Is the veil of ignorance only a concept about risk? An experiment

Hörisch, Hannah (2007): Is the veil of ignorance only a concept about risk? An experiment. Discussion Papers in Economics 2007-4

Abstract

We implement the Rawlsian thought experiment of a veil of ignorance in the laboratory which introduces risk and possibly social preferences. We find that both men and women react to the risk introduced by the veil of ignorance. Only the women additionally exhibit social preferences that reflect an increased concern for equality. Our results for women imply that maximin preferences can also be derived from a combination of some, not necessarily infinite risk aversion and social preferences. This result contrasts the Utilitarians' claim that maximin preferences necessarily represent preferences with infinite risk aversion.

• Item Type: Paper (Discussion Paper)
• Keywords: veil of ignorance, social preferences, equality, efficiency, experiment
• Collections: Economics; Economics > Discussion Papers in Economics; Economics > Discussion Papers in Economics > Behavioral Economics; Economics > Discussion Papers in Economics > Welfare Economics
• Subjects: 300 Social sciences > 300 Social sciences, sociology and anthropology; 300 Social sciences > 330 Economics
• JEL Classification: D63, D64, C99
• Language: English