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Modelling structural changes in the volatility process

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Author Info

  • Tibor Neugebauer

    ()
    (Luxembourg School of Finance, University of Luxembourg)

  • Juan A. Lacomba

    (University of Granada, Department of Economics)

  • Francisco Lagos

    (University of Granada, Department of Economics)

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    Abstract

    The tension between cooperation and competition that characterizes many business relationships is experimentally studied in a “pie”-creation game; value is created and increased through cooperation in a repeated prisoner’s dilemma game. At the end, the player with the greater stake in the joint pie decides on the division of the pie. Three treatments of the pie-creation game are considered: in the first treatment, rivals create the pie; in the second, non-rivals create the pie; finally, in the third, the pie is created by subjects who do not know about the future pie-division. The data show that the competition for the right to split the pie biases behaviors towards defection when subjects play with their rival.

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    Bibliographic Info

    Paper provided by Luxembourg School of Finance, University of Luxembourg in its series LSF Research Working Paper Series with number 10-07.

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    Date of creation: 2010
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    Handle: RePEc:crf:wpaper:10-07

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    Related research

    Keywords: Competition; cooperation; co-opetition; ambiguously repeated prisoner’s dilemma; experimental economics.;

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    1. Russell Cooper & Douglas V. DeJong & Thomas W. Ross, 1992. "Cooperation without Reputation: Experimental Evidence from Prisoner's Dilemma Games," Papers 0036, Boston University - Industry Studies Programme.
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