Process fairness and dynamic consistency

Stefan Trautmann and Peter Wakker

Economics Letters, 2010, vol. 109, issue 3, 187-189

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.

Keywords: Dynamic; consistency; Procedural; fairness; Time; consistency; Equity; Nonexpected; utility (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (23)

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