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Full-Text Articles in Behavioral Economics
For Both Love And Money: Viviana Zelizer's "The Purchase Of Intimacy", Martha M. Ertman
For Both Love And Money: Viviana Zelizer's "The Purchase Of Intimacy", Martha M. Ertman
Martha M. Ertman
Viviana Zelizer’s recent book, The Purchase of Intimacy (2005) presents an innovative theory of how social and legal actors negotiate rights and obligations when money changes hands in intimate relationships--a perspective that could change how we understand many things, from valuations of homemaking labor to the 9/11 Victim Compensation Fund. This essay describes Zelizer’s critique of the reductionist “Hostile Worlds” and “Nothing But” approaches to economic exchange in intimate relationships, then explains her more three-dimensional approach, “Connected Lives.” While Zelizer focuses on family law, the essay goes beyond that context, extending Zelizer’s approach to transfers of genetic material, and concluding …
Incorporating Fairness Motives Into The Impulse Balance Equilibrium And Quantal Response Equilibrium Concepts: An Application To 2x2 Games, Alessandro Tavoni
Incorporating Fairness Motives Into The Impulse Balance Equilibrium And Quantal Response Equilibrium Concepts: An Application To 2x2 Games, Alessandro Tavoni
Alessandro Tavoni
Substantial evidence has accumulated in recent empirical works on the limited ability of the Nash equilibrium to rationalize observed behavior in many classes of games played by experimental subjects. This realization has led to several attempts aimed at finding tractable equilibrium concepts which perform better empirically; one such example is the impulse balance equilibrium (Selten, Chmura, 2008), which introduces a psychological reference point to which players compare the available payoff allocations. This paper is concerned with advancing two new, empirically sound, concepts: equity-driven impulse balance equilibrium (EIBE) and equity-driven quantal response equilibrium (EQRE): both introduce a distributive reference point to …
The Sucker Norm, Tess Wilkinson-Ryan
The Sucker Norm, Tess Wilkinson-Ryan
All Faculty Scholarship
In this paper, I review the theoretical and empirical scholarship bearing on the notion of being a sucker. I suggest that there is a social norm against being a sucker, and that a number of experimental results could be reconsidered in light of this "sucker norm." First, I establish, at least for the purposes of this analysis, the basic parameters of what it means to be a sucker. Second, I consider when the fear of being a sucker is helpful or normative, and when it seems to be misapplied to cases in which it might actually lead to sub-optimal outcomes. …