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Behavioral Economics And Psychology > Inequity Aversion Equation > Flashcards

Inequity Aversion Equation Flashcards

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1
Q

IA Equation

A

U(x) = Xi - alpha(Xj - Xi, 0) - beta(Xi - Xj, 0)

Xi = how much Alex gets
Xj - Xi = how much nick gets - how much alex gets
Xi - Xj = how much Alex gets - how much nick gets

Alpha = importance weight given when you have less
Beta = importance weight given when you have more

ALPHA >= BETA

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Behavioral Economics And Psychology (2 decks)

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