A Simple Risk-Sharing Experiment |
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Authors: | John Bone John Hey John Suckling |
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Institution: | (1) Department of Economics, University of York, York, YO10 5DD, UK;(2) Department of Economics, University of York, York, YO10 5DD, UK;(3) Dipartimento di Scienze Economiche, Universita Degli Studi, Via Camillo Rosalba 53, 70124 Bari, Italy |
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Abstract: | This paper reports on an experiment designed to test whether pairs of individuals are able to exploit ex ante efficiency gains in the sharing of a risky financial prospect. Observations from a previous experiment had suggested a general rejection of efficiency in favour of ex post equality. The present experiment explores some possible explanations for this. The results indicate that fairness is not a significant consideration, but rather that having to choose between prospects diverts partners from allocating the chosen prospect efficiently. |
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Keywords: | risk-sharing experiment bargaining fairness |
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