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Thaler's acquisition/transaction utility and Fehr-Schmidt's inequity averse utility apply in very different contexts, and the arguments to the two utility functions are different as well. Thaler's acquisition/transaction utility function is used to evaluate purchasing decisions. Say an individual has value $\bar p$ for an object that sells for $p$, and the ...


Your formulas contain an undefined $p^*$, and the Fehr-Schmidt utility function is wrong. The brackets should be $\max\{p^*-p,0\}$ and $\max\{p-p^*,0\}$, respectively. Apart form that, the two additional terms are usually called the disutility from advantageous inequity and the disutility from disadvantageous inequity, respectively. Calling them "...


As @Henry commented and according to I made a community wiki with the answer:

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