Downloadable (with restrictions)! We demonstrate that a simple model, constructed on the premise that people are motivated by both their pecuniary payoff and. ERC. A Theory of Equity, Reciprocity and Competition. Gary E Bolton. Smeal College of Business. Penn State University, USA. &. Axel Ockenfels. Faculty of. CiteSeerX – Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): We demonstrate that a simple model, constructed on the premise that people.

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We demonstrate that a simple model, constructed on the premise that people are motivated by both their pecuniary payoff and their relative payoff standing, organizes a large and seemingly disparate set of laboratory observations as one consistent pattern.

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ERC: A Theory of Equity, Reciprocity, and Competition

This allows to link your profile to this item. Van Huyck John B. You can help correct errors and omissions. Download full text from publisher File URL: Bolton, Gary E, Experimental Evidence ,” EconometricaEconometric Society, vol. Please note that corrections may take a couple of weeks to filter through the various RePEc services. David K Levine, The purchase of moral satisfaction ,” Journal of Environmental Economics and ManagementElsevier, vol.


Holt, Charles A, Help us Corrections Found an error or omission? For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: The model explains observations from games where equity is thought to be a factor, such as ultimatum and dictator, games where reciprocity is thought to play a role, such as the prisoner’s dilemma and gift exchange, and games where competitive behavior is observed, such as Bertrand markets.

ERC: A Theory of Equity, Reciprocity, and Competition

When requesting a correction, please mention this item’s handle: The model is incomplete information but nevertheless posed entirely in terms recipgocity directly observable variables. Corrections All material on this site has been provided by the respective publishers and authors.

General contact details of provider: Quantification and Simulation of Economic Processes. Cameron, Lisa A, More about this item JEL classification: