By Paul E M Lightart, Paul E.M. Ligthart
Read or Download Solidarity in Economic Transactions: An experimental study of framing effects in bargaining and contracting PDF
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Extra info for Solidarity in Economic Transactions: An experimental study of framing effects in bargaining and contracting
2. SOLIDARITY AND BARGAINING 47 solidarity relationship and a strong-solidarity relationship. The first tenet was contrasted with the gain-seeking assumption according to the Nash postulate. The Nash postulate predicts that in each relationship condition subjects will maximize their private gains. Subjects are expected to almost completely claim the given surplus for themselves by asking a selling price equal to the maximum amount the buyer is willing to pay. In contrast, the results showed that the subjects substantially lowered their selling prices compared to what they could have asked given the maximum offer of the buyer.
This interaction effect clearly indicated the differential effect of the relevance of gain depending on the individual’s frame, as predicted by the Framing hypothesis. The conclusion concerning framing was strengthened by the fact that the subjects as booksellers evaluated the higher relevance of gain equally between the solidarity relationships (see the section concerning the checks on the experimental induction). Whereas these subjects did notice the higher relevance of gain, they did not consider determining the selling price.
The weak-solidarity, moderately strong-solidarity and strong-solidarity relationship, respectively. 010) indicated that this increase in selling price decreased along these solidarity relationships. In other words, the first 2. SOLIDARITY AND BARGAINING 45 increase in selling price between the weak solidarity and the moderately strongsolidarity relationship was larger than the last increase between the moderately strong-solidarity and the strong solidarity relationship. As predicted by the nonlinearity hypothesis, the selling prices were more similar within the frame than between frames.