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Satisficing in sales competition: experimental evidence

Berninghaus, Siegfried; Güth, Werner; Levati, M. Vittoria - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2006

In a stochastic duopoly market, sellers must form state-specific aspirations expressing how much they want to earn given their expectations about the other's behavior. We define individually and mutually satisficing sales behavior for given individual beliefs and aspiration profiles. In a first...

Persistent link: https://www.econbiz.de/10005765138

Buying Versus Hiring - An Indirect Evolutionary Approach

Berninghaus, Siegfried K.; Güth, Werner - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2002

On an otherwise symmetric oligopoly market with stochastic demands for heterogeneous products firms can either hire an employee or partner or buy the required labor input on the labor market. Whereas the wage of hired labor does not depend in the realization of stochastic demand, the price of...

Persistent link: https://www.econbiz.de/10005588011

Asymmetric Information without Common Priors: An Indirect Evolutionary Analysis of Quantity Competition

Güth, Werner; Erviti, Loreto Llorente; Ziegelmeyer, Anthony - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2006

The common prior assumption justifies private beliefs as posterior probabilities when updating a common prior based on individual information. Common priors are pervasive in most economic models of incomplete information and oligopoly models with asymmetrically informed firms. We dispose of the...

Persistent link: https://www.econbiz.de/10005588021

Information and Communication in Sequential Bargaining

Brosig, Jeannette; Ockenfels, Axel; Weimann, Joachim - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2003

), the direction of electronic pre-play communication (no, one-way, and two-way), and the electronic communication medium … (email and video) Bargaining out-comes are influenced by the information and communication configurations, but not by the … communication medium. In particular, sellers earn more when being informed about buyers' reservation prices (though they are willing …

Persistent link: https://www.econbiz.de/10005765095

Tournaments for the endogenous allocating of prizes within workteams - Theory and experimental evidence

Sutter, Matthias - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2004

We present a model where compensation within a workteam is determined endogenously by the use of a rank-order tournament. Team members compete in their efforts for the right to propose the distribution of a prize within the team. The implementation of a proposal requires the approval of other...

Persistent link: https://www.econbiz.de/10005765090

Noisy leadership: An experimental approach

Müller, Wieland; Spiegel, Yossi; Güth, Werner - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft

We examine the strategic behavior of leaders and followers in sequential duopoly experiments in which followers either perfectly observe the leaders’ actions or else observe nothing. Our experiments show that consistent with the theory, leaders enjoy a greater …rst-mover advantage when...

Persistent link: https://www.econbiz.de/10005765127

Age and the development of trust and reciprocity

Sutter, Matthias; Kocher, Martin G. - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2004

We examine the degree of trust and reciprocity in an experimental trust game with 662 participants from six different age groups, ranging from 8 year old primary school children to retired persons in their late sixties. Although both trust and reciprocity have been identified as fundamental...

Persistent link: https://www.econbiz.de/10005765128

Wages, Length of Relationship and Bargaining Power: An experimental study in a world of complete contracts

Dittrich, Dennis A.V. - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2004

To explain potential sources of wage rigidity this article analyzes a model of reciprocal kindness applied to a repeated ultimatum game with changing and nonzero conflict payoffs. The model is also tested in a laboratory experiment. The results are compatible with the rentsharing approach to...

Persistent link: https://www.econbiz.de/10005765137

Trading Goods versus Sharing Money - An Experiment Testing Whether Fairness and Efficiency are Frame Dependent

Berninghaus, Siegfried K.; Gueth, Werner; Kirstein, Annette - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft - 2004

Systematic experiments with distribution games (for a survey, see Roth, 1995) have shown that participants are strongly motivated by fairness and efficiency considerations. This evidence, however, results mainly from experimental designs asking directly for sharing monetary rewards. But even...

Persistent link: https://www.econbiz.de/10005765144

Individual versus group behavior and the role of the decision making procedure in gift-exchange experiments

Kocher, Martin G.; Sutter, Matthias - Max-Planck-Institut für Ökonomik, Max-Planck-Gesellschaft

We test for behavioral differences between groups and individuals in gift-exchange experiments. Related studies establish group behavior as typically closer to the game-theoretic equilibrium. We show that this result may depend crucially on the decision making procedure within groups. A novel...

Persistent link: https://www.econbiz.de/10005765166

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