The work illustrates that not all non-economic behavior is beyond economic analysis. The maintained assumption as economists is that individual behavior is consistent with self-interest. At its weakest, self-interest only means that choices conform to some underlying preference ordering that is...

Experimental subjects often do not appear to behave as selfish money-maximizers, especially when "fair" or "altruistic" motives are inconsistent with money-maximizing Nash equilibria. This paper asks whether this apparently unselfish behavior is consistent with some well-behaved preference...