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1、Marketsand‘Fairness’DoNon-MonetaryConcernsMatter?Experimentaldoubleauctionstendedtoconvergetoequilibriumpredictions:•Thismightleadustothinkthatnon-monetaryconcerns(e.g.concernsaboutequityorfairnessweseemtoseeinbargaining)mightnotmatterformarkets•Butmaybetherearemark
2、etenvironmentsinwhichtheseconcernsmatter…•Ifnon-monetaryconcernsareimportant,theyshouldsurvivethepressuresofthemarket2DoesFairnessEffectMarketClearing?AnExperimentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)Motivation3DoesFairnessEffectMarketCl
3、earing?AnExperimentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)ExperimentalDesign•Subjectsrandomlyeitherfirmsorworkers•Repeatedfor12rounds•EachRound:one-sidedoralauction–Eachofthe5or6firmsmakewageoffersoverthephonewhichcanbeacceptedbythe8or9wor
4、kersintheotherroom•Workersearnpayoffs=w–26–m(e)•Firmsearnpayoffs=(126–w)*eNoticetheequilibriumisw=30&e=0.1(wagesaremultiplesof5)4DoesFairnessEffectMarketClearing?AnExperimentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)•Thehigherthewage,thehighe
5、rthemeanandmedianeffortlevels,implyingthehigherwageiseffectingmanysubjects•Averagewageofferedintheexperimentis725DoesFairnessEffectMarketClearing?AnExperimentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)6DoesFairnessEffectMarketClearing?AnExperi
6、mentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)•Thehigherthewagethatafirmoffers,thehighertheeffortthatarereturnedtothefirm•Theeffectseemstobetrueacrossthewholedistributionofwages•Butmaybethemarketisconvergingtothepredictedequilibriumw=30,e=0.1
7、7DoesFairnessEffectMarketClearing?AnExperimentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)8DoesFairnessEffectMarketClearing?AnExperimentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)•Sotheeffectisnotgoingawayovertime•FKRconc
8、ludethattheyfindsupportforthefair-wagemarkethypothesisandthatfairnessconcernskeepthismarketoutofequilibrium•Thispaperhasgeneratedalargelit
