Process fairness and dynamic consistency

S.T. Trautmann, P.P. Wakker

Research output: Contribution to journalArticleScientificpeer-review

Abstract

When process fairness deviates from outcome fairness, dynamic inconsistencies can arise as in nonexpected utility. Resolute choice (Machina) can restore dynamic consistency under nonexpected utility without using Strotz's precommitment. It can similarly justify dynamically consistent process fairness.
Original languageEnglish
Pages (from-to)187-189
JournalEconomics Letters
Volume109
Issue number3
Publication statusPublished - 2010

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Fairness
Dynamic consistency
Non-expected utility
Precommitment
Dynamic inconsistency

Cite this

Trautmann, S.T. ; Wakker, P.P. / Process fairness and dynamic consistency. In: Economics Letters. 2010 ; Vol. 109, No. 3. pp. 187-189.
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Trautmann, ST & Wakker, PP 2010, 'Process fairness and dynamic consistency', Economics Letters, vol. 109, no. 3, pp. 187-189.

Process fairness and dynamic consistency. / Trautmann, S.T.; Wakker, P.P.

In: Economics Letters, Vol. 109, No. 3, 2010, p. 187-189.

Research output: Contribution to journalArticleScientificpeer-review

TY - JOUR

T1 - Process fairness and dynamic consistency

AU - Trautmann, S.T.

AU - Wakker, P.P.

PY - 2010

Y1 - 2010

N2 - When process fairness deviates from outcome fairness, dynamic inconsistencies can arise as in nonexpected utility. Resolute choice (Machina) can restore dynamic consistency under nonexpected utility without using Strotz's precommitment. It can similarly justify dynamically consistent process fairness.

AB - When process fairness deviates from outcome fairness, dynamic inconsistencies can arise as in nonexpected utility. Resolute choice (Machina) can restore dynamic consistency under nonexpected utility without using Strotz's precommitment. It can similarly justify dynamically consistent process fairness.

M3 - Article

VL - 109

SP - 187

EP - 189

JO - Economics Letters

JF - Economics Letters

SN - 0165-1765

IS - 3

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