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Journal of Economic Theory and Econometrics
Journal of the Korean Econometric Society
Belief Structure in Ultimatum Bargaining Game
Vol.16, No.4, December 2005, 1–22
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Kang-Oh Yi
(Department of Economics, Sogang University)
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Abstract
This paper investigates the belief structure in the ultimatum bargaining game to test whether people care only about the pecuniary payoffs. In the normal-form quantal response equilibrium model, the responder's choice is made taking the proposer's intention into account while is independent in the agent normal-form game. Using Slonim and Roth's (1998, Econometrica) experimental data, it is shown that the experimental subjects who played the role of the responder cared not only the pecuniary payoffs but also the fairness of the amount of offers.
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Keywords
Quantal-Response Equilibrium, Ultimatum Bargaining Game, Backward Induction, Fairness |
JEL classification codes
C79, C92 |
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