Download Solidarity in Economic Transactions: An experimental study by Paul E M Lightart, Paul E.M. Ligthart PDF

By Paul E M Lightart, Paul E.M. Ligthart

Solidarity in actual fact impacts monetary habit, yet lower than what situations does it make monetary experience to have relational issues instead of hard-nosed self-interest? on the way to solution this and different similar questions, this publication addresses the matter of ways bargaining and contracting habit is laid low with relational facets. before, deepest gain-seeking has been thought of the only real motive force in a lot, if now not all, modeling of person bargaining and contracting habit. despite the fact that, the expanding convergence among sociology and economics has created new leads with reference to the combination of 2 primary ideas of human habit in a single version of person decision-making: inner most gain-seeking and team spirit. a up to date improvement in rational selection thought permits particular incorporation of relational issues right into a rational selection framework. during this publication, the prolonged rational selection framework is utilized to a number of points of bargaining and contracting, equivalent to bargaining less than uncertainty, ex put up price accounting, and breach of contract. each one software is validated experimentally.

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Extra info for Solidarity in Economic Transactions: An experimental study of framing effects in bargaining and contracting

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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.

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