Strategic Self Interest Can Explain Seemingly Fair Offers In The Ultimatum Game

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Strategic Self-Interest Can Explain Seemingly 'Fair' Offers in the Ultimatum Game

Author : Jordan Wells
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Strategic Self-Interest Can Explain Seemingly 'Fair' Offers in the Ultimatum Game by : Jordan Wells

Download or read book Strategic Self-Interest Can Explain Seemingly 'Fair' Offers in the Ultimatum Game written by Jordan Wells and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Behavioral and economic analysis of law fundamentally depends on understanding what motivates individual actors. While it is often assumed that people care only about maximizing their own monetary payoff, recent experimental work has challenged this assumption. A canonical example involves experiments using the “Ultimatum Game”, which consistently find much higher rates of equitable bargaining behavior than would be expected based on rational self-interest. It has been argued that this prevalence of equitable offers in one-shot anonymous interactions is at least partially explained by proposers having a preference for fair outcomes. We, however, argue that equitable offers in the Ultimatum Game can be entirely explained by the strategic reasoning of rational self-interested proposers. We introduce a modified version of the game in which prosocial motivations related to fairness are completely removed. In our experiment, the only reason to make a non-zero offer is the strategic desire to avoid one's proposal being rejected by one's counterparty. We find no significant difference in offers between this design and a standard ultimatum game. These results indicate that self-interest alone is sufficient to explain the observed equitable offers, and call into question the sentiment that innate generosity can be even partially relied upon as a motivator in the context of inherently adversarial bargaining interactions.

Take it Or Leave it for Something Better? Responses to Fair Offers in Ultimatum Bargaining

Author : Rob M.A Nelissen
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (112 download)

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Book Synopsis Take it Or Leave it for Something Better? Responses to Fair Offers in Ultimatum Bargaining by : Rob M.A Nelissen

Download or read book Take it Or Leave it for Something Better? Responses to Fair Offers in Ultimatum Bargaining written by Rob M.A Nelissen and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: We investigated if responders accept a 50-50 split in a modified version of the ultimatum game, in which rejection yields a higher payoff (€7) than accepting the equal offer (€5). Therefore, the decision to accept the 50-50 split in this modified ultimatum game cannot be perceived as a self-interest act, as opposed to the standard game, in which acceptance may reflect resignation in the knowledge that the equal split is the best one can expect. A substantial proportion of responders accepts the equal split in this modified game (Study 1), which clearly establishes egalitarian preferences. Further studies show that the willingness to accept is not an artifact of indifference towards the extra payoff (Study 2), but reflects true concerns for proposers' outcomes (Study 3)

The Economics of Fairness

Author : Alexander W. Cappelen
Publisher :
ISBN 13 : 9781848443259
Total Pages : 0 pages
Book Rating : 4.4/5 (432 download)

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Book Synopsis The Economics of Fairness by : Alexander W. Cappelen

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.

The Role of Self-Interest in Elite Bargaining

Author : Brad L. LeVeck
Publisher :
ISBN 13 :
Total Pages : 6 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Role of Self-Interest in Elite Bargaining by : Brad L. LeVeck

Download or read book The Role of Self-Interest in Elite Bargaining written by Brad L. LeVeck and published by . This book was released on 2018 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: One of the best-known and most replicated laboratory results in behavioral economics is that bargainers frequently reject low offers, even when it harms their material self-interest. This finding could have important implications for international negotiations on many problems facing humanity today, because models of international bargaining assume exactly the opposite: that policy makers are rational and self-interested. However, it is unknown whether elites who engage in diplomatic bargaining will similarly reject low offers because past research has been based almost exclusively on convenience samples of undergraduates, members of the general public, or small-scale societies rather than highly experienced elites who design and bargain over policy. Using a unique sample of 102 policy and business elites who have an average of 21 y of practical experience conducting international diplomacy or policy strategy, we show that, compared with undergraduates and the general public, elites are actually more likely to reject low offers when playing a standard “ultimatum game” that assesses how players bargain over a fixed resource. Elites with more experience tend to make even higher demands, suggesting that this tendency only increases as policy makers advance to leadership positions. This result contradicts assumptions of rational self-interested behavior that are standard in models of international bargaining, and it suggests that the adoption of global agreements on international trade, climate change, and other important problems will not depend solely on the interests of individual countries, but also on whether these accords are seen as equitable to all member states.

Moral Sentiments and Material Interests

Author : Herbert Gintis
Publisher : MIT Press
ISBN 13 : 9780262072526
Total Pages : 430 pages
Book Rating : 4.0/5 (725 download)

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Book Synopsis Moral Sentiments and Material Interests by : Herbert Gintis

Download or read book Moral Sentiments and Material Interests written by Herbert Gintis and published by MIT Press. This book was released on 2005 with total page 430 pages. Available in PDF, EPUB and Kindle. Book excerpt: Moral Sentiments and Material Interests presents an innovative synthesis of research in different disciplines to argue that cooperation stems not from the stereotypical selfish agent acting out of disguised self-interest but from the presence of "strong reciprocators" in a social group. Presenting an overview of research in economics, anthropology, evolutionary and human biology, social psychology, and sociology, the book deals with both the theoretical foundations and the policy implications of this explanation for cooperation. Chapter authors in the remaining parts of the book discuss the behavioral ecology of cooperation in humans and nonhuman primates, modeling and testing strong reciprocity in economic scenarios, and reciprocity and social policy. The evidence for strong reciprocity in the book includes experiments using the famous Ultimatum Game (in which two players must agree on how to split a certain amount of money or they both get nothing.)

Soviet and Western Anthropology

Author : Ernest Gellner
Publisher :
ISBN 13 : 9780231928946
Total Pages : 286 pages
Book Rating : 4.9/5 (289 download)

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Book Synopsis Soviet and Western Anthropology by : Ernest Gellner

Download or read book Soviet and Western Anthropology written by Ernest Gellner and published by . This book was released on 1980-03-02 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Studies the relevance of Soviet societal anthropology for its western counterparts with a basic framework of Marxism but also delves into the works of ethnographers, linguists, and demographers.

Behavioral Game Theory

Author : Russell Golman
Publisher : MDPI
ISBN 13 : 3039437739
Total Pages : 128 pages
Book Rating : 4.0/5 (394 download)

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Book Synopsis Behavioral Game Theory by : Russell Golman

Download or read book Behavioral Game Theory written by Russell Golman and published by MDPI. This book was released on 2021-01-07 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: How do interacting decision-makers make strategic choices? If they’re rational and can somehow predict each other’s behavior, they may find themselves in a Nash equilibrium. However, humans display pervasive and systematic departures from rationality. They often do not conform to the predictions of the Nash equilibrium, or its various refinements. This has led to the growth of behavioral game theory, which accounts for how people actually make strategic decisions by incorporating social preferences, bounded rationality (for example, limited iterated reasoning), and learning from experience. This book brings together new advances in the field of behavioral game theory that help us understand how people actually make strategic decisions in game-theoretic situations.

Reducing Prejudice and Stereotyping in Schools

Author : Walter G. Stephan
Publisher :
ISBN 13 : 9780807738108
Total Pages : 142 pages
Book Rating : 4.7/5 (381 download)

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Book Synopsis Reducing Prejudice and Stereotyping in Schools by : Walter G. Stephan

Download or read book Reducing Prejudice and Stereotyping in Schools written by Walter G. Stephan and published by . This book was released on 1999-01-01 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume features a review of the theories of prejudice and stereotyping, an examination of the conditions under which changes in prejudice and stereotypes can be accomplished, techniques for improving race relations in schools and recommendations to help educators select suitable programes.

The Strategic Constitution

Author : Robert D. Cooter
Publisher : Princeton University Press
ISBN 13 : 0691214506
Total Pages : 435 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Strategic Constitution by : Robert D. Cooter

Download or read book The Strategic Constitution written by Robert D. Cooter and published by Princeton University Press. This book was released on 2020-06-30 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: Making, amending, and interpreting constitutions is a political game that can yield widespread suffering or secure a nation's liberty and prosperity. Given these high stakes, Robert Cooter argues that constitutional theory should trouble itself less with literary analysis and arguments over founders' intentions and focus much more on the real-world consequences of various constitutional provisions and choices. Pooling the best available theories from economics and political science, particularly those developed from game theory, Cooter's economic analysis of constitutions fundamentally recasts a field of growing interest and dramatic international importance. By uncovering the constitutional incentives that influence citizens, politicians, administrators, and judges, Cooter exposes fault lines in alternative forms of democracy: unitary versus federal states, deep administration versus many elections, parliamentary versus presidential systems, unicameral versus bicameral legislatures, common versus civil law, and liberty versus equality rights. Cooter applies an efficiency test to these alternatives, asking how far they satisfy the preferences of citizens for laws and public goods. To answer Cooter contrasts two types of democracy, which he defines as competitive government. The center of the political spectrum defeats the extremes in "median democracy," whereas representatives of all the citizens bargain over laws and public goods in "bargain democracy." Bargaining can realize all the gains from political trades, or bargaining can collapse into an unstable contest of redistribution. States plagued by instability and contests over redistribution should move towards median democracy by increasing transaction costs and reducing the power of the extremes. Specifically, promoting median versus bargain democracy involves promoting winner-take-all elections versus proportional representation, two parties versus multiple parties, referenda versus representative democracy, and special governments versus comprehensive governments. This innovative theory will have ramifications felt across national and disciplinary borders, and will be debated by a large audience, including the growing pool of economists interested in how law and politics shape economic policy, political scientists using game theory or specializing in constitutional law, and academic lawyers. The approach will also garner attention from students of political science, law, and economics, as well as policy makers working in and with new democracies where constitutions are being written and refined.

The WEIRDest People in the World

Author : Joseph Henrich
Publisher : Farrar, Straus and Giroux
ISBN 13 : 0374710457
Total Pages : 420 pages
Book Rating : 4.3/5 (747 download)

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Book Synopsis The WEIRDest People in the World by : Joseph Henrich

Download or read book The WEIRDest People in the World written by Joseph Henrich and published by Farrar, Straus and Giroux. This book was released on 2020-09-08 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt: A New York Times Notable Book of 2020 A Bloomberg Best Non-Fiction Book of 2020 A Behavioral Scientist Notable Book of 2020 A Human Behavior & Evolution Society Must-Read Popular Evolution Book of 2020 A bold, epic account of how the co-evolution of psychology and culture created the peculiar Western mind that has profoundly shaped the modern world. Perhaps you are WEIRD: raised in a society that is Western, Educated, Industrialized, Rich, and Democratic. If so, you’re rather psychologically peculiar. Unlike much of the world today, and most people who have ever lived, WEIRD people are highly individualistic, self-obsessed, control-oriented, nonconformist, and analytical. They focus on themselves—their attributes, accomplishments, and aspirations—over their relationships and social roles. How did WEIRD populations become so psychologically distinct? What role did these psychological differences play in the industrial revolution and the global expansion of Europe during the last few centuries? In The WEIRDest People in the World, Joseph Henrich draws on cutting-edge research in anthropology, psychology, economics, and evolutionary biology to explore these questions and more. He illuminates the origins and evolution of family structures, marriage, and religion, and the profound impact these cultural transformations had on human psychology. Mapping these shifts through ancient history and late antiquity, Henrich reveals that the most fundamental institutions of kinship and marriage changed dramatically under pressure from the Roman Catholic Church. It was these changes that gave rise to the WEIRD psychology that would coevolve with impersonal markets, occupational specialization, and free competition—laying the foundation for the modern world. Provocative and engaging in both its broad scope and its surprising details, The WEIRDest People in the World explores how culture, institutions, and psychology shape one another, and explains what this means for both our most personal sense of who we are as individuals and also the large-scale social, political, and economic forces that drive human history. Includes black-and-white illustrations.

Evolution of the Social Contract

Author : Brian Skyrms
Publisher : Cambridge University Press
ISBN 13 : 1107434289
Total Pages : 165 pages
Book Rating : 4.1/5 (74 download)

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Book Synopsis Evolution of the Social Contract by : Brian Skyrms

Download or read book Evolution of the Social Contract written by Brian Skyrms and published by Cambridge University Press. This book was released on 2014-10-30 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition further develops the application of evolutionary game theory to an analysis of the origins of social contracts.

Philosophy of Economics

Author : Uskali Mäki
Publisher : Elsevier
ISBN 13 : 044451676X
Total Pages : 929 pages
Book Rating : 4.4/5 (445 download)

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Book Synopsis Philosophy of Economics by : Uskali Mäki

Download or read book Philosophy of Economics written by Uskali Mäki and published by Elsevier. This book was released on 2012-06-12 with total page 929 pages. Available in PDF, EPUB and Kindle. Book excerpt: Part of the Handbook of the Philosophy of Science Series edited by: Dov M. Gabbay King's College, London, UK; Paul Thagard University of Waterloo, Canada; and John Woods University of British Columbia, Canada. Philosophy of Economics investigates the foundational concepts and methods of economics, the social science that analyzes the production, distribution and consumption of goods and services. This groundbreaking collection, the most thorough treatment of the philosophy of economics ever published, brings together philosophers, scientists and historians to map out the central topics in the field. The articles are divided into two groups. Chapters in the first group deal with various philosophical issues characteristic of economics in general, including realism and Lakatos, explanation and testing, modeling and mathematics, political ideology and feminist epistemology. Chapters in the second group discuss particular methods, theories and branches of economics, including forecasting and measurement, econometrics and experimentation, rational choice and agency issues, game theory and social choice, behavioral economics and public choice, geographical economics and evolutionary economics, and finally the economics of scientific knowledge. This volume serves as a detailed introduction for those new to the field as well as a rich source of new insights and potential research agendas for those already engaged with the philosophy of economics. Provides a bridge between philosophy and current scientific findings Encourages multi-disciplinary dialogue Covers theory and applications

Behavioral Law and Economics

Author : Eyal Zamir
Publisher : Oxford University Press
ISBN 13 : 0190901349
Total Pages : 641 pages
Book Rating : 4.1/5 (99 download)

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Book Synopsis Behavioral Law and Economics by : Eyal Zamir

Download or read book Behavioral Law and Economics written by Eyal Zamir and published by Oxford University Press. This book was released on 2018 with total page 641 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past few decades, economic analysis of law has been challenged by a growing body of experimental and empirical studies that attest to prevalent and systematic deviations from the assumptions of economic rationality. While the findings on bounded rationality and heuristics and biases were initially perceived as antithetical to standard economic and legal-economic analysis, over time they have been largely integrated into mainstream economic analysis, including economic analysis of law. Moreover, the impact of behavioral insights has long since transcended purely economic analysis of law: in recent years, the behavioral movement has become one of the most influential developments in legal scholarship in general. Behavioral Law and Economics offers a state-of-the-art overview of the field. Eyal Zamir and Doron Teichman survey the entire body of psychological research that lies at the basis of behavioral analysis of law, and critically evaluate the core methodological questions of this area of research. Following this, the book discusses the fundamental normative questions stemming from the psychological findings on bounded rationality, and explores their implications for setting the law's goals and designing the means to attain them. The book then provides a systematic and critical examination of the contributions of behavioral studies to all major fields of law including: property, contracts, consumer protection, torts, corporate, securities regulation, antitrust, administrative, constitutional, international, criminal, and evidence law, as well as to the behavior of key players in the legal arena: litigants and judicial decision-makers.

Economic Fables

Author : Ariel Rubinstein
Publisher : Open Book Publishers
ISBN 13 : 1906924775
Total Pages : 266 pages
Book Rating : 4.9/5 (69 download)

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Book Synopsis Economic Fables by : Ariel Rubinstein

Download or read book Economic Fables written by Ariel Rubinstein and published by Open Book Publishers. This book was released on 2012 with total page 266 pages. Available in PDF, EPUB and Kindle. Book excerpt: "I had the good fortune to grow up in a wonderful area of Jerusalem, surrounded by a diverse range of people: Rabbi Meizel, the communist Sala Marcel, my widowed Aunt Hannah, and the intellectual Yaacovson. As far as I'm concerned, the opinion of such people is just as authoritative for making social and economic decisions as the opinion of an expert using a model." Part memoir, part crash-course in economic theory, this deeply engaging book by one of the world's foremost economists looks at economic ideas through a personal lens. Together with an introduction to some of the central concepts in modern economic thought, Ariel Rubinstein offers some powerful and entertaining reflections on his childhood, family and career. In doing so, he challenges many of the central tenets of game theory, and sheds light on the role economics can play in society at large. Economic Fables is as thought-provoking for seasoned economists as it is enlightening for newcomers to the field.

Beyond Self-Interest

Author : Jane J. Mansbridge
Publisher : University of Chicago Press
ISBN 13 : 0226503607
Total Pages : 416 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis Beyond Self-Interest by : Jane J. Mansbridge

Download or read book Beyond Self-Interest written by Jane J. Mansbridge and published by University of Chicago Press. This book was released on 1990-04-15 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: A dramatic transformation has begun in the way scholars think about human nature. Political scientists, psychologists, economists, and evolutionary biologists are beginning to reject the view that human affairs are shaped almost exclusively by self-interest—a view that came to dominate social science in the last three decades. In Beyond Self-Interest, leading social scientists argue for a view of individuals behavior and social organization that takes into account the powerful motivations of duty, love, and malevolence. Economists who go beyond "economic man," psychologists who go beyond stimulus-response, evolutionary biologists who go beyond the "selfish gene," and political scientists who go beyond the quest for power come together in this provocative and important manifesto. The essays trace, from the ancient Greeks to the present, the use of self-interest to explain political life. They investigate the differences between self-interest and the motivations of duty and love, showing how these motivations affect behavior in "prisoners' dilemma" interactions. They generate evolutionary models that explain how altruistic motivations escape extinction. They suggest ways to model within one individual the separate motivations of public spirit and self-interest, investigate public spirit and self-interest, investigate public spirit in citizen and legislative behavior, and demonstrate that the view of democracy in existing Constitutional interpretations is not based on self-interest. They advance both human evil and mothering as alternatives to self-interest, this last in a penetrating feminist critique of the "contract" model of human interaction.

The Handbook of Experimental Economics

Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 0691213259
Total Pages : 742 pages
Book Rating : 4.6/5 (912 download)

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Book Synopsis The Handbook of Experimental Economics by : John H. Kagel

Download or read book The Handbook of Experimental Economics written by John H. Kagel and published by Princeton University Press. This book was released on 2020-05-05 with total page 742 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, which comprises eight chapters, presents a comprehensive critical survey of the results and methods of laboratory experiments in economics. The first chapter provides an introduction to experimental economics as a whole, with the remaining chapters providing surveys by leading practitioners in areas of economics that have seen a concentration of experiments: public goods, coordination problems, bargaining, industrial organization, asset markets, auctions, and individual decision making. The work aims both to help specialists set an agenda for future research and to provide nonspecialists with a critical review of work completed to date. Its focus is on elucidating the role of experimental studies as a progressive research tool so that wherever possible, emphasis is on series of experiments that build on one another. The contributors to the volume--Colin Camerer, Charles A. Holt, John H. Kagel, John O. Ledyard, Jack Ochs, Alvin E. Roth, and Shyam Sunder--adopt a particular methodological point of view: the way to learn how to design and conduct experiments is to consider how good experiments grow organically out of the issues and hypotheses they are designed to investigate.

Handbook of the Philosophical Foundations of Business Ethics

Author : Christoph Luetge
Publisher : Springer
ISBN 13 : 9789400714953
Total Pages : 1582 pages
Book Rating : 4.7/5 (149 download)

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Book Synopsis Handbook of the Philosophical Foundations of Business Ethics by : Christoph Luetge

Download or read book Handbook of the Philosophical Foundations of Business Ethics written by Christoph Luetge and published by Springer. This book was released on 2012-10-18 with total page 1582 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Business Ethics: Philosophical Foundations is a standard interdisciplinary reference handbook in the field of business ethics. Articles by notable philosophers and economists examine fundamental concepts, theories and questions of business ethics: Are morality and self-interest compatible? What is meant by a just price? What did the Scholastic philosophers think about business? The handbook will cover the entire philosophical basis of business ethics. Articles range from historical positions such as Aristotelianism, Kantianism and Marxism to systematic issues like justice, religious issues, rights and globalisation or gender. The book is intended as a reference work for academics, students (esp. graduate), and professionals.