The ultimatum game and non-selfish utility functions
Article Abstract:
The ultimatum game involves two players, the allocator and the recipient, and a stake which is to be divided between the two. The allocator must come up with a ratio which is acceptable to the recipient, otherwise, both lose. The game measures the players' utility function which, according to the economists, is rational and selfish: the allocator would offer the smallest amount possible. However, actual application of the game in the form of questionnaires showed that the selfishly rational individual described by economists is quite a rare creature and that most players are fair-minded.
Publication Name: Journal of Economic Psychology
Subject: Psychology and mental health
ISSN: 0167-4870
Year: 1996
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A three-person ultimatum game to investigate effects of differences in need, sharing rules and observability on bargaining behavior
Article Abstract:
A study was done on the differences in behavior between players in an ultimatum game in their need for payoffs. A third person was added to the two-person ultimatum game and shares with the person who accepts an offer. The third person has access to the identity and decisions of the other players. The experiment is designed to permit a collection of multiple observations per player. Results show that the three-person bargaining set-up involve equity considerations and that the receiving person with a higher need is more prone to exploitation from the offering person.
Publication Name: Journal of Economic Psychology
Subject: Psychology and mental health
ISSN: 0167-4870
Year: 1992
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On the strategic use of focal points in bargaining situations
Article Abstract:
Role of focal point notion in interpreting bargaining conditions is discussed. Need to concentrate on focal points in order to solve bargaining problems in the future theoretical research is explained.
Publication Name: Journal of Economic Psychology
Subject: Psychology and mental health
ISSN: 0167-4870
Year: 2006
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