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of evolutionary and learning processes in this game. Only the continuous best response dynamic uniquely selects the …
Persistent link: https://www.econbiz.de/10005032173
Adaptive learning and punishment are highly prominent competing explanations for ultimatum game behavior. We report on … an experiment that considers each theory in stand-alone form, so that one does not rely on the other in any substantial … way. Our data exhibits patterns for which punishment can account but learning by itself cannot. Initial play varies …
Persistent link: https://www.econbiz.de/10004968239
payoff-based learning models are simulated in order to understand individual learning behavior in distributed systems. Under … the serial mechanism the payoff-assessment learning model (Sarin and Vahid (1997)) provides the best fit to the data …, followed by the experience-weighted attraction learning model (Camerer and Ho (1999)), which in turn, is followed by a simple …
Persistent link: https://www.econbiz.de/10005001438
Persistent link: https://www.econbiz.de/10005032129
effect by showing that evolution favors individuals whose preferences embody an endowment effect. The reason is that an …
Persistent link: https://www.econbiz.de/10004968395
We show that a set of outcomes outside the convex hull of Nash equilibria can be asymptotically stable with respect to convex monotonic evolutionary dynamics. Boundedly rational agents receive signals and condition the choice of strategies on the signals. A set of conditional strategies is...
Persistent link: https://www.econbiz.de/10004968465
This paper discusses economic models in which agents interact directly with each other rather than through the price system as in the standard general equilibrium model. It is suggested that the relationship between micro and macro behaviour is very different than that in the standard model and...
Persistent link: https://www.econbiz.de/10005028311
retribution, where retribution is more compelling than reciprocity. The equal division principle is the dominant fairness norm … non-binding agreements beforehand. The results refute the concept of rationality and support the impact of reciprocity and …. Deviating norms are not a product of not knowing which norm to apply, but rather to avoid cognitive dissonance in advance. …
Persistent link: https://www.econbiz.de/10004968245
motivational heterogeneity in both roles, but both materialism and reciprocity proved stronger than altruism. The qualitative model …
Persistent link: https://www.econbiz.de/10004968314
exclusion from the experiment without payment. The results show that reciprocity establishes bribery relationships, where …Essential characteristics of corruption are (1) a reciprocity relationship between briber and public official, (2 …) negative welfare effects, and (3) high penalties when discovered. We separate the influences of these factors in an experiment …
Persistent link: https://www.econbiz.de/10004968325