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• W2434964963 abstract "A long-standing assumption in economics is that people are purely self-interested. This assumption has been challenged recently by accumulating experimental evidence based on the so-called ultimatum game. Behavioral economists propose several models of distributional fairness to relax the self-interest assumption. In this paper we introduce the concept of peer-induced fairness because people have a drive to make social comparison. That is, they look to similar others as a reference in order to form their opinions and evaluate their endowments. We investigate peer-induced fairness by considering two independent ultimatum games played in sequence by a leader and two followers. In the first ultimatum game, the leader makes a take-it-or-leave-it offer to the first follower. Before the next ultimatum game is played, the second follower obtains a public signal of this offer. Then, in the second game, the leader makes an offer to the second follower. The second follower infers what the first follower receives, uses this inference to form a reference point, and is averse to accepting offers that falls short of this benchmark. This generalized model nests the standard and several existing models of fairness. This model makes two sharp predictions. First, the leader’s offer to the second follower should be non-decreasing in the common belief of what the first offer is. Second, condition on an offer, the second follower’s likelihood of acceptance is inversely proportional to the reference point derived from the signal. We test both predictions experimentally and find strong support for them. We structurally estimate the model and show that peer-induced fairness is 2.5 times larger than distributional fairness. We incorporate heterogeneity by allowing subjects to be either purely self-interested or fairness-minded. Our estimation results suggest that half of the subjects exhibit peer-induced fairness. We show how peer-induced fairness might influence the occurrence of labor strikes, explain low variability in CEO compensation, and limit the extent of price discrimination." @default.
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• W2434964963 date "2009-01-01" @default.
• W2434964963 modified "2023-09-26" @default.
• W2434964963 title "A Theory of Peer-Induced Fairness in Games" @default.
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