Bidding rules that guarantee procedural fairness may induce more equilibrium bidding and moderate other-regarding concerns. Here, we investigate procedural fairness as in Güth (2011). In our experiment, we assume commonly known true values and only two bidders to implement a best-case scenario...

Standard economic explanations of good conduct in trade rely almost exclusively on future-directed extrinsic motivations induced by material incentives. But intrinsic motives to behave trustworthily and to punish untrustworthiness do support trade. In our model, intrinsically motivated players...