Fairness is an important consideration in economics from "summary" of Misbehaving by Richard H Thaler
In the world of economics, there is a prevailing assumption that individuals make decisions based solely on their self-interest. This assumption forms the foundation of traditional economic theories, which hold that people are rational actors who always act in a way that maximizes their own utility. However, this assumption fails to capture the full complexity of human behavior.
In reality, people often consider factors beyond their own self-interest when making decisions. One such factor is fairness. The concept of fairness plays a crucial role in shaping economic behavior, as individuals frequently take into account what they perceive to be fair when making choices.
For example, studies have shown that people are willing to sacrifice their own financial gain in order to punish others whom they perceive as acting unfairly. This behavior goes against the traditional economic assumption that individuals always act in a way that maximizes their own mate...
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