? This paper addresses those questions in experiments that first elicit subjects' social preferences and then …
Persistent link: https://www.econbiz.de/10011719833
Persistent link: https://www.econbiz.de/10014456807
We investigate how individuals think groups should aggregate members' ordinal preferences - that is, how they interpret "the will of the people." In an experiment, we elicit revealed attitudes toward ordinal preference aggregation and classify subjects according to the rules they apparently...
Persistent link: https://www.econbiz.de/10012625509
The notion of a Bowley optimum has gained recent popularity as an equilibrium concept in problems of risk sharing and optimal reinsurance. In this paper, we examine the relationship between Bowley optimality and Pareto efficiency in a problem of optimal reinsurance, under fairly general...
Persistent link: https://www.econbiz.de/10013307644
Two by-now folkloric results in the theory of risk sharing are that (i) any feasible allocation is convex-order-dominated by a comonotonic allocation; and (ii) an allocation is Pareto optimal for the convex order if and only if it is comonotonic. Here, comonotonicity corresponds to the...
Persistent link: https://www.econbiz.de/10014262728
For quite a long time, network industries used to be regarded as (natural) monopolies. This was due to these industries having some special characteristics. Network externalities and economies of scale in particular justified the (natural) monopoly thesis. Recently, however, a trend towards...
Persistent link: https://www.econbiz.de/10011506581