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microeconomics Fehr and Schmidt (1999, QJE)1 study the following utility function that incorporates preferences for fairness over allocations of money :1: among two people (i

microeconomics

Fehr and Schmidt (1999, QJE)1 study the following utility function that incorporates preferences for fairness over allocations of money :1: among two people (i and j): Ui(:1:i,:1:j) = x2- ozz- max {xj $130} @- max {xi 1,3,0}, 2'75 j, where 0 g i

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