Distributional Preferences, Reciprocity-Like Behavior, and Efficiency in Bilateral Exchange
通过理论分析一个简单的双边交换博弈，研究利他主义或公平关切等分配偏好如何产生有效贸易，识别了驱动类互惠行为和帕累托效率的两种偏好属性。
Under what conditions do distributional preferences, such as altruism or a concern for fair outcomes, generate efficient trade? I analyze theoretically a simple bilateral exchange game: each player sequentially takes an action that reduces his own material payoff but increases the other player's. Each player's preferences may depend on both his/her own material payoff and the other player's. I identify two key properties of the second-mover's preferences: indifference curves kinked around “fair” material-payoff distributions, and materials payoffs entering preferences as “normal goods.” Either property can drive reciprocity-like behavior and generate a Pareto efficient outcome.