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When Social Forces Remove the Impact of Competition. Social Exchange in Experimental Labor Markets

Listed author(s):
  • Fehr, Ernst

    (Institute for Empirical Economic Research, University of Zürich)

  • Kirchler, Erich

    (Institute of Psychology, Department of Applied Psychology, University of Vienna)

  • Weichbold, Andreas

    (Department of Economics, Institute for Advanced Studies, Vienna)

Do competitive markets remove the impact of social norms and customs on market out-comes? Or are these social forces capable of exerting a persistent influence? Many economists seem to believe that social norms and customs have, if at all, only temporary effects in competitive markets. So far this belief has been confirmed by the evidence of many competitive market experiments. In this paper we report the results of a series of competitive market and bilateral bargaining experiments. They indicate that social norms may not only persist in a competitive environment but that they may completely remove the impact of competition on the market outcome.

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File Function: First version, 1995
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Paper provided by Institute for Advanced Studies in its series Economics Series with number 8.

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Length: 21 pages
Date of creation: May 1995
Handle: RePEc:ihs:ihsesp:8
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