Justice in Games: How Fairness Shapes Economic Behavior and Institutions
The article explores how justice can influence the decisions of rational economic agents by looking at simple game-theoretic models. It argues that the supply of justice is connected to multiple equilibria in games, and that social institutions can be understood in terms of these fundamental games. The researchers analyze different scenarios like rival-claimants games and models of property rights to show how justice can impact behavior and welfare in society.