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Context: experiments show that the weighing of the above three principles depends on context. Aspects of context include past transactions (existing prices are usually considered "fair", particularly if they are stable and competitive). The endowment effect affects fairness: reducing
Fair division is the problem in game theory of dividing a set of resources among several people who have an entitlement to them so that each person receives their due share. . That problem arises in various real-world settings such as division of inheritance, partnership dissolutions, divorce settlements, electronic frequency allocation, airport traffic management, and exploitation of Earth ...
In business ethics, Ethical decision-making is the study of the process of making decisions that engender trust, and thus indicate responsibility, fairness and caring to an individual. To be ethical, one has to demonstrate respect, and responsibility. [1]
At the 2023 Fortune Best Small and Medium Workplaces, 86% of employees believe they get a fair share of profits.
Inequity aversion (IA) is the preference for fairness and resistance to incidental inequalities. [1] The social sciences that study inequity aversion include sociology, economics, psychology, anthropology, and ethology. Researchers on inequity aversion aim to explain behaviors that are not purely driven by self-interests but fairness ...
The just price is a theory of ethics in economics that attempts to set standards of fairness in transactions. With intellectual roots in ancient Greek philosophy , it was advanced by Thomas Aquinas based on an argument against usury , which in his time referred to the making of any rate of interest on loans .
At 1:45 pm, the first defendant, a Black woman with blond hair, is called to stand at a podium facing the judge's dais. This court appearance will determine whether she will be put in jail or go ...
However, other rules can also be used. For example: The Shapley value is one common method of deciding bargaining power, as can be seen in the airport problem. Welfare economics on the other hand tries to determine allocations depending on a social welfare function. The people can also agree on their relative entitlements by a consensus process.