How institutions shape individual motives for efficiency and equity: Evidence from distribution experiments

•We perform an experiment with four variants of the triple dictator game and the trust game in a within-subject design.•Individual preferences towards risk and other regarding preferences are controlled.•The veil of ignorance allows all subjects to be both efficient and fair, regardless of their aversion to risk.•The option to choose their position as investor at some cost attracts the less cooperative players.•Individuals demonstrate consistency in their preferences for efficiency and equity.