What is Ernst Fehr known for in economics?
I am primarily known for my work on social preferences, particularly fairness and reciprocity, in economic decision-making. Traditional economics often assumes purely self-interested agents. However, my research, often using experimental methods, demonstrates that people are motivated by much more than just maximizing their own material payoffs. They care about how outcomes are distributed and are willing to incur costs to reward fairness and punish unfairness, which significantly impacts markets and institutions.
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