Time as a Medium of Reward in Three Social Preference Experiments
AbstractAbstract: We report results from three well-known experimental paradigms, where we use time, rather than money, as the salient component of subjects’ incentives. The three experiments, commonly employed to study social preferences, are the dictator game, the ultimatum game and the trust game. All subjects in a session earn the same participation fee, but their choices affect the time at which they are permitted to leave the laboratory, with decisions typically associated with greater own payoff translating into an earlier departure. The modal proposal in both the dictator and ultimatum games is an equal split of the waiting time. In the trust game, there is substantial trust and reciprocity. Overall, social preferences are evident in time allocation decisions. Received laboratory results from dictator, ultimatum, and trust games are robust to the change in reward medium, though there is some suggestive evidence that decisions are even more prosocial with respect to time than money.
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Bibliographic InfoPaper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2012-068.
Date of creation: 2012
Date of revision:
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Web page: http://center.uvt.nl
dictator game; ultimatum game; trust game; time;
Find related papers by JEL classification:
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
- D64 - Microeconomics - - Welfare Economics - - - Altruism; Philanthropy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-16 (All new papers)
- NEP-CBE-2012-09-16 (Cognitive & Behavioural Economics)
- NEP-EVO-2012-09-16 (Evolutionary Economics)
- NEP-EXP-2012-09-16 (Experimental Economics)
- NEP-GTH-2012-09-16 (Game Theory)
- NEP-HPE-2012-09-16 (History & Philosophy of Economics)
- NEP-SOC-2012-09-16 (Social Norms & Social Capital)
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- Weekly Roundup 187: A Curated Linkfest For The Smartest People On The Web!
by Miguel in Simoleon Sense on 2012-09-30 15:45:50
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