Rank-Dependent Other-Regarding Preferences
نویسندگان
چکیده
The comonotonic additivity axiom has been applied successfully in behavior under risk and uncertainty, and in an other-regarding setting it suggests that preferences over two allocations are independent of the payoffs of unaffected players as long as both allocations generate the same rank order of payoffs. If other-regarding preferences satisfy comonotonic additivity and violate standard additivity, however, the resulting utility specification captures all other-regarding attitudes in a set of coefficients that are rank-dependent but not player-dependent. Consequently, comonotonic additivity may be too strong and is only appropriate when players are anonymous and have no shared history. JEL CLASSIFICATION: C72, D81
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تاریخ انتشار 2005