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Title:The econometric modeling of social preferences PDF Logo
Authors:Conte, Anna
Moffatt, Peter G.
Issue Date:2010
Series/Report no.:Jena economic research papers 2010,042
Abstract:Experimental data on social preferences present a number of features that need to be incorporated in econometric modelling. We explore a variety of econometric modelling approaches to the analysis of such data. The approaches under consideration are: the random utility approach (in which it is assumed that each possible action yields a utility with a deterministic and a stochastic component, and that the individual selects the action yielding the highest utility); the random behavioural approach (which assumes that the individual computes the maximum of a deterministic utility function, and that computational error causes their observed behaviour to depart stochastically from this optimum); and the random preference approach (in which all variation in behaviour is attributed to stochastic variation in the parameters of the deterministic component of utility). These approaches are applied in various ways to an experiment on fairness conducted by Cappelen et al. (2007). At least two of the models that we estimate succeed in capturing the key features of the data set.
Subjects:Econometric modelling and estimation
model evaluation
individual behaviour
fairness
JEL:C51
C52
C91
D63
Document Type:Working Paper
Appears in Collections:Jena Economic Research Papers, MPI für Ökonomik

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