DETERMINING SOCIAL PREFERENCES IN EXPERIMENTAL ECONOMICS

Teodor Sedlarski and Hristo Marlov ()
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Hristo Marlov: Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski

Yearbook of the Faculty of Economics and Business Administration, Sofia University, 2014, vol. 12, issue 1, 221-250

Abstract: This article analyzes the concept of social preferences and the existing methods for their determination in experimental economics. Summarized are the results in modern economic literature on reciprocal fairness, inequity aversion, pure altruism and spitefulness from ultimatum, dictator and trust games. The presented findings of economic experiments contradict the notion of rationality implied in neoclassical economics and have the potential to bring about change in mainstream economic theory. Economic agents seem to take into consideration not only their selfish interest, but also the interest and expectations of others. Investigated in detail are various factors that influence social preferences revealed in games like the number of repetitions and players, size of the sum at stake, social distance, sex, property rights, cultural differences, asymmetrical information, and fairness intentions.

Keywords: experimental economics; reciprocal fairness; inequity aversion; pure altruism; spitefulness; ultimatum games; dictator games; trust games; asymmetrical information; fairness intentions. (search for similar items in EconPapers)
JEL-codes: C70 C90 D03 D63 D84 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:sko:yrbook:v:12:y:2014:i:1:p:221-250

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