I want to know: Willingness to pay for unconditional veto power
In the Yes/No game, like in the ultimatum game, proposer and responder can share a monetary reward. In both games the proposer suggests a reward distribution which the responder can accept or reject (yielding 0-payoffs). The games only differ in that the responder does (not) learn the suggested reward distribution in the Ultimatum (Yes/No) game. Although an opportunistic responder would always accept and therefore should not be willing to pay for knowing the proposal, earlier results (Güth, Levati, Ockenfels, and Weiland, 2005) show that offers in the Yes/No game are less generous and that responders, on average, earn less in the Yes/No game. By experimentally eliciting the willingness to pay for learning the proposal, we investigate whether these effects are adequately anticipated or whether they are overstated, as observed in an earlier related study (Gehrig, Güth, Levinsky, 2003).
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- Werner Güth & Carsten Schmidt & Matthias Sutter, 2005.
"Bargaining Outside the Lab – A Newspaper Experiment of a Three-Person Ultimatum Game,"
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2002-11, Max Planck Institute of Economics, Strategic Interaction Group.
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"Incorporating Fairness into Game Theory and Economics,"
American Economic Review,
American Economic Association, vol. 83(5), pages 1281-1302, December.
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- M. Rabin, 2001. "Incorporating Fairness into Game Theory and Economics," Levine's Working Paper Archive 511, David K. Levine.
- Guth, Werner & Schmittberger, Rolf & Schwarze, Bernd, 1982. "An experimental analysis of ultimatum bargaining," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 367-388, December.
- Gehrig, Thomas & Guth, Werner & Levati, Vittoria & Levinsky, Rene & Ockenfels, Axel & Uske, Tobias & Weiland, Torsten, 2007.
"Buying a pig in a poke: An experimental study of unconditional veto power,"
Journal of Economic Psychology,
Elsevier, vol. 28(6), pages 692-703, December.
- Werner Güth & M. Vittoria Levati & Axel Ockenfels & Torsten Weiland, 2005. ""Buying a pig in a poke": An experimental study of unconditional veto power," Papers on Strategic Interaction 2005-39, Max Planck Institute of Economics, Strategic Interaction Group.
- Charness, Gary B & Dufwenberg, Martin, 2006.
"Promises & Partnership,"
University of California at Santa Barbara, Economics Working Paper Series
qt0127h86v, Department of Economics, UC Santa Barbara.
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