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We present an axiomatic model of choice involving two agents, motivated by the experimental evidence on non-selfish preferences. We distinguish two classes of social preferences, depending on whether they are or not separable. Altruism and spite (Andreoni & Miller, 2002; Cox et al., 2007) are...
Persistent link: https://www.econbiz.de/10010670831
Experimental studies of the WTP-WTA gap avoid social trading by implementing an incentive compatible mechanism for each individual trader. We compare a traditional random price mechanism and a novel elicitation mechanism preserving social trading, without sacrificing mutual incentive...
Persistent link: https://www.econbiz.de/10010734325
Experimental studies of the WTP-WTA gap avoid social trading by implementing an incentive compatible mechanism for each individual trader. We compare a traditional random price mechanism and a novel elicitation mechanism preserving social trading, without sacrificing mutual incentive...
Persistent link: https://www.econbiz.de/10010706056
The bias generated by the subjective perception of scarcity on the consumer's choice is discussed from a theoretical perspective. The core idea here discussed is that scarcity is an Lancasterian attribute of the goods which is not endogenously built in the goods, like many physical attributes,...
Persistent link: https://www.econbiz.de/10005628789
In a modified dictator game experiment, we study how distributional justice, measured by the proportionality between effort exerted and rewards obtained, and guilt feelings triggered by others’ expectations affect dictator’s choices. We consider these two sources of behavior in isolation and...
Persistent link: https://www.econbiz.de/10010779445
This paper experimentally investigates a well-known anomaly in portfolio management, i.e. the fact that paper losses are realized less than paper gains (disposition effect). The existence of the disposition effect is documented in a simple risk task which demonstrates that the anomaly is most...
Persistent link: https://www.econbiz.de/10010939190
We experimentally investigate social effects in a principal-agent setting with incomplete contracts. The strategic interaction scheme is based on the well-known Investment Game (Berg et al., 1995). In our setting four agents (i.e., trustees) and one principal (i.e., trustor) are interacting and...
Persistent link: https://www.econbiz.de/10004966431
We experimentally investigate social effects in a principal-agent setting with incomplete contracts. The strategic interaction scheme is based on the Investment Game (Berg et al., 1995). In our setting four trustees and one trustor are interacting and the access to choices of peers in the group...
Persistent link: https://www.econbiz.de/10005012236
Persistent link: https://www.econbiz.de/10005628825
Recent years registered a renewed interest in social interactions. However, due to some well-known identification problems, empirical estimation of peer effects remains quite problematic. To overcome problems of this kind, a database providing detailed information on the sequential structure of...
Persistent link: https://www.econbiz.de/10005177013