Process Fairness and Dynamic Consistency

Trautmann, Stefan; Wakker, Peter

doi:10.1016/j.econlet.2010.08.031

S.T. Trautmann (Stefan) and P.P. Wakker (Peter)

2010-12-01

Process Fairness and Dynamic Consistency

Economics Letters , Volume 109 - Issue 3 p. 187- 189

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	doi.org/10.1016/j.econlet.2010.08.031, hdl.handle.net/1765/21462
Journal	Economics Letters
Organisation	Erasmus Research Institute of Management
Citation APA Style AAA Style APA Style Cell Style Chicago Style Harvard Style IEEE Style MLA Style Nature Style Vancouver Style American-Institute-of-Physics Style Council-of-Science-Editors Style BibTex Format Endnote Format RIS Format CSL Format DOIs only Format	Trautmann, S., & Wakker, P. (2010). Process Fairness and Dynamic Consistency. Economics Letters, 109(3), 187–189. doi:10.1016/j.econlet.2010.08.031

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