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On the Viability of Gift Exchange in a Market Environment

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  • Klundert, T.C.M.J. van de
  • Ven, J. van de

    (Tilburg University, Center for Economic Research)

Abstract

Is gift-exchange inevitably to be crowded out by impersonal market exchange? The presence of a thick-market externality indicates that this is indeed likely to be the case. But reciprocity or gift-exchange induces social relations. The utility function is extended in order to take account of social relations in the form of symbolic utility or moral sentiments. As long as moral sentiments are valued high enough it is shown that both market and gift-exchange can coexist. The spontaneous order need not necessarily select the most efficient market size however.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 1999-113.

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Date of creation: 1999
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Handle: RePEc:dgr:kubcen:1999113

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Related research

Keywords: exchange; reciprocity; gifts; moral and extended preferences;

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References

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  1. Kenneth J. Arrow, 1997. "Invaluable Goods," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 757-765, June.
  2. Diamond, Peter A, 1982. "Aggregate Demand Management in Search Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 881-94, October.
  3. Gachter, Simon & Fehr, Ernst, 1999. "Collective action as a social exchange," Journal of Economic Behavior & Organization, Elsevier, vol. 39(4), pages 341-369, July.
  4. Samuel Bowles, 1998. "Endogenous Preferences: The Cultural Consequences of Markets and Other Economic Institutions," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 75-111, March.
  5. Diamond, Peter A, 1984. "Money in Search Equilibrium," Econometrica, Econometric Society, vol. 52(1), pages 1-20, January.
  6. Baker, George & Gibbons, Robert & Murphy, Kevin J, 1994. "Subjective Performance Measures in Optimal Incentive Contracts," The Quarterly Journal of Economics, MIT Press, vol. 109(4), pages 1125-56, November.
  7. Kranton, Rachel E, 1996. "Reciprocal Exchange: A Self-Sustaining System," American Economic Review, American Economic Association, vol. 86(4), pages 830-51, September.
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Cited by:
  1. David Reinstein, 2014. "The Economics of the Gift," Economics Discussion Papers 749, University of Essex, Department of Economics.
  2. Ven, J. van de, 2000. "The Economics of the Gift," Discussion Paper 2000-68, Tilburg University, Center for Economic Research.

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