Demand Norms: Keep and Return Equilibriums

Li Way Lee () and Aaron Keathley ()
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Li Way Lee: Wayne State University
Aaron Keathley: Wayne State University

Chapter Chapter 27 in 45 Conversations About Behavioral Economics, 2022, pp 109-111 from Springer

Abstract: Abstract People do different things about money found on the street. In some societies, the norm is: “Return it to its rightful owner.” In other societies, the norm is: “Keep it; it is your good luck.” Both normsnorms are sustainable equilibriums; however, a society is better off in the “return” equilibrium than in the “keep” equilibrium. How does a society in the “keep” equilibrium move to the “return” equilibrium?

Date: 2022
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DOI: 10.1007/978-3-031-05046-6_27

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