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Author : Dirk Engelmann
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (118 download)
Download or read book Fairness in Markets and Market Experiments written by Dirk Engelmann and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Christian Korth
Publisher : Springer Science & Business Media
ISBN 13 : 3642022537
Total Pages : 175 pages
Book Rating : 4.6/5 (42 download)
Download or read book Fairness in Bargaining and Markets written by Christian Korth and published by Springer Science & Business Media. This book was released on 2009-07-25 with total page 175 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on economic bargaining theory. Economic bargaining theory seeks to predict the outcomes of bargaining situations. In such situations, govern ments, ?rms, or individuals share a mutual interest in cooperation; however, they also have con?icting interests regarding the terms of an agreement. A classic ex ample of such a situation is wage bargaining between unions and employers. More commonplace examples also exist. For instance, a discussion between partners on how to spend an evening can be understood as a bargaining situation. Economic bargaining theory explores the relationship between bargaining situ ations and the outcomes of the bargaining. Economists have two primary reasons to show interest in this relationship. The ?rst reason is that many important human interactions, including economic interactions, are bargaining situations. The second reason is that the understanding of these situations may inform the economic theory of markets. The tool utilized in this study is the mathematical theory of games. Predictions for bargaining outcomes are developed by modeling the bargaining situation as a strategic game and using game theoretic equilibrium concepts in order to solve the game. In this approach, the speci?c identi?ed bargaining outcome depends on the assumptions underlying the model. The neoclassical and fundamental assumption is that of rational agents—called economic men—who strive to maximize their utility based on stable preferences.
Author : Björn Bartling
Publisher :
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (881 download)
Download or read book Let the Market Decide: An Experimental Study of Competition and Fairness written by Björn Bartling and published by . This book was released on 2014 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Is competition perceived as a fair procedure? We report data from laboratory experiments where a powerful buyer can trade with one of several sellers. Sellers who feel shortchanged can engage in counterproductive behavior to punish the buyer. We find that the same unfavorable terms of trade trigger significantly less punishment if the buyer uses a competitive auction to determine the terms of trade than if she uses her authority to dictate the same terms directly. Our results inform the debate on the fairness of market outcomes by showing that the use of a competitive procedure can, by itself, affect how people judge unequal distributive outcomes.
Author : Ananish Chaudhuri
Publisher : Routledge
ISBN 13 : 9780203884799
Total Pages : 254 pages
Book Rating : 4.8/5 (847 download)
Download or read book Experiments in Economics written by Ananish Chaudhuri and published by Routledge. This book was released on 2008-11-19 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Are humans fair by nature? Why do we often willingly trust strangers or cooperate with them even if those actions leave us vulnerable to exploitation? Does this natural inclination towards fairness or trust have implications in the market-place? Traditional economic theory would perhaps think not, perceiving human interaction as self-interested at heart. There is increasing evidence however that social norms and norm-driven behaviour such as a preference for fairness, generosity or trust have serious implications for economics. This book provides an easily accessible overview of economic experiments, specifically those that explore the role of fairness, generosity, trust and reciprocity in economic transactions. Ananish Chaudhuri approaches a variety of economic issues and problems including: Pricing by firms Writing labour contracts between parties Marking voluntary contributions to charity, Addressing issues of environmental pollution, Providing micro-credit to small entrepreneurs, Resolving problems of coordination failure in organizations. The book discusses how norm-driven behaviour can often lead to significantly different outcomes than those predicted by economic theories and these findings should in turn cause us to re-think how we approach economic analysis and policy. Assuming no prior knowledge of economics and containing a variety of examples, this reader friendly volume will be perfect reading for people from a wide range of backgrounds including students and policy-makers. The book should appeal to economics undergraduates studying experimental economics, microeconomics or game theory as well as students in social psychology, organizational behaviour, management and other business related disciplines.
Author : Jean Ensminger
Publisher : Russell Sage Foundation
ISBN 13 : 1610448405
Total Pages : 493 pages
Book Rating : 4.6/5 (14 download)
Download or read book Experimenting with Social Norms written by Jean Ensminger and published by Russell Sage Foundation. This book was released on 2014-10-22 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: Questions about the origins of human cooperation have long puzzled and divided scientists. Social norms that foster fair-minded behavior, altruism and collective action undergird the foundations of large-scale human societies, but we know little about how these norms develop or spread, or why the intensity and breadth of human cooperation varies among different populations. What is the connection between social norms that encourage fair dealing and economic growth? How are these social norms related to the emergence of centralized institutions? Informed by a pioneering set of cross-cultural data, Experimenting with Social Norms advances our understanding of the evolution of human cooperation and the expansion of complex societies. Editors Jean Ensminger and Joseph Henrich present evidence from an exciting collaboration between anthropologists and economists. Using experimental economics games, researchers examined levels of fairness, cooperation, and norms for punishing those who violate expectations of equality across a diverse swath of societies, from hunter-gatherers in Tanzania to a small town in rural Missouri. These experiments tested individuals’ willingness to conduct mutually beneficial transactions with strangers that reap rewards only at the expense of taking a risk on the cooperation of others. The results show a robust relationship between exposure to market economies and social norms that benefit the group over narrow economic self-interest. Levels of fairness and generosity are generally higher among individuals in communities with more integrated markets. Religion also plays a powerful role. Individuals practicing either Islam or Christianity exhibited a stronger sense of fairness, possibly because religions with high moralizing deities, equipped with ample powers to reward and punish, encourage greater prosociality. The size of the settlement also had an impact. People in larger communities were more willing to punish unfairness compared to those in smaller societies. Taken together, the volume supports the hypothesis that social norms evolved over thousands of years to allow strangers in more complex and large settlements to coexist, trade and prosper. Innovative and ambitious, Experimenting with Social Norms synthesizes an unprecedented analysis of social behavior from an immense range of human societies. The fifteen case studies analyzed in this volume, which include field experiments in Africa, South America, New Guinea, Siberia and the United States, are available for free download on the Foundation’s website:www.russellsage.org.
Author : John Tomasi
Publisher : Princeton University Press
ISBN 13 : 069114446X
Total Pages : 382 pages
Book Rating : 4.6/5 (911 download)
Download or read book Free Market Fairness written by John Tomasi and published by Princeton University Press. This book was released on 2012 with total page 382 pages. Available in PDF, EPUB and Kindle. Book excerpt: A provocative new vision of free market capitalism that achieves liberal ends by libertarian means Can libertarians care about social justice? In Free Market Fairness, John Tomasi argues that they can and should. Drawing simultaneously on moral insights from defenders of economic liberty such as F. A. Hayek and advocates of social justice such as John Rawls, Tomasi presents a new theory of liberal justice. This theory, free market fairness, is committed to both limited government and the material betterment of the poor. Unlike traditional libertarians, Tomasi argues that property rights are best defended not in terms of self-ownership or economic efficiency but as requirements of democratic legitimacy. At the same time, he encourages egalitarians concerned about social justice to listen more sympathetically to the claims ordinary citizens make about the importance of private economic liberty in their daily lives. In place of the familiar social democratic interpretations of social justice, Tomasi offers a "market democratic" conception of social justice: free market fairness. Tomasi argues that free market fairness, with its twin commitment to economic liberty and a fair distribution of goods and opportunities, is a morally superior account of liberal justice. Free market fairness is also a distinctively American ideal. It extends the notion, prominent in America's founding period, that protection of property and promotion of real opportunity are indivisible goals. Indeed, according to Tomasi, free market fairness is social justice, American style. Provocative and vigorously argued, Free Market Fairness offers a bold new way of thinking about politics, economics, and justice--one that will challenge readers on both the left and right.
Author : Fredrik Nils Andersson
Publisher : Springer Science & Business Media
ISBN 13 : 1461509173
Total Pages : 249 pages
Book Rating : 4.4/5 (615 download)
Download or read book Experimental Economics: Financial Markets, Auctions, and Decision Making written by Fredrik Nils Andersson and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experimental Economics: Financial Markets, Auctions, And Decision Making is based on research presented at the 20th Arne Ryde Symposium on Experimental Economics, held on November 9-11 at Lund University. The volume is divided into two parts. In Part I, interviews with prominent researchers in the field, all invited speakers at the Symposium, are presented. Those interviewed are Peter Bohm, Catherine Eckel, Werner Güth, John Hey, Daniel Kahneman, Alvin Roth, Vernon Smith, and Martin Weber. The interviews address important questions about basic experimental methods and the interpretation of results. In addition, these researchers answer questions relating to their specific fields and to their contributions at the Symposium. They are also asked to single out the most important findings in the field. Part II contains selected contributions from the conference. Topics covered include attitudes towards risk and inequality; pitfalls in experimental economics; analysis of trading-period duration; robustness in learning; video experiments on decision making and fairness; sequential prisoners' dilemmas; and collusion in auctions.
Author : Simon Gächter
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Fairness in the Labour Market? A Survey of Experimental Results written by Simon Gächter and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this chapter we provide a selective survey of experiments to investigate the potential of social motivations in explaining labour market phenomena. We argue that laboratory experiments are a useful instrument to explore issues in labour market theory and personnel economics. Our starting point is the observation that employment relations are frequently governed by incomplete contracts. We show that the norm of reciprocity that leads to gift exchanges is an effective contract enforcement device under conditions of contractual incompleteness. We then present evidence that gift exchange can explain various labour market phenomena that are puzzles from the viewpoint of standard economic theory. Further issues in the related field of personnel economics that have by now been subjected to an experimental scrutiny concern characteristics of the employment relation and the issues of motivation and incentives systems. We conclude by pointing out the complementary nature of experiments to more conventional methods of data gathering.
Author : Alexander W. Cappelen
Publisher :
ISBN 13 : 9781848443259
Total Pages : 0 pages
Book Rating : 4.4/5 (432 download)
Download or read book The Economics of Fairness written by Alexander W. Cappelen and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: A growing literature in economics has studied how fairness considerations shape human behavior. This research collection comprises forty key theoretical and empirical contributions spanning the last four decades, along with influential related work in normative economics. These papers show that the fairness motive is essential for understanding human behavior in a wide range of settings, such as markets, bargaining, and redistributive situations. They document large heterogeneity in what people view as fair and the importance people attach to fairness, displaying how a concern for fairness develops in childhood and manifests itself in the brain. Together with an original introduction by the editors, this volume will be a valuable research tool for those interested in the fascinating field of the economics of fairness.
Author : Holger Herz
Publisher :
ISBN 13 :
Total Pages : 61 pages
Book Rating : 4.:/5 (96 download)
Download or read book What Makes a Price Fair? written by Holger Herz and published by . This book was released on 2016 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: People's fairness preferences are an important constraint for what constitutes an acceptable economic transaction, yet little is known about how these preferences are formed. In this paper, we provide clean evidence that previous transactions play an important role in shaping perceptions of fairness. Buyers used to high market prices, for example, are more likely to perceive high prices as fair than buyers used to low market prices. Similarly, employees used to high wages are more likely to perceive low wages as unfair. Our data further allows us to decompose this history dependence into the effects of pure observation vs. the experience of payoff-relevant outcomes. We propose two classes of models of path-dependent fairness preferences--either based on endogenous fairness reference points or based on shifts in salience--that can account for our data. Structural estimates of both types of models imply a substantial deviation from existing history-independent models of fairness. Our results have implications for price discrimination, labor markets, and dynamic pricing
Author : Vernon L. Smith
Publisher : Cambridge University Press
ISBN 13 : 0521584507
Total Pages : 474 pages
Book Rating : 4.5/5 (215 download)
Download or read book Bargaining and Market Behavior written by Vernon L. Smith and published by Cambridge University Press. This book was released on 2000-06-12 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: This second Cambridge University Press collection of papers by Vernon L. Smith, a creator of the field of experimental economics, includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998. The essays explore the use of laboratory experiments to test propositions derived from economics and game theory. They also investigate the relationship between experimental economics and psychology, particularly the field of evolutionary psychology, using the latter to broaden the perspective in which experimental results are interpreted. The volume complements Professor Smith's earlier work by demonstrating the importance of institutional features of markets in understanding behavior and market performance. Specific themes investigated include rational choice, the notion of fairness, game theory and extensive form experimental interactions, institutions and market behavior, and the study of laboratory stock markets.
Author : Alexander W. Cappelen
Publisher :
ISBN 13 : 9781785367700
Total Pages : pages
Book Rating : 4.3/5 (677 download)
Download or read book The Economics of Fairness written by Alexander W. Cappelen and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Maroš Servátka
Publisher :
ISBN 13 :
Total Pages : 208 pages
Book Rating : 4.:/5 (837 download)
Download or read book Experiments on Fairness and Reputation written by Maroš Servátka and published by . This book was released on 2006 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Tobias König
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (141 download)
Download or read book Fairness in Matching Markets: Experimental Evidence written by Tobias König and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard B. McKenzie
Publisher : Lexington, Mass. : Lexington Books
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.:/5 (321 download)
Download or read book The Fairness of Markets written by Richard B. McKenzie and published by Lexington, Mass. : Lexington Books. This book was released on 1987 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Charles Noussair
Publisher : John Wiley & Sons
ISBN 13 : 1118790685
Total Pages : 374 pages
Book Rating : 4.1/5 (187 download)
Download or read book A Collection of Surveys on Market Experiments written by Charles Noussair and published by John Wiley & Sons. This book was released on 2013-11-27 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprised of 10 surveys by leading scholars, this collection showcases the largest and fastest growing strands of research on market behaviour in experimental economics. Covers topics such as asset markets, contests, environmental policy, frictions, general equilibrium, labour markets, multi-unit auctions, oligopoly markets, and prediction markets Focuses on the literature that has helped economists best understand how markets operate Assesses the impact of developments in theory, policy, and research methods
Author : Charles R. Plott
Publisher : Elsevier
ISBN 13 : 0080887961
Total Pages : 1175 pages
Book Rating : 4.0/5 (88 download)
Download or read book Handbook of Experimental Economics Results written by Charles R. Plott and published by Elsevier. This book was released on 2008-08-21 with total page 1175 pages. Available in PDF, EPUB and Kindle. Book excerpt: Experimental methods in economics respond to circumstances that are not completely dictated by accepted theory or outstanding problems. While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appear blurred and may produce results that vary from strong support to little or partial support of the relevant theory. At a recent conference, a question was asked about where experimental methods might be more useful than field methods. Although many cannot be answered by experimental methods, there are questions that can only be answered by experiments. Much of the progress of experimental methods involves the posing of old or new questions in a way that experimental methods can be applied. The title of the book reflects the spirit of adventure that experimentalists share and focuses on experiments in general rather than forcing an organization into traditional categories that do not fit. The emphasis reflects the fact that the results do not necessarily demonstrate a consistent theme, but instead reflect bits and pieces of progress as opportunities to pose questions become recognized. This book is a result of an invitation sent from the editors to a broad range of experimenters asking them to write brief notes describing specific experimental results. The challenge was to produce pictures and tables that were self-contained so the reader could understand quickly the essential nature of the experiments and the results.
