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The Economics of Reciprocity: Evidence and Theory

In: Inequality Around the World

Author

Listed:
  • Armin Falk

    (University of Zurich)

  • Urs Fischbacher

    (University of Zurich)

Abstract

In many social sciences, particularly in economics, a fundamental assumption is that people are rational and selfish. According to this assumption people maximize their material well-being and ignore the well-being of others. In this chapter, we question the omnipresence of the homo economicus as assumed by conventional economic theory. We review empirical evidence, which impressively suggests that reciprocity is a powerful determinant of human behaviour. Moreover, we demonstrate that reciprocity can fruitfully be incorporated into game theory and economic modelling in general. With our model it is possible to formalize the concept of reciprocity and to organize the empirical evidence.

Suggested Citation

  • Armin Falk & Urs Fischbacher, 2002. "The Economics of Reciprocity: Evidence and Theory," International Economic Association Series, in: Richard B. Freeman (ed.), Inequality Around the World, chapter 9, pages 207-233, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-137-09971-6_9
    DOI: 10.1007/978-1-137-09971-6_9
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    Cited by:

    1. Armin Falk, 2003. "Homo Oeconomicus versus Homo Reciprocans: Ansätze für ein neues Wirtschaftspolitisches Leitbild?," Perspektiven der Wirtschaftspolitik, Verein für Socialpolitik, vol. 4(1), pages 141-172, February.
    2. Kassas, Bachir & Palma, Marco A. & Hall, Charles R., 2020. "Informing Generic Advertising Programs by Investigating Income and Relative Return Heterogeneities in Voluntary Contributions Mechanisms," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 46(2), August.

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