Incorporating Fairness into Game Theory and Economics

@inproceedings{Rabin1993IncorporatingFI,
  title={Incorporating Fairness into Game Theory and Economics},
  author={Matthew Rabin},
  year={1993}
}
People like to help those who are helping them and to hurt those who are hurting them. Outcomes rejecting such motivations are called fairness equilibria. Outcomes are mutual-max when each person maximizes the other's material payoffs, and mutual-min when each person minimizes the other's payoffs. It is shown that every mutual-max or mutual-min Nash equilibrium is a fairness equilibrium. If payoffs are small, fairness equilibria are roughly the set of mutual-max and mutual-min outcomes; if… CONTINUE READING

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