Reciprocity, Exchange and Redistribution. An experimental investigation inspired by Karl Polanyi’s The Economy as Instituted Process
AbstractInspired by Karl Polanyi’s writings on three allocation modes, namely reciprocity, exchange and redistribution, we first tested a reciprocity ring with ten players. The baseline treatment, with no possibility of socialisation, displayed very low levels of allocative efficiency. Consistently with the Polanyian approach to reciprocity, we found that inducing the notion of symmetry among the players increased efficiency levels significantly. We then simulated a market exchange, with significant allocative efficiency gains. We conclude that indirect-reciprocity rings among anonymous players can seldom function in the absence of definite institutional refinements, promoting forms of symmetry-acknowledgement.
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Bibliographic InfoPaper provided by Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia in its series CEEL Working Papers with number 0803.
Date of creation: 2008
Date of revision:
Reciprocity; Redistribution; Exchange; Comparative Institutional Analysis.;
Find related papers by JEL classification:
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
- C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-05-10 (All new papers)
- NEP-CBE-2008-05-10 (Cognitive & Behavioural Economics)
- NEP-EXP-2008-05-10 (Experimental Economics)
- NEP-SOC-2008-05-10 (Social Norms & Social Capital)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Greiner, Ben & Vittoria Levati, M., 2005.
"Indirect reciprocity in cyclical networks: An experimental study,"
Journal of Economic Psychology,
Elsevier, vol. 26(5), pages 711-731, October.
- Ben Greiner & Maria Vittoria Levati, 2003. "Indirect Reciprocity in Cyclical Networks - An Experimental Study -," Papers on Strategic Interaction 2003-15, Max Planck Institute of Economics, Strategic Interaction Group.
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