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Time as a medium of reward in three social preference experiments

Listed author(s):
  • Charles Noussair

    ()

  • Jan Stoop

    ()

We use time, rather than money, as the salient component of subjects’ incentives in three workhorse experimental paradigms. The use of waiting time can be interpreted as a special type of real effort condition, in which it is particularly straightforward to achieve experimental control over 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. Decisions that are associated with greater own payoff translate into the right to depart earlier. 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. We compare subjects’ decisions over time and money and find no significant differences in average decisions. The pattern of results suggests that results obtained in the laboratory with money as the medium of reward generalize to other reward media. Copyright Economic Science Association 2015

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File URL: http://hdl.handle.net/10.1007/s10683-014-9415-y
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Article provided by Springer & Economic Science Association in its journal Experimental Economics.

Volume (Year): 18 (2015)
Issue (Month): 3 (September)
Pages: 442-456

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Handle: RePEc:kap:expeco:v:18:y:2015:i:3:p:442-456
DOI: 10.1007/s10683-014-9415-y
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Web page: https://www.economicscience.org/index.html;jsessionid=3F1701A870A8B0D3BDB91479792ADFA5
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  1. Christoph Engel, 2011. "Dictator games: a meta study," Experimental Economics, Springer;Economic Science Association, vol. 14(4), pages 583-610, November.
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  3. Gregory S. Berns & C. Monica Capra & Sara Moore & Charles Noussair, 2007. "A shocking experiment: New evidence on probability weighting and common ratio violations," Judgment and Decision Making, Society for Judgment and Decision Making, vol. 2, pages 234-242, August.
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  8. Hessel Oosterbeek & Randolph Sloof & Gijs van de Kuilen, 2004. "Cultural Differences in Ultimatum Game Experiments: Evidence from a Meta-Analysis," Experimental Economics, Springer;Economic Science Association, vol. 7(2), pages 171-188, 06.
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  12. Berg Joyce & Dickhaut John & McCabe Kevin, 1995. "Trust, Reciprocity, and Social History," Games and Economic Behavior, Elsevier, vol. 10(1), pages 122-142, July.
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