Title: Comments on Theories of Other-regarding Preferences
Abstract: Most economic models are based on the self-interest hypothesis.However,in recent years,overwhelming experimental economic evidence has systematically refuted the self-interest hypothesis.In the experiments,most participants show other-regarding preference,such as altruism,fairness,reciprocity,etc.Western economic theorists use three different approaches to explain the observed phenomena:first are the models of distributive preferences,which assume that people care about the final distribution,e.g.,equality,equity,efficiency;second are the models of reciprocal preferences,which assume that people desire to reward or punish others beyond mere consequences;third are the models of future interaction preferences,which assume that people treat the partner more generously when there is a prospect of future interaction.This paper reviews and comments on these three kinds of models of other-regarding preferences.
Publication Year: 2008
Publication Date: 2008-01-01
Language: en
Type: article
Access and Citation
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot