In this paper, we empirically test for the influence of fairness considerations on the willingness to redistribute income in private and in democratic decisions. In contrast to standard explanations of income redistribution, our theory takes into account that prices shift decisively as we move...

We examine the diversification patterns of almost all publicly listed non-financial companies in China during the 2001 to 2005 period. More than 70 percent of the firms in our sample are diversified. We document that patterns of diversification strongly depend on firms' political connections....

In this paper, the authors empirical]y test for the influence of fairness considerations on the willingness to redistribute income in private and in democratic decisions. In contrast to standard explanations of income redistribution, the authors' theory takes into account that prices shift...

The price system is generally thought to be the epitome of efficiency. In some cases, however, lotteries are preferred to the market as a social decision-making system for reasons of fairness. As recent research has shown, neither procedure is always well accepted among the general population....