Decision Making

Bargaining in a Video Experiment: Determinants of Boundedly by Heike Hennig-Schmidt

By Heike Hennig-Schmidt

Bilateral bargaining events are of significant value in truth. conventional microeconomics, even if, make cognitive and motivational assumptions of topics` complete rationality which are printed as being unrealistic through an increasing number of experimental investigations. the current booklet provides a tremendous contribution to the knowledge of rules of boundedly rational habit by way of at once staring at teams of topics in a call state of affairs and videotaping their discussions. a vital results of the e-book is that the habit of topics is guided via aspirations in regards to the ultimate consequence. the degrees of aspirations are prompted through prominence and diverse kinds of the fairness precept leading to numerous equity norms as to the allocation of the amount of cash to be divided. one other vital characteristic of the e-book stems from the research of holiday off discussions and allows a motivational clarification of the emergence of breakdowns in bargaining.

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Additional info for Bargaining in a Video Experiment: Determinants of Boundedly Rational Behavior (Lecture Notes in Economics and Mathematical Systems)

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231) . g. Simon (1957)26 and Romans (1961). Recently, reciprocity has been resumed to be investigated as a motivating variable explaining people's behavior. Emotions, especially anger, are additional factors influencing the behavior of participants in our experiment. Emotions cause subjects to re-evaluate the outcome of the game. Monetary issues become totally minor matters. Decisions that cannot be explained by economically defined rationality we do not want to characterize as irrational since subjects had motives involving a certain logic.

231) . g. Simon (1957)26 and Romans (1961). Recently, reciprocity has been resumed to be investigated as a motivating variable explaining people's behavior. Emotions, especially anger, are additional factors influencing the behavior of participants in our experiment. Emotions cause subjects to re-evaluate the outcome of the game. Monetary issues become totally minor matters. Decisions that cannot be explained by economically defined rationality we do not want to characterize as irrational since subjects had motives involving a certain logic.

They found that experimental subjects did not behave according to game theoretic predictions: on average players 1 did not demand all but the smallest money unit for themselves and if they demanded nearly the whole "cake" for themselves players 2 frequently rejected this proposal. Some participants obviously cared for a "fair" allocation and were willing to punish those who tried to leave them with a split perceived as unjustly uneven. In a Rubinstein-like setup Binmore, Shaked, and Sutton (1989) experimentally tested the outside option model 28 renamed as "deal-me-out" against Schelling'S principle of Split the Difference 29 which is widely used as a solution concept in bargaining theory.

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