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Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
ISER Discussion Paper No. 1195
Verlag: 
Osaka University, Institute of Social and Economic Research (ISER), Osaka
Zusammenfassung: 
The constant elasticity of substitution (CES) function is widely used to model distributional preferences in modified dictator games. However, it has been pointed out that its parameter interpretations are inconsistent and problematic in applications. We constructed a model to address this issue by combining two formulations of the CES function. We demonstrated that the proposed model provides consistent interpretations of parameters. Our results clarified that the conventional interpretations of the standard CES function parameters for describing distributional preferences are inappropriate. Notably, "the equality-efficiency trade-off," a conventional interpretation of the substitution parameter, is unrelated to observed individual behaviors.
Schlagwörter: 
CES
Distributional preferences
Equality
Efficiency
Parameter recovery
JEL: 
C91
D63
D64
D90
Dokumentart: 
Working Paper

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