The question of whether lawyers and managers behave selfishly or fairly has inspired discussion for a long time. Empirical evidence, however, is sparse. Using data from an experiment with 359 law and business administration students, we investigate this question empirically and provide first...

This paper investigates how the introduction of social preferences affects players’ equilibrium behavior in both the one-shot and the infinitely repeated version of the Prisoner’s Dilemma game. We show that fairness concerns operate as a ”substitute” for time discounting in the...

Players in economic situations often have preferences not only over their own outcome but also over what happens to fellow players, entirely apart from any strategic considerations. While this can be modeled directly by simply writing down final preferences, these are commonly unknown a priori....