Linking Social and Personal Preferences: Theory and Experiment

• 成果类型: Article
• 署名作者: Zame, William R.; Tungodden, Bertil; Sorensen, Erik O.; Kariv, Shachar; Cappelen, Alexander W.
• 署名单位: University of California System; University of California Los Angeles; Norwegian School of Economics (NHH); University of California System; University of California Berkeley
• 刊物名称: JOURNAL OF POLITICAL ECONOMY
• ISSN/ISSBN: 0022-3808
• DOI: 10.1086/739832
• 发表日期: 2026
• 关键词: AFRIATS THEOREM; RISK; CHOICE; tests; Consistency; uncertainty; fairness; BEHAVIOR; aversion; axioms

摘要

We provide necessary and sufficient conditions for linking preferences for personal and social consumption and attitudes toward risk. We also offer an experimental test of the theory in which subjects were confronted with risky personal choices, riskless social choices, and risky social choices. Revealed preference tests show that subject choices are generally consistent within each choice domain but frequently involve at least some errors. We test for consistency across choice domains using a revealed preference test that accounts for these errors. The choices of a large majority of subjects are consistent with the predictions of our theory.