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Game Theory and Fairness Preferences

In: Fairness in Bargaining and Markets

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  • Christian Korth

    (University of Bayreuth)

Abstract

During the last three decades a lot of attention was given to experimental investigations of the ultimatum game. Contrary to the theoretical “standard” prediction based on maximization of the monetary payoff (responders accepting the smallest possible offer and proposers offering the minimum possible offer), experiments with ultimatum games show that players are typically not simply maximizing their monetary payoff. Instead, responders frequently reject offers they perceive as unfair and proposers anticipate this by offering a substantial share, usually with modal and median offers between 40 and 50 percent. A good overview of the various experiments done with ultimatum games is given by Camerer (2003, chap. 3, tables 2–5). The following section 2.1 very briefly summarizes further experimental evidence that subjects are not always maximizing material payoffs.

Suggested Citation

  • Christian Korth, 2009. "Game Theory and Fairness Preferences," Lecture Notes in Economics and Mathematical Systems, in: Fairness in Bargaining and Markets, chapter 0, pages 19-34, Springer.
    • Handle: RePEc:spr:lnechp:978-3-642-02253-1_2
    DOI: 10.1007/978-3-642-02253-1_2
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    Cited by:

    1. Philipp Schreck & Dominik Aaken & Karl Homann, 2020. "“There’s Life in the Old Dog Yet”: The Homo economicus model and its value for behavioral ethics," Journal of Business Economics, Springer, vol. 90(3), pages 401-425, April.

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