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A Representation Theorem for Guilt Aversion

Jensen, Martin Kaae and Kozlovskaya, Maria (2016) A Representation Theorem for Guilt Aversion. Journal of Economic Behavior and Organization, 125. pp. 148-161. ISSN 0167-2681

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Guilt aversion has been shown to play an important role in economic decision-making. In this paper, we take an axiomatic approach to guilt by deducing a utility representation from a list of easily interpretable assumptions on an agent's preferences. It turns out that our logarithmic representation can mitigate the problem of multiplicity of equilibria to which psychological games are prone. We apply the model in three well-known games and show that its predictions are consistent with experimental observations.

Item Type: Article
Subjects: H Social Sciences > HB Economic Theory
Schools: Huddersfield Business School
Huddersfield Business School > Quantitative Analysis Research Group
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Depositing User: Maria Kozlovskaya
Date Deposited: 29 Feb 2016 13:57
Last Modified: 01 Dec 2016 20:06


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