experimental economics socialpreferences jkessler

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1、SocialPreferencesJuddKesslerG5inBusinessEconomicsApril2,2010SocialPreferences•Beforecoffee,wesawexperimentsthatsuggestindividualshavesocialpreferences•Andwesawtheoriesthatexplainedthisdataaspreferencesoveroutcomesandintentions•Inthissession,wewillseehowtheseforcesmightexplainotherexperime

2、ntalresults•Wewillalsoseepatternsofbehaviorthatcannotbeexplainedbytheexistingsocialpreferencemodelsandsomerecentattemptstorationalizethedata2SocialPreferences•Reminderfromafewweeksago…•Gift-exchangeandgift-exchangeexperimentswereusedasanexampleoffairnessconcernskeepingamarketawayfromthese

3、lfishequilibrium3DoesFairnessEffectMarketClearing?AnExperimentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)4DoesFairnessEffectMarketClearing?AnExperimentalInvestigationbyErnstFehr,GeorgKirchsteigerandArnoRiedl(1993,QJE)•Thehigherthewage,thehigherthemeanandmedianeffort

4、levels,implyingthehigherwageiseffectingmanysubjects•Averagewageofferedintheexperimentis725SocialPreferences•Butthehighereffortinresponsetohigherwagesmaybebeingdrivenbyinequityaversion(anyideaswhy?)•Which(importantly)mightnotbepresentintheworkplace…6StrategicandInformationalEnvironment:Add

5、ressingtheLab-FieldDebatewithLaboratoryGiftExchangeExperimentsbyJuddB.Kessler(2010)•Inpreviouslaboratoryexperiments,relative“wealth”isdeterminedintheexperimentandworkersarealmostalwaysatadistributionaladvantagewhenmakingeffortdecisions•Inthefield,firmsarelikelyrelativelywealthierthanthewo

6、rkerstheyemploy–Studentsprovidingefforttobenefitarichuniversitylibrarysystem(GneezyandList2006;Kubeetal2008)mayperceivetheemployertoberelativelywealthy•Whenthefirmisexogenouslymadericherthantheworkerinexperimentalcurrency,giftexchangeisseverelydiminishedStrategicandInformationalEnvironmen

7、t…byJuddB.Kessler(2010)Experiment1•Bilateralgiftexchangegame•Subjectsareeitheraworkerorafirm•Randomlyrematched24timeswithaplayeroftheoppositetypeeachround(5sessions;88subjects)•Paidononerandomlyselectedround($20.60onaverage)•Eachround,thefirmhas30unitsandtheworkerha