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Learning, Non-equilibrium Beliefs, and Non-pecuniary Payoffs in an Experimental Game

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  • Miguel Costa-Gomes
  • Klaus G. Zauner

Abstract

We present and estimate a parametric learning model of players' dynamic and possible out-of-equilibrium beliefs about other players'social preferences using the data from the four-country ultimatum game experiments of Roth et al. (1991). The model allows for each of the three leading factors that have been considered in the literature on these games: random utility, non-pecuniary preferences, and learning. We find evidence that in the US and in Israel, the estimated beliefs of proposers are stationary and out-of-equilibrium, that in Slovenia, they are in equilibrium, and that in Japan, they change from period to period and move away from equilibrium over time. On average, proposers and responders have negative regard for each other's monetary payoffs in all countries.

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Paper provided by Department of Economics, University of York in its series Discussion Papers with number 00/59.

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Handle: RePEc:yor:yorken:00/59

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Postal: Department of Economics and Related Studies, University of York, York, YO10 5DD, United Kingdom
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Cited by:
  1. Miguel A. Costa-Gomes & Georg Weizsäcker, 2004. "Stated Beliefs and Play in Normal-Form Games," ISER Discussion Paper 0614, Institute of Social and Economic Research, Osaka University.
  2. Zauner, Klaus G., 2002. "The existence of equilibrium in games with randomly perturbed payoffs and applications to experimental economics," Mathematical Social Sciences, Elsevier, vol. 44(1), pages 115-120, September.
  3. Maria M. Wihardja, 2010. "Corruption In Public Procurement Auctions: Positive Equilibrium Analysis, Incentive Mechanism Design, And Empirical Study," Journal of Economic Development, Chung-Ang Unviersity, Department of Economics, vol. 35(1), pages 35-57, March.
  4. Weizsacker, Georg, 2003. "Ignoring the rationality of others: evidence from experimental normal-form games," Games and Economic Behavior, Elsevier, vol. 44(1), pages 145-171, July.
  5. Fehr, Ernst & Schmidt, Klaus M., 2005. "The Economics of Fairness, Reciprocity and Altruism – Experimental Evidence and New Theories," Discussion Paper Series of SFB/TR 15 Governance and the Efficiency of Economic Systems 66, Free University of Berlin, Humboldt University of Berlin, University of Bonn, University of Mannheim, University of Munich.
  6. Fehr, Ernst & Schmidt, Klaus M., 2001. "Theories of Fairness and Reciprocity," Discussion Papers in Economics 14, University of Munich, Department of Economics.

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