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Fairness, or just gambling on it? An experimental analysis of the gift exchange game

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Author Info

  • Healy, Paul J.

Abstract

Fehr, Kirchsteiger and Riedl [12] experimentally test a labor market in which worker effort levels are chosen after wages are set. They observe high wages and effort levels in the repeated game, contrary to the equilibrium prediction. In a similar experimental test of lemons markets, Lynch Miller, Plott and Porter [23] find support for the equilibrium prediction. The current paper finds more evidence of repeated game efforts than in previous studies. In a model of incomplete information regarding the reciprocal nature of other players, the FKR design is shown to be conducive to reputation effects while the LMPP design is not.

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Bibliographic Info

Paper provided by California Institute of Technology, Division of the Humanities and Social Sciences in its series Working Papers with number 1183.

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Length: 33 pages
Date of creation: Feb 2004
Date of revision:
Publication status: Published:
Handle: RePEc:clt:sswopa:1183

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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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Postal: Working Paper Assistant, Division of the Humanities and Social Sciences, 228-77, Caltech, Pasadena CA 91125
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Related research

Keywords: gift exchange game; fairness; experiment; trust; reputation;

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Cited by:
  1. Teck H. Ho & Noah Lim & Colin Camerer, 2005. "Modeling the Psychology of Consumer and Firm Behavior with Behavioral Economics," Levine's Bibliography 784828000000000476, UCLA Department of Economics.

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