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Studies of cooperation in infinitely repeated matching games focus on homogeneous economies, where full cooperation is …
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Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary equilibrium cannot generally be sustained when monitoring and punishment...
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We use skin conductance responses and self-reports of hedonic valence to study the emotional basis of cooperation and …. The application of sanctions activates a virtuous emotional circle that accompanies cooperation. Emotionally aroused … punished, and increase their subsequent level of cooperation. The outcome is an increased level of contribution that becomes …
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crucial in promoting large-scale cooperation. …
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