The Cult of Theoi: Economic Uncertainty and Religion
AbstractSacrifices to deities occur in nearly all known religions. In this paper, we report on our attempts to elicit this type of religious behaviour towards "Theoi" in the laboratory. The theory we test is that, when faced with uncertainty, individuals attempt to engage in a reciprocal contract with the source of uncertainty by sacrificing towards it. In our experiments, we create the situation whereby individuals face an uncertain economic payback due to "Theoi" and we allow participants to sacrifice towards this entity. Aggregate sacrifices amongst participants are over 30% of all takings, increase with the level of humanistic labelling of Theoi and decrease when participants share information or when the level of uncertainty is lower. The findings imply that under circumstances of high uncertainty people are willing to sacrifice large portions of their income even when this has no discernable effect on outcomes.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 4902.
Length: 39 pages
Date of creation: Apr 2010
Date of revision:
Publication status: published in: Economic Record, 2012, 88, 116–136
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Other versions of this item:
- Paul Frijters & Juan D. Barón, 2012. "The Cult of Theoi: Economic Uncertainty and Religion," The Economic Record, The Economic Society of Australia, vol. 88(s1), pages 116-136, 06.
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- Z12 - Other Special Topics - - Cultural Economics - - - Religion
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-08 (All new papers)
- NEP-EVO-2010-05-08 (Evolutionary Economics)
- NEP-EXP-2010-05-08 (Experimental Economics)
- NEP-HPE-2010-05-08 (History & Philosophy of Economics)
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