This is true and explains a lot of situations where people seemingly vote against their own self-interest. The fact that responders choose to reject in the Ultimatum Game[1] shows this in action.
But an even more fascinating example than the ultimatum game (sorry can't find the link) is research that shows subjects are willing to pay money to burn the money of others, just so the other test subject ends up with less. For example, offer to give test subject A $10, tell him that you're giving subject B $20, and then give subject A the option of giving up $2 of those $10 just to reduce the subject B's gift from $20 to $5. It was found that a percentage of people will be willing to accept that choice even though it's not the action of someone with rational economic self-interest.