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On the social dimension of time and risk preferences:An experimental study

Güth, Werner; Levati, Maria Vittoria; Ploner, Matteo - Max-Planck-Institut für Ökonomik <Jena> - Abteilung …

We report on an experiment designed to explore the interrelation of otherregardingconcerns with attitudes towards risk and delay when the latterhave a social dimension, i.e., pertain to one's own and another person'spayos. For this sake, we compare evaluations of several prospects, eachof which...

Persistent link: https://www.econbiz.de/10005866823

Fair Wages and the Co-Employment of Hired and RentedHands- An Experimental Study –

Alewell, Dorothea; Friedrich, Colette; Güth, Werner; … - Max-Planck-Institut für Ökonomik <Jena> - Abteilung …

? Fairness norms mightplay an important role in wage-setting decisions. We will explore theoretically and experimentallypossible … fairness considerations of the involved parties. …

Persistent link: https://www.econbiz.de/10005866944

Conventions for Selecting Among Conventions :An Evolutionary and Experimental Analysis

Büchner, Susanne; Güth, Werner; Miller, Luis M. - Max-Planck-Institut für Ökonomik <Jena> - Abteilung … - 2007

Conventions can be narrowly interpreted as coordinated ways of equilibriumplay, i.e., a specific convention tells all players in a game withmultiple strict equilibria which equilibrium to play. In our view, coordinationoften takes place before learning about the games. Thus, one hasto coordinate...

Persistent link: https://www.econbiz.de/10005866835

Let the Dummy Talk!- Unilateral Communication and Discrimination inThree-Person Dictator Experiments -

Greiner, Ben; Güth, Werner; Zultan, Ro’i - Max-Planck-Institut für Ökonomik <Jena> - Abteilung … - 2005

To explain why pre-play communication increases cooperation in games,one refers to a) strategic causes such as efficient communication or reputationeffects, and b) changes in the utilities due to social processes. Hithertoexperimental support for both explanations is mixed and confounded....

Persistent link: https://www.econbiz.de/10005866851

Loss aversion and learning to bid

Dittrich, Dennis Alexis Valin; Güth, Werner; Kocher, Martin - Max-Planck-Institut für Ökonomik <Jena> - Abteilung … - 2005

Bidding challenges learning theories since experiences with the same bid vary stochastically:the same choice can result in either a gain or a loss. In such an environment thequestion arises how the nearly universally documented phenomenon of loss aversion affectsthe adaptive dynamics. We analyze...

Persistent link: https://www.econbiz.de/10005866949

On Inequity Aversion

Güth, Werner - Max-Planck-Institut für Ökonomik <Jena> - Abteilung …

this desire conflicts with other strong motivationsa typical reaction is to trade off fairness against these other concerns …. Inequ(al)ity aversion allows capturing such trade off considerations in various ways(Bolton, 1991, Bolton and Ockenfels …, 1998 and 2000, Fehr and Schmidt, 1999,are examples).Such trade off analysis measures how far one deviates from fairness …

Persistent link: https://www.econbiz.de/10005866826

Effective equity experiences from an ultimatum experiment

Güth, Werner; Kovács, Judit - Max-Planck-Institut für Ökonomik <Jena> - Abteilung …

Fairness like other social norms is usually stabilized by punishing norm deviations. Reward uncertainty, however …

Persistent link: https://www.econbiz.de/10005866948

Investment and Bargaining in Joint Ventures: A Family Decision Making Experiment

Güth, Werner; Ivanova-Stenzel, Radosveta; Sutter, Matthias - In: Journal of Institutional and Theoretical Economics (JITE) 159 (2003) 2, pp. 323-323

Bilateral joint ventures, such as marriage, are economically inspired by their prospects of labor division and specialization. However, specialization makes the partnerwho investsmore in relation-specificqualificationsmore exploitable (holdup problem). In a two-person experiment we study...

Persistent link: https://www.econbiz.de/10005241801

Voluntary versus Compulsory Solidarity: Theory and Experiment

Güth, Werner; Sutter, Matthias; Verbon, Harrie - In: Journal of Institutional and Theoretical Economics (JITE) 162 (2006) 2, pp. 347-363

We present an overlapping-generations model with two interacting teams, where young team members earn an income, whereas old team members depend on either intrateam transfers from young members (voluntary solidarity) or tax-financed transfers (compulsory solidarity). We derive the individually...

Persistent link: https://www.econbiz.de/10005764388

Attitudes toward Private and Collective Risksin Individual and Strategic Choice Situations

Brennan, Geoffrey; González Morales, Luis G.; Güth, Werner - Max-Planck-Institut für Ökonomik <Jena> - Abteilung …

Idiosyncratic risk attitudes are usually assumed to be commonly knownand restricted to own payos. However, the alternatives faced by a decisionmaker often involve risks for others' payos as well. Motivated by theimportance of other-regarding preferences in social interactions, this paperexplores...

Persistent link: https://www.econbiz.de/10005866833