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The paper reexamines the ethics of intergenerational risk. When risk re-solves gradually, earlier decisions cannot depend on the realization of later shocks and, consequently, some inequalities across generations are inevitable. To account for these inequalities, risky intergenerational...
Persistent link: https://www.econbiz.de/10011333646
perceived justice. Surprisingly little is known about how people perceive justice under uncertainty. We theoretically and … well organized by four different theoretical views of justice under uncertainty, indicating that uninvolved participants … differ fundamentally in their views on justice under uncertainty …
Persistent link: https://www.econbiz.de/10013006995
government functions, including some central to the realisation of economic justice. This article advances a theory of “Eurozone … justice” by developing principled answers to two basic questions: First, what do members of monetary unions owe one another in … approach the moral basis of supranational monetary governance, focusing on background justice and equitable risk sharing …
Persistent link: https://www.econbiz.de/10012854597
Three determining factors for economic inequality are self-chosen effort, self-chosen risk, and external circumstances. The fairness people assign to inequalities due to effort and external circumstances is widely studied. Insights on the fairness of inequalities due to self-chosen effort and...
Persistent link: https://www.econbiz.de/10013252893
An important element for the public support of policies is their perceived justice. At the same time most policy … their own risk preferences. The observed allocations are consistent with four different views of justice under uncertainty …
Persistent link: https://www.econbiz.de/10013315740
Risk equity serves as the purported rationale for a wide range of inefficient policy practices, such as the concern that hypothetical individual risks not be too great. This paper proposes an alternative risk equity concept in terms of equitable tradeoffs rather than equity in risk levels....
Persistent link: https://www.econbiz.de/10014037559
The paper reexamines the welfare economics of intergenerational risk. Risk and its resolution over time are modeled as a decision tree: in each period, the consumption of the current one-period living generation is to be traded-off against uncertain benefits of future generations; as time...
Persistent link: https://www.econbiz.de/10013030316
An important element for the public support of policies is their perceived justice. At the same time most policy … their own risk preferences. The observed allocations are consistent with four different views of justice under uncertainty. …
Persistent link: https://www.econbiz.de/10009766681
Starting from Schelling (1960), several game theorists have conjectured that payoff equity might facilitate coordination in normal-form games with multiple equilibria - the more equitable equilibrium might be selected either because fairness makes it focal or because many individuals dislike...
Persistent link: https://www.econbiz.de/10010224794
The paper reexamines the welfare economics of intergenerational risk. Risk and its resolution over time are modeled as a decision tree: in each period, the consumption of the current one-period living generation is to be traded-off against uncertain benefits of future generations; as time...
Persistent link: https://www.econbiz.de/10010467848