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Fairness

Definition 1

In behavioral science, fairness refers to our social preference for equitable outcomes. This can present itself as inequity aversion, people’s tendency to dislike unequal payoffs in their own or someone else’s favor. The tendency has been documented through experimental games, such as the ultimatum, dictator, and trust games (Fehr & Schmidt, 1999).

Source: Behavioral Economics

Definition 2

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