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1、JournalofEconomicBehavior&Organization68(2008)1828Aninvestmentgamewiththird-partyinterventionGaryCharnessa,∗,RamonCobo-Reyes´b,NataliaJimenez´b,caDepartmentofEconomics,UniversityofCaliforniaSantaBarbara,2127NorthHall,SantaBarbara,CA93106-9210,UnitedStatesbDepartamentodeTeor´ıaeHistor
2、iaEcon´omica,UniversityofGranada,CampusCartuja,s/n,E-18071,Granada,SpaincDepartamentodeFundamentosdelAn´alisisEcon´omico,UniversityofAlicante,CarreteradeS.VicentedelRaspeigs/n,03080,Alicante(S.VicentedelRaspeig),SpainReceived18November2006;receivedinrevisedform23February2008;accepted
3、23February2008Availableonline6March2008AbstractThispaperexplorestheeffectofthepossibilityofthird-partyinterventiononbehaviorinavariantoftheBergetal.[Berg,J.,Dickhaut,J.,McCabe,K.,1995.Trust,reciprocityandsocialhistory.GamesandEconomicBehavior10,122142]InvestmentGame.Athird-partysmate
4、rialpayoffisnotaffectedbythedecisionsmadebytheotherparticipants,butthispersonmaychoosetopunisharesponderwhohasbeenoverlyselfish.Theconcernoverthispossibilitymayservetodisciplinepotentiallyselfishresponders.Wealsoexploreatreatmentinwhichthethirdpartymayalsochoosetorewardasenderwhohasrec
5、eivedalownetpayoffasaresultoftherespondersaction.Wefindastrongandsignificanteffectofthird-partypunishmentinbothpunishmentregimes,astheamountsentbythefirstmoverismorethan60%higherwhenthereisthepossibilityofthird-partypunishment.Wealsofindthatrespondersreturnahigherproportionoftheamountsen
6、ttothemwhenthereisthepossibilityofpunishment,withthisproportionslightlyhigherwhenrewardisnotfeasible.Finally,thirdpartiespunishlesswhenrewardisfeasible,butneverthelessspendmoreonthecombinationofrewardandpunishmentwhenthesearebothpermittedthanonpunishmentwhenthisistheonlychoiceforredr
7、essingmaterialoutcomes.©2008ElsevierB.V.Allrightsreserved.JELclassification:A13;B49;C91;D63Keywords:Trust;Punishment;Third-partyintervention;Responsibility-alleviation1.IntroductionOnemustoftentakeariskineconomicenvironmentsinordertosecurepossiblegains.Purchasersordergoodsandpresumeth
8、atthequality
