Dictator monopolies and essential goods: experimental evidence

Steven Beckman, Gregory DeAngelo and Smith

Applied Economics, 2015, vol. 47, issue 59, 6461-6478

Abstract: Monopolists set prices and if the good is unessential this may place the consumer in an uncomfortable position. But if the good is essential the consumer faces a pay-to-live or -die choice. Dictator and ultimatum games are superficially similar in that one game offers the right of refusal, while the other does not. The dictator monopoly is, however, not a game, and behaviour could be radically different in the market environment versus game environment. We recast the dictator game as a dictator monopoly experiment and find that the fairness characteristic of the game evaporates quickly as rounds progress.

Date: 2015
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DOI: 10.1080/00036846.2015.1071478

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