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Why do people veto? An experimental analysis of the evaluation and the consequences of varying degrees of veto power

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Author Info

  • Werner Güth

    (Max Planck Institute for Research into Economic Systems, Strategic Interaction Unit, Jena, Germany)

  • Judit Kovács

    (Institute pf Phycholoy, University of Debrecen, Debrecen, Hungary)

Abstract

By vetoing one question mutually efficient agreements. On the other hand, the threat of vetoing may prevent exploitation. Based on a generalization of ultimatum bargaining (Suleiman, 1996), we first elicit the responders' certainty equivalents for three different degrees of veto power. Afterwards the corresponding bargaining rule is implemented. The experimental data reveal that proposers are afraid of more veto power, and that responders only care about commanding veto power but not its degree.

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Bibliographic Info

Article provided by Institute of SocioEconomics in its journal Homo Oeconomicus.

Volume (Year): 18 (2001)
Issue (Month): ()
Pages: 277-302

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Handle: RePEc:hom:homoec:v:18:y:2001:p:277-302

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  1. Bolton, Gary E, 1991. "A Comparative Model of Bargaining: Theory and Evidence," American Economic Review, American Economic Association, vol. 81(5), pages 1096-136, December.
  2. Frank, Bjorn, 1996. "The use of internal games: The case of addiction," Journal of Economic Psychology, Elsevier, vol. 17(5), pages 651-660, November.
  3. Matthew Rabin., 1992. "Incorporating Fairness into Game Theory and Economics," Economics Working Papers 92-199, University of California at Berkeley.
  4. Georg Kirchsteiger, 1994. "The role of envy in ultimatum games," ULB Institutional Repository 2013/5925, ULB -- Universite Libre de Bruxelles.
  5. V. Prasnikar & A. Roth, 1998. "Considerations of fairness and strategy: experimental data from sequential games," Levine's Working Paper Archive 451, David K. Levine.
  6. Suleiman, Ramzi, 1996. "Expectations and fairness in a modified Ultimatum game," Journal of Economic Psychology, Elsevier, vol. 17(5), pages 531-554, November.
  7. repec:att:wimass:9323 is not listed on IDEAS
  8. Axel Ockenfels & Gary E. Bolton, 2000. "ERC: A Theory of Equity, Reciprocity, and Competition," American Economic Review, American Economic Association, vol. 90(1), pages 166-193, March.
  9. Roth, Alvin E. & Erev, Ido, 1995. "Learning in extensive-form games: Experimental data and simple dynamic models in the intermediate term," Games and Economic Behavior, Elsevier, vol. 8(1), pages 164-212.
  10. Ernst Fehr & Klaus M. Schmidt, . "A Theory of Fairness, Competition and Cooperation," IEW - Working Papers 004, Institute for Empirical Research in Economics - University of Zurich.
  11. Bolle, Friedel, 1990. "High reward experiments without high expenditure for the experimenter?," Journal of Economic Psychology, Elsevier, vol. 11(2), pages 157-167, June.
  12. Kahneman, Daniel & Knetsch, Jack L & Thaler, Richard H, 1990. "Experimental Tests of the Endowment Effect and the Coase Theorem," Journal of Political Economy, University of Chicago Press, vol. 98(6), pages 1325-48, December.
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