By Heike Hennig-Schmidt
Bilateral bargaining occasions are of serious significance in fact. conventional microeconomics, notwithstanding, make cognitive and motivational assumptions of matters` complete rationality which are published as being unrealistic through progressively more experimental investigations. the current e-book provides a tremendous contribution to the certainty of rules of boundedly rational habit through without delay looking at teams of matters in a choice scenario and videotaping their discussions. a vital results of the booklet is that the habit of matters is guided via aspirations in regards to the ultimate end result. the degrees of aspirations are motivated by way of prominence and various types of the fairness precept leading to numerous equity norms as to the allocation of the amount of cash to be divided. one other vital characteristic of the publication stems from the research of holiday off discussions and allows a motivational rationalization of the emergence of breakdowns in bargaining.
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Extra info for Bargaining in a Video Experiment: Determinants of Boundedly Rational Behavior
The motivational implications of power is an area that has early attracted interest of philosophers 22 , sociologists, psychologists 23 and also economists 24 since influence which is constituent to the definition of power affects interactions in social relationships. We define the motivation of power as the intention to influence others in order to make them behave in a way in which they otherwise would not chose to act. 25 In our context this intention means inducing the opponent to make concessions large enough that the own aspiration level can be enforced.
Recently a growing literature started to incorporate phenomena into bargaining models that take into account noneconomic aspects 21 . £. Simon (1963) for a critical evaluation of neoclassical assumptions on human's motivations. He states (p. 718) "... the assumption of objective rationality [... " " ... classical economic theory [... ] is deductive theory that requires almost no contact with empirical data [... " 21 CJ. 4. 4. Motivations, Emotions, and Social Norms 29 noneconomic motivating forces (ii), (iii): (i) (ii) (iii) economic efficiency power reciprocity As assumed by game theory there is an economic motivation that, yet besides others, guides subjects' behavior in our experiment which we call economic efficiency.
Participants believe that these numbers should induce the other party to reason about the meaning of the proposed allocation, for instance Split the Difference. One group points out that deliberately making non prominent 48 Chapter 5. - ----_. -- ---i-----i::: ~ ~~ ... '"'" a. ,1E c:::::I ~c:i 0 '"'" ~ c::::: c:: ... 0 '" ~G 0 13 ~ c::::: Ii: '" c:::::: ~~ c:: 0 0 ... : ~ r::::::::E: c:: 1 -" a. , . 3. Proposals - .............. ~. , ~~ ! ~ i I i ~ i ll. I I . :~ '"~ I - I 0 ~ I~'" - I Ul w 0 :!!
Bargaining in a Video Experiment: Determinants of Boundedly Rational Behavior by Heike Hennig-Schmidt