Browsing by Author "Jianpei, Li"
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- Team production with inequity-averse agentsPublication . Jianpei, LiThis paper analyzes the effi ciency of team production when risk- neutral agents exhibit other-regarding preferences. It is shown that full effi - ciency can be sustained as an equilibrium of a budget-balancing mechanism that punishes some randomly chosen agents if output falls short of the effi cient level but distributes output equally otherwise. The result depends on agents being suffi ciently inequity-averse.