Abstract: 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.

Additional Metadata
Keywords Dynamic consistency, Equity, Nonexpected utility, Procedural fairness, Time consistency
JEL Equity, Justice, Inequality, and Other Normative Criteria and Measurement (jel D63), Criteria for Decision-Making under Risk and Uncertainty (jel D81)
Persistent URL dx.doi.org/10.1016/j.econlet.2010.08.031, hdl.handle.net/1765/21462
Citation
Trautmann, S.T, & Wakker, P.P. (2010). Process Fairness and Dynamic Consistency. Economics Letters, 109(3), 187–189. doi:10.1016/j.econlet.2010.08.031