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Abstract (English)
We present a model of a 2-person-2-period-economy with specific (human) capital. Although the individuals are purely selfish, the outcome is seemingly guided by pro-social behavior. We find in our model economy that fairness and efficiency are positively related whereas risk aversion seems to have no major impact on the seemingly fair behavior. A rise in the time preference increases the disadvantaged subject?s aspiration for equal outcomes but reduces the advantaged subject?s willingness to accept them.
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Hohenheimer Diskussionsbeiträge; 281
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Faculty of Business, Economics and Social Sciences
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Institut für Volkswirtschaftslehre (bis 2010)
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English
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330 Economics