Biases in choices about fairness: Psychology and economic inequality
This paper investigates choices about “distributional fairness” (sometimes called “distributive justice”), i.e., selection of the proper way for resources to be distributed in group. The study finds evidence that several of the same biases of risky decision making also apply to choices about distrib...
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2015-03-01
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| Series: | Judgment and Decision Making |
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| Online Access: | https://www.cambridge.org/core/product/identifier/S193029750000396X/type/journal_article |
| _version_ | 1797701691839086592 |
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| author | Zachary Michaelson |
| author_facet | Zachary Michaelson |
| author_sort | Zachary Michaelson |
| collection | DOAJ |
| description | This paper investigates choices about “distributional fairness” (sometimes called “distributive justice”), i.e., selection of the proper way for resources to be distributed in group. The study finds evidence that several of the same biases of risky decision making also apply to choices about distributional fairness, in particular focusing on the key biases that lead to prospect theory. This finding is achieved by introducing a novel thought experiment regarding the fairness of resource distributions, then manipulating the percentage of individuals who gain or lose in these distributions, and changing the sizes of gains and losses. Shared biases may mean similar heuristics are being employed. The mechanism behind this result leaves room for future exploration, as do the implications of the finding for related applications in inequality research. |
| first_indexed | 2024-03-12T04:40:25Z |
| format | Article |
| id | doaj.art-c8579755886f49cd93f210410e52dc5c |
| institution | Directory Open Access Journal |
| issn | 1930-2975 |
| language | English |
| last_indexed | 2024-03-12T04:40:25Z |
| publishDate | 2015-03-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Judgment and Decision Making |
| spelling | doaj.art-c8579755886f49cd93f210410e52dc5c2023-09-03T09:45:53ZengCambridge University PressJudgment and Decision Making1930-29752015-03-011019820310.1017/S193029750000396XBiases in choices about fairness: Psychology and economic inequalityZachary Michaelson0Finance Department, New York UniversityThis paper investigates choices about “distributional fairness” (sometimes called “distributive justice”), i.e., selection of the proper way for resources to be distributed in group. The study finds evidence that several of the same biases of risky decision making also apply to choices about distributional fairness, in particular focusing on the key biases that lead to prospect theory. This finding is achieved by introducing a novel thought experiment regarding the fairness of resource distributions, then manipulating the percentage of individuals who gain or lose in these distributions, and changing the sizes of gains and losses. Shared biases may mean similar heuristics are being employed. The mechanism behind this result leaves room for future exploration, as do the implications of the finding for related applications in inequality research.https://www.cambridge.org/core/product/identifier/S193029750000396X/type/journal_articledistributional fairnessAllais paradoxisolation effectcertainty effectpeanuts effectinequalityreflection effectprospect theory |
| spellingShingle | Zachary Michaelson Biases in choices about fairness: Psychology and economic inequality Judgment and Decision Making distributional fairness Allais paradox isolation effect certainty effect peanuts effect inequality reflection effect prospect theory |
| title | Biases in choices about fairness: Psychology and economic inequality |
| title_full | Biases in choices about fairness: Psychology and economic inequality |
| title_fullStr | Biases in choices about fairness: Psychology and economic inequality |
| title_full_unstemmed | Biases in choices about fairness: Psychology and economic inequality |
| title_short | Biases in choices about fairness: Psychology and economic inequality |
| title_sort | biases in choices about fairness psychology and economic inequality |
| topic | distributional fairness Allais paradox isolation effect certainty effect peanuts effect inequality reflection effect prospect theory |
| url | https://www.cambridge.org/core/product/identifier/S193029750000396X/type/journal_article |
| work_keys_str_mv | AT zacharymichaelson biasesinchoicesaboutfairnesspsychologyandeconomicinequality |