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Paper No' DARP 066: | Full paper
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Keywords: Preference reversals; social welfare, inequality, risk and experiments.
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This Paper is published under the following series: Distributional Analysis Research Programme
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Abstract:It is known from the literature on uncertainty that in cases where individuals express a preference for a high win-probability bet over a bet with high winnings they nevertheless will bid more to obtain the bet with high winnings. We investigate whether a similar phenomenon applies in the parallel social-choice situation. Here decisions are to be made between a distribution with a small group of very high-income people. Results from a number of experimental designs are analysed.
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