Publication: Market experience is a reference point in judgments of fairness
Market experience is a reference point in judgments of fairness
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Herz, H. A., & Taubinsky, D. (2013). Market experience is a reference point in judgments of fairness (No. 128; Working Paper Series / Department of Economics).
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People's desire for fair transactions can play an important role in negotiations, organizations, and markets. In this paper, we show that markets can also shape what people consider to be a fair transaction. We propose a simple and generally-applicable model of path-dependent fairness preferences, in which past experiences shape preferences, and we experimentally test the model's predictions. We find that previous exposure to competitive pressure substantially and persistently reduces subjects' fairness concerns, making them more like
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Herz, H. A., & Taubinsky, D. (2013). Market experience is a reference point in judgments of fairness (No. 128; Working Paper Series / Department of Economics).
