English, Article edition: Fairness as a constraint Jiancai Pi

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Bookmark: http://trove.nla.gov.au/version/22602
Physical Description
  • article
Language
  • English

Edition details

Title
  • Fairness as a constraint
Author
  • Jiancai Pi
Physical Description
  • article
Notes
  • Purpose – The purpose of this short paper is to provide an alternative method to explain the reason why the outcome of the ultimatum game based on the well-known self-interest model is not feasible in real life. Design/​methodology/​approach – Contrary to traditional models which treat fairness as a variable of the utility function, the paper takes fairness as a constraint to the utility function. The problem is solved through the standard incentive theory and bargaining theory. Findings – It was found that fairness constraints play an important role in determining the eventual outcome of the ultimatum game. Research limitations/​implications – The paper's approach may set up a useful framework for incorporating fairness into economics, and bridge the gaps between the fairness approach and the standard incentive theory and bargaining theory. Practical implications – When tackling the problem of distribution based on fairness, the paper shows that the cultural background and special situation should be taken seriously. Originality/​value – In this paper, the concept of the fairness constraint is introduced into a formal framework.
  • Constraint handling, Economics, Game theory, Utility theory
  • RePEc:eme:humpps:v:24:y:2008:i:3:p:239-243
Language
  • English
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