A referee report on Matthew Rabin's intention driven model of fairness.
Written in 2002; 2,340 words; 6 sources; APA; $ 71.95
Paper Summary:
Matthew Rabin's model of fairness is based on Geanakoplos, Pearce and Stacchetti's (1989) notion of "psychological game", in which payoffs depend on actions and on beliefs about actions. The paper describes how Rabin's model shows how fairness expectations lead to different results than standard theory and demonstrates some general implications of fairness on game theory and economics. This paper contains a short description of Rabin's model, gives some examples, propositions, proofs and critique.
From the Paper:
"Suppose that (a1,a2) is a mutual-max outcome. Then both f1 and f2 must be nonnegative, thus reflect a positive regard for each other.
If each player chooses a strategy which maximizes both his own material well-being and the well-being of the other player this must maximize his own utility. In a case of mutual min outcome the f1 and f2 is non positive, thus, f~j(bj,ci)[1+fi(a1,bj)] is non negative. If each player is choosing a strategy which maximizes his own material well-being , this must maximize his utility."
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