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We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and that subjects attain the most efficient ownership allocation despite starting...
Persistent link: https://www.econbiz.de/10010261192
In recent years a large number of experimental studies have documented the existence of strong reciprocity among humans …. Strong reciprocity means that people willingly repay gifts and punish the violation of cooperation and fairness norms even in … that ultimate theories of kin selection, reciprocal altruism, costly signalling and indirect reciprocity do not provide …
Persistent link: https://www.econbiz.de/10010262063
During the last two decades economists have made much progress in understanding incentives, contracts and organisations. Yet, they constrained their attention to a very narrow and empirically questionable view of human motivation. The purpose of this paper is to show that this narrow view of...
Persistent link: https://www.econbiz.de/10010262734
theories of fairness and reciprocity capture these forces. We find that cooperators' punishment is almost exclusively targeted …
Persistent link: https://www.econbiz.de/10010267590
We study the impact of reputational incentives in markets characterized by moral hazard problems. Social preferences have been shown to enhance contract enforcement in these markets, while at the same time generating considerable wage and price rigidity. Reputation powerfully amplifies the...
Persistent link: https://www.econbiz.de/10010268857
Lecture on the first SFB/TR 15 meeting, Gummersbach, July, 18 - 20, 2004: We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationship-specific investments and...
Persistent link: https://www.econbiz.de/10010334015
Chapter written for the Handbook of Reciprocity, Gift-Giving and Altruism …
Persistent link: https://www.econbiz.de/10010334040
reciprocity. Moreover, several theoretical papers have been written showing that the observed phenomena can be explained in a …
Persistent link: https://www.econbiz.de/10010427343
We show that concerns for fairness may have dramatic consequences for the optimal provision of incentives in a moral hazard context. Incentive contracts that are optimal when there are only selfish actors become inferior when some agents are concerned about fairness. Conversely, contracts that...
Persistent link: https://www.econbiz.de/10010427345
This paper surveys recent experimental and field evidence on the impact of concerns for fairness, reciprocity and …
Persistent link: https://www.econbiz.de/10010427418