Download or read book Fairness and Rejections in the Ultimatum Bargaining Game written by Catherine C. Eckel and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The ultimatum game is a standard instrument for laboratory experimentalists. It had been replicated in a large number of environments and points to special considerations for fairness. Although it has been popular in the experimental community, researchers have not harnessed all the statistical power they should to evaluate the dynamics at work in this type of a bargaining game. This research uses two planned treatments, the first involving a signaling condition concerning a subject's "type," and the second a price effect built into the structure of the game. We find that there are no significant main effects as a result of the signaling condition of a subject's type, but that there are strong effects as a result of the different payoff parameters. Using a variety of multivariate models we find important, non-obvious interactions with the gender of the subjects. The lesson that we take away from this research is that experimentalists can learn more from data collected in the tightly controlled laboratory environment by using statistical techniques that complement their research designs.
Download or read book Behavioral Game Theory written by Colin F. Camerer and published by Princeton University Press. This book was released on 2011-09-05 with total page 569 pages. Available in PDF, EPUB and Kindle. Book excerpt: Game theory, the formalized study of strategy, began in the 1940s by asking how emotionless geniuses should play games, but ignored until recently how average people with emotions and limited foresight actually play games. This book marks the first substantial and authoritative effort to close this gap. Colin Camerer, one of the field's leading figures, uses psychological principles and hundreds of experiments to develop mathematical theories of reciprocity, limited strategizing, and learning, which help predict what real people and companies do in strategic situations. Unifying a wealth of information from ongoing studies in strategic behavior, he takes the experimental science of behavioral economics a major step forward. He does so in lucid, friendly prose. Behavioral game theory has three ingredients that come clearly into focus in this book: mathematical theories of how moral obligation and vengeance affect the way people bargain and trust each other; a theory of how limits in the brain constrain the number of steps of "I think he thinks . . ." reasoning people naturally do; and a theory of how people learn from experience to make better strategic decisions. Strategic interactions that can be explained by behavioral game theory include bargaining, games of bluffing as in sports and poker, strikes, how conventions help coordinate a joint activity, price competition and patent races, and building up reputations for trustworthiness or ruthlessness in business or life. While there are many books on standard game theory that address the way ideally rational actors operate, Behavioral Game Theory stands alone in blending experimental evidence and psychology in a mathematical theory of normal strategic behavior. It is must reading for anyone who seeks a more complete understanding of strategic thinking, from professional economists to scholars and students of economics, management studies, psychology, political science, anthropology, and biology.
Download or read book Neuroeconomics written by Paul W. Glimcher and published by Academic Press. This book was released on 2013-08-13 with total page 606 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the years since it first published, Neuroeconomics: Decision Making and the Brain has become the standard reference and textbook in the burgeoning field of neuroeconomics. The second edition, a nearly complete revision of this landmark book, will set a new standard. This new edition features five sections designed to serve as both classroom-friendly introductions to each of the major subareas in neuroeconomics, and as advanced synopses of all that has been accomplished in the last two decades in this rapidly expanding academic discipline. The first of these sections provides useful introductions to the disciplines of microeconomics, the psychology of judgment and decision, computational neuroscience, and anthropology for scholars and students seeking interdisciplinary breadth. The second section provides an overview of how human and animal preferences are represented in the mammalian nervous systems. Chapters on risk, time preferences, social preferences, emotion, pharmacology, and common neural currencies—each written by leading experts—lay out the foundations of neuroeconomic thought. The third section contains both overview and in-depth chapters on the fundamentals of reinforcement learning, value learning, and value representation. The fourth section, “The Neural Mechanisms for Choice, integrates what is known about the decision-making architecture into state-of-the-art models of how we make choices. The final section embeds these mechanisms in a larger social context, showing how these mechanisms function during social decision-making in both humans and animals. The book provides a historically rich exposition in each of its chapters and emphasizes both the accomplishments and the controversies in the field. A clear explanatory style and a single expository voice characterize all chapters, making core issues in economics, psychology, and neuroscience accessible to scholars from all disciplines. The volume is essential reading for anyone interested in neuroeconomics in particular or decision making in general. Editors and contributing authors are among the acknowledged experts and founders in the field, making this the authoritative reference for neuroeconomics Suitable as an advanced undergraduate or graduate textbook as well as a thorough reference for active researchers Introductory chapters on economics, psychology, neuroscience, and anthropology provide students and scholars from any discipline with the keys to understanding this interdisciplinary field Detailed chapters on subjects that include reinforcement learning, risk, inter-temporal choice, drift-diffusion models, game theory, and prospect theory make this an invaluable reference Published in association with the Society for Neuroeconomics—www.neuroeconomics.org Full-color presentation throughout with numerous carefully selected illustrations to highlight key concepts
Download or read book Reputations and Fairness in Bargaining written by Tilman Slembeck and published by . This book was released on 1999 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
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)
Download or read book Is Behavioral Economics Doomed written by David K. Levine and published by Open Book Publishers. This book was released on 2012 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, David K. Levine questions the idea that behavioral economics is the answer to economic problems. He explores the successes and failures of contemporary economics both inside and outside the laboratory, and asks whether popular behavioral theories of psychological biases are solutions to the failures. The book not only provides an overview of popular behavioral theories and their history, but also gives the reader the tools for scrutinizing them.
Download or read book Bargaining theory and fairness written by Arwed Crüger and published by Duncker & Humblot. This book was released on 2015 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two new bargaining games, called "Freedom to Punish (FTP)" and "Right and Choice to Punish (RAP)", are developed, analyzed and tested by means of an experimental implementation. Hypotheses about behavior are developed, discussed and tested. The central hypotheses are aimed at the importance of freedom of choice, on the difference between the FTP game and the RAP game, and on the crowding-out of intrinsic motivation. As might have been expected, fairness plays a role in both games, represented by the frequent appearances of equal splits as well as by the frequent rejections of unfair offers.In addition to that, fairness was crowded out by the new Institution of a veto power decision, confirming the importance of the institutional setting for behavior. Contrary to the few veto power sales in the RAP game, an amazingly high number of receivers refrained from veto power in the FTP game. This significant difference has clearly been attributed to the different information conditions and the existence of a bonus. This bonus can be interpreted in terms of freedom of choice, and exploits a value for the freedom to choose for the first time in experimental economics.
Download or read book Bounded Rational Behavior in Experimental Games and Markets written by Reinhard Tietz and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book reports on recent experimental research on expectations and decision making in bargaining, markets, auctions, or coalition formation situations. The investi- gated topics deliver building stones for a bounded rational theory as an approach to explain behavior and interpersonal interactions in economic and social relationships.
Download or read book Neuroeconomics written by Daniel Houser and published by Emerald Group Publishing. This book was released on 2008-12-01 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considers the various topics in health economics including the production of and demand for health; the demand for medical care services; the financing of these services; the markets for physicians, nurses, dentists, hospitals, and drugs; the economics of substance use; health in developing countries; and, the economics of medical technology.
Download or read book The Handbook of Behavioral Operations written by Karen Donohue and published by John Wiley & Sons. This book was released on 2018-11-06 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive review of behavioral operations management that puts the focus on new and trending research in the field The Handbook of Behavioral Operations offers a comprehensive resource that fills the gap in the behavioral operations management literature. This vital text highlights best practices in behavioral operations research and identifies the most current research directions and their applications. A volume in the Wiley Series in Operations Research and Management Science, this book contains contributions from an international panel of scholars from a wide variety of backgrounds who are conducting behavioral research. The handbook provides succinct tutorials on common methods used to conduct behavioral research, serves as a resource for current topics in behavioral operations research, and as a guide to the use of new research methods. The authors review the fundamental theories and offer frameworks from a psychological, systems dynamics, and behavioral economic standpoint. They provide a crucial grounding for behavioral operations as well as an entry point for new areas of behavioral research. The handbook also presents a variety of behavioral operations applications that focus on specific areas of study and includes a survey of current and future research needs. This important resource: Contains a summary of the methodological foundations and in-depth treatment of research best practices in behavioral research. Provides a comprehensive review of the research conducted over the past two decades in behavioral operations, including such classic topics as inventory management, supply chain contracting, forecasting, and competitive sourcing. Covers a wide-range of current topics and applications including supply chain risk, responsible and sustainable supply chain, health care operations, culture and trust. Connects existing bodies of behavioral operations literature with related fields, including psychology and economics. Provides a vision for future behavioral research in operations. Written for academicians within the operations management community as well as for behavioral researchers, The Handbook of Behavioral Operations offers a comprehensive resource for the study of how individuals make decisions in an operational context with contributions from experts in the field.
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.
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.
Download or read book Fairness in an Embedded Ultimatum Game written by Paul Pecorino and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We embed an ultimatum game in a stylized legal bargaining framework. This changes the framing of the standard ultimatum game in several ways, but also moves the bargaining closer to what is found in some naturally occurring settings. In this context, the ultimatum game is played over the joint surplus which is achieved from settlement as compared to a dispute. In our embedded ultimatum game, the median offer contains only 7% of the joint surplus from settlement. When we replicate the simple ultimatum game, we find that 50% of the joint surplus is contained in the median offer.
Download or read book Cooperation and Helping Behavior written by Valerian J. Derlega and published by Academic Press. This book was released on 2013-09-25 with total page 471 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cooperation and Helping Behavior: Theories and Research deals with theory and research with respect to positive forms of social behavior, with emphasis on cooperation and helping behavior. Topics covered include social values and rules of fairness; cognitive processes underlying cooperation; the effects of intergroup competition and cooperation on intragroup and intergroup relationships; and altruism and the problem of collective action. Comprised of 18 chapters, this book begins with an overview of theories and research on cooperation and helping behavior, followed by a discussion on the problem of interdependence within the context of interpersonal relations. Subsequent chapters deal with cognitive processes affecting cooperation; motivational and cognitive antecedents of cooperation; the effects of intergroup competition and cooperation on intragroup and intergroup relationships; and opportunities for gaining satisfactory solutions to conflict through negotiation. Social trap analogs of social dilemmas such as the energy crisis and overpopulation are also examined, together with altruism and the problem of collective action; justice-motive theory; arousal and cost-reward theory of bystander intervention; and the psychological aspects of receiving help. The final chapter considers types of psychological mechanisms underlying prosocial behavior and its development. This monograph will be of value to students and researchers in the field of psychology.
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.
Download or read book Social Structure and Testosterone written by Theodore D. Kemper and published by Rutgers University Press. This book was released on 1990 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explorations in the Socio-Bio-Social Chain
