Uploaded January 2023 | Updated September 2026, 1 week ago

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This video goes over a utility function that captures a person’s aversion to inequality. The paper reference is:
Fehr, E., & Schmidt, K. M. (1999). A theory of fairness, competition, and cooperation. The quarterly journal of economics, 114(3), 817-868. DOI: academic.oup.com/qje/article-abstract/114/3/817/1848113

Link to my course on microeconomic modelling: ashley-s-site-9d78.thinkific.com/courses/your-first-course