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This paper studies how reciprocity and inequity aversion influence the behavior of firms in imperfectly competitive markets. The paper shows that if reciprocal firms compete a la Cournot, then they are able to sustain quot;collusivequot; outcomes under a positive reciprocity equilibrium. By...
Persistent link: https://www.econbiz.de/10012729710
than purely self-interested agents for a given prize structure. Contrary to standard tournament theory first-best efforts …
Persistent link: https://www.econbiz.de/10011415111
Our discussion will proceed in three parts. In section 1, we set out what we believe to be the canonical view of fair competition which underlies most defences of competition as a fair and efficient procedure. In section 2, we challenge this canonical view and argue that the fundamental dynamics...
Persistent link: https://www.econbiz.de/10014172267
this question by combining a large online experiment (N=2,086) with machine learning. We find that when losing is …
Persistent link: https://www.econbiz.de/10014317709
this question by combining a large online experiment (N=2,086) with machine learning. We find that when losing is …
Persistent link: https://www.econbiz.de/10014319186
question by combining a large online experiment (N=2,086) with machine learning. We find that when losing is unequivocally due …
Persistent link: https://www.econbiz.de/10014330324
this question by combining a large online experiment (N=2,086) with machine learning. We find that when losing is …
Persistent link: https://www.econbiz.de/10014335459
this question by combining a large online experiment (N=2,086) with machine learning. We find that when losing is …
Persistent link: https://www.econbiz.de/10014481114
This paper presents a formal theory of reciprocity. Reciprocity means that people reward kind actions and punish unkind … ones. The theory takes into account that people evaluate the kindness of an action not only by its consequences but also by … the intention underlying this action. The theory explains the relevant stylized facts of a wide range of experimental …
Persistent link: https://www.econbiz.de/10011398368
This paper presents a formal theory of reciprocity. Reciprocity means that people reward kind actions and punish unkind … ones. The theory takes into account that people evaluate the kindness of an action not only by its consequences but also by … the intention underlying this action. The theory explains the relevant stylized facts of a wide range of experimental …
Persistent link: https://www.econbiz.de/10013321364