Process fairness and dynamic consistency
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.
Year of publication: |
2010
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---|---|
Authors: | Trautmann, Stefan T. ; Wakker, Peter P. |
Published in: |
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 109.2010, 3, p. 187-189
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Publisher: |
Elsevier |
Keywords: | Dynamic consistency Procedural fairness Time consistency Equity Nonexpected utility |
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