An Experimental Study of Conventions and Norms
Although it is now recognized that norms play an important role in many economic decisions, compliance with conventions is generally considered to be driven by rational self-interest only. We report instead experimental data showing that (1) ï¿½externalï¿½ norms of fairness sustain social conventions that have emerged from repeated play of simple coordination games; and (2) with repetition such conventions acquire an ï¿½intrinsicï¿½ normative power of their own. This creates pressure towards conformity, and patterns of regular behaviour that are far stronger and more stable than those that would be generated by mere self-interest and rationality.
|Date of creation:||2008|
|Date of revision:|
|Contact details of provider:|| Postal: Via Inama 5, 38100 Trento|
Web page: http://www-ceel.economia.unitn.it
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:trn:utwpce:0810. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marco Tecilla)
If references are entirely missing, you can add them using this form.