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Inequality Aversion versus Risk Aversion

Author

Listed:
  • Yoram Kroll

    (Hebrew University, Jerusalem)

  • Liema Davidovitz

    (Hebrew University, Jerusalem)

Abstract

Inequality aversion and risk--aversion are widely assumed in economic models; however existing economic literature fails to distinguish between the two. This paper presents methodology and a laboratory experiment, which separates inequality aversion from risk aversion. In a set of laboratory experiments, subjects had to choose between two risky alternatives which pay meaningful prizes with the same individual risk but different levels of egalitarianism. Thus, the choice of the more egalitarian alternative implies a higher level of inequality aversion. The experiment was conducted among children, some of whom live on a communal system (kibbutz) and some in the city. Copyright The London School of Economics and Political Science 2003

Suggested Citation

  • Yoram Kroll & Liema Davidovitz, 2003. "Inequality Aversion versus Risk Aversion," Economica, London School of Economics and Political Science, vol. 70(277), pages 19-29, February.
    • Handle: RePEc:bla:econom:v:70:y:2003:i:277:p:19-29
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