2024 North American Winter Meeting, San Antonio, Texas: January, 2024
Disentangling Risk and Other-Regarding Preferences
Paul Feldman, kristian Lopez-Vargas
This paper investigates risk and other-regarding preferences within a framework that parallels Epstein-Zin’s. Our model can explain key behavioral patterns in the combined domain and is the first to disentangle elementary attitudes towards risk, altruism, social substitution, ex-ante inequality, and ex-post inequality. We parameterize the model and test its predictions using a laboratory experiment with four decision environments based on convex choice sets. Our findings are consistent with the model, showing that most subjects adjust their risk attitudes due to ex-post inequality concerns and exhibit ex-ante fairness-seeking behavior. Our structural analysis at the individual level allows us to characterize people’s heterogeneity of preferences over five fundamental dimensions.
Preview
![Page 1](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p1.jpg)
![Page 2](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p2.jpg)
![Page 3](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p3.jpg)
![Page 4](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p4.jpg)
![Page 5](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p5.jpg)
![Page 6](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p6.jpg)
![Page 7](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p7.jpg)
![Page 8](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p8.jpg)
![Page 9](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p9.jpg)
![Page 10](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p10.jpg)
![Page 11](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p11.jpg)
![Page 12](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p12.jpg)
![Page 13](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p13.jpg)
![Page 14](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p14.jpg)
![Page 15](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p15.jpg)
![Page 16](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p16.jpg)
![Page 17](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p17.jpg)
![Page 18](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p18.jpg)
![Page 19](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p19.jpg)
![Page 20](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p20.jpg)
![Page 21](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p21.jpg)
![Page 22](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p22.jpg)
![Page 23](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p23.jpg)
![Page 24](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p24.jpg)
![Page 25](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p25.jpg)
![Page 26](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p26.jpg)
![Page 27](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p27.jpg)
![Page 28](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p28.jpg)
![Page 29](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p29.jpg)
![Page 30](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p30.jpg)
![Page 31](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p31.jpg)
![Page 32](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p32.jpg)
![Page 33](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p33.jpg)
![Page 34](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p34.jpg)
![Page 35](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p35.jpg)
![Page 36](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p36.jpg)
![Page 37](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p37.jpg)
![Page 38](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p38.jpg)
![Page 39](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p39.jpg)
![Page 40](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p40.jpg)
![Page 41](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p41.jpg)
![Page 42](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p42.jpg)
![Page 43](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p43.jpg)
![Page 44](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p44.jpg)
![Page 45](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p45.jpg)
![Page 46](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p46.jpg)
![Page 47](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p47.jpg)
![Page 48](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p48.jpg)
![Page 49](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p49.jpg)
![Page 50](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p50.jpg)
![Page 51](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p51.jpg)
![Page 52](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p52.jpg)
![Page 53](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p53.jpg)
![Page 54](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p54.jpg)
![Page 55](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p55.jpg)
![Page 56](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p56.jpg)
![Page 57](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p57.jpg)
![Page 58](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p58.jpg)
![Page 59](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p59.jpg)
![Page 60](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p60.jpg)
![Page 61](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p61.jpg)
![Page 62](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p62.jpg)
![Page 63](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p63.jpg)
![Page 64](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p64.jpg)
![Page 65](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p65.jpg)
![Page 66](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p66.jpg)
![Page 67](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p67.jpg)
![Page 68](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p68.jpg)
![Page 69](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p69.jpg)
![Page 70](/event_papers/download/269/59/1/Disentagling_Risk_and_Others_Feldman_LopezVargas_p70.jpg)