experimental economics intermediation coffman

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1、IntermediationReducesPunishmentAndRewardLucasC.CoffmanHarvardUniversity1LoopholesinPunishment?MerckSellsMustargentocancerpatientsatprice$PMerckSellsMustargenPatenttoOvationMerckProducesMustargenforOvationOvationSellsMustargenfor$7*P2TheIntermediationGameAowns$10DictatorGame(DG);AChooses:BAC

2、ORAC$10DGwithC;AchooseshowmuchheSells$10DGtoB;keepsAchooseshowmuchhekeeps;BplaysDGwithC.Bhas$5;Chas$0;Dhas$5.DcanreduceA’spayout.3PunishmentforHowMuchAKeeps,HoldingFixedtheOutcome:***5UnsoldvSoldUnsold4**3**2AvgPunishment($)10UnsoldSoldUnsoldSoldUnsoldSoldUnsoldSoldUnsoldSoldUnsoldSold$5$6$

3、7$8$9$10AmountKeptbyPlayerA($)Regressions&RobustnessBehavioralPredictions•Modelsbasedonoutcomesandintentionspredictreciprocalbehaviorbest(Engelmann&Strobel‘04;Falk,Fehr&Fischbacher‘08)•Outcomes:Strongpreferenceformaximizingtheminimumpayoffofothers(Max-minpreference)(Charness&Rabin‘02;Engelm

4、ann&Strobel’04)•Intentions:PlayerA’sintentionsdeterminedbywhathebelievesPlayerBisgoingtodo(Rabin‘93,Dufwenberg&Kirchsteiger‘04).–UsingPlayerBcanonlydecreaseminimumpayoff(PlayerC)6BehavioralPredictionsII:PurchasePriceUnsold$5$6$7$8$9ExpectedAmount$5.90$8.37$8.97$9.30$9.67$9.85Keptin$10DGBeli

5、efsofOthers’ofOthers’(A’s)Expectationsof$6.10$8.30$8.90$9.45$9.75$9.95AmountKept$5.50NA$10$9.43$9.75$9.83EmpiricalAverages(N=24)(N=0)(N=2)(N=7)(N=8)(N=6)SupposeAdoesn’tsellandkeeps$8($8,$5,$2,$5)SupposeAsellsfor$8.DbelievesAbelievesthefinaloutcomewillbe($8,$6.75,$0.25,$5).7Discussion•Inter

6、mediationReducesPunishment•WhyDoWeCare?–Subjectsusetheintermediary–Thishurtsthepoorestplayer•WhyDoesIntermediationReducePunishment?8SubjectsUsetheIntermediary•52%ofsubjects(33/64)selltheDictatorGame.•CommentsfromPost-ExperimentQuestionnaire:–“IwastryingtogainmoneyformyselfwithoutcausingDtor

7、educemesoIsoldtoplayerB.”–“IwantedtosellmygamebecausethenIdidn’tlooktooselfishandDwouldn’treduceme.”9SubjectsRationallyUsetheIntermediary65.755.5($)5.25Punishment5DirectUnsold4.75IndirectSoldWealthofA4.54.25-ExpectedPost4$5$6$7$8$9$10AmountAKeeps($)Discu