Experimental economic summary paper Essay Example | Topics and Well Written Essays - 500 words

Experimental economic summary paper - Essay Example25 per penny of the non-economists called all of the endowment as fair investment whereas 75 per cent of them considered it to be half or more of the donation. The behavior of economics students was significantly different. To existence account, they offered no more than 20 per cent of the donation. All non-economists said that they valued fairness in deciding about the investment whereas most of the economics students did not know what fairness is. Likewise, Carter and Irons (1991) who compared the behavior of economists and non-economists using an ultimatum bargaining game, found economists to be more complying with the characteristics of the self-interest model in the roles of both the allocator and the receiving system than their non-economics counterparts. The charitable giving survey and results of the prisoners dilemma also supported the opinion that the likelihood of free riding is more profound in economists than non-econom ists.