Justice and Game Theory in Economic Decision Making

Murat Yalçıntaş
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Murat Yalçıntaş: İstanbul Commerce University

Journal of Finance Letters (Maliye ve Finans Yazıları), 2015, vol. 30, issue 103, 247-273

Abstract: One of the models used in game theory is the ultimatumgame, which has frequently been resorted to in the examinationof economic decision-making mechanisms in the behavioral sciences.since adam smith, traditional economic theory has acknowledgedthat individual agents focus more on expected utility in thedecision-making process. However, many case studies conductedby using ultimatum game theory have demonstrated that many individuals preferred to act with considerations such as fairness,rather than maximizing expected utility in the economic decision-making process. The purpose of this study is to examine theperception of fairness in the ultimatum game, as well as determiningthe factors, which have an overall impact on the economicbehavior.

Keywords: Game theory; ultimatum game; economic decision- making; fairness (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:30:y:2015:i:103:p:247-273

DOI: 10.33203/mfy.307968

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