Downloadable (with restrictions)! We demonstrate that a simple model, constructed on the premise that people are motivated by both their pecuniary payoff and. ERC. A Theory of Equity, Reciprocity and Competition. Gary E Bolton. Smeal College of Business. Penn State University, USA. &. Axel Ockenfels. Faculty of. CiteSeerX – Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): We demonstrate that a simple model, constructed on the premise that people.

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ERC: A Theory of Equity, Reciprocity, and Competition

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Please note that corrections may take a couple of weeks to filter through the various RePEc services. A Theory of Equity, Reciprocity, and Competition. Axel Ockenfels Gary E. We demonstrate that a simple model, constructed on the premise that people are motivated by both their pecuniary payoff and their relative payoff standing, organizes a large and seemingly disparate set of laboratory observations as one consistent pattern.

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The model is incomplete information but nevertheless posed entirely in terms of directly observable variables. The model explains observations from games where equity is thought to be a factor, such as ultimatum and dictator, games where reciprocity is thought to play a role, such as the prisoner’s dilemma and gift exchange, and games where competitive behavior is observed, such as Bertrand markets. Download full text from publisher File URL: Access to full text is restricted to AEA members and institutional subscribers.

ERC: A Theory of Equity, Reciprocity, and Competition

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