Principles of Economics (Second Edition)
2nd Edition
ISBN: 9780393623826
Author: Lee Coppock, Dirk Mateer
Publisher: W. W. Norton & Company
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Chapter 17, Problem 4QFR
To determine
To explain:
The use of ultimatum game to test the judgments of fairness and its prediction.
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Chapter 17 Solutions
Principles of Economics (Second Edition)
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- Is either the capitalist economic model or the socialist economic model preferable from a moral point of view?arrow_forwardA tradeoff is illustrated by?arrow_forwardWhat advantage does economics have over the other social sciences that study human behavior?What does it have in common with the other social science? Elaborate.arrow_forward
- How does Homo Economicus influence economic models? Describe an argument against using Homo Economicus as the basis of economic theory.arrow_forwardWhat would behavioral economics say about each of the following statements? a. “Nobody is truly charitable-people donate money just to show off." b. “America has a ruthless capitalist system. Considerations of fairness are totally ignored." c. “Selfish people always get ahead. It's like nobody even notices!"arrow_forwardWhat do you understand the term “argument” to mean? Give oneor more examples of arguments in economics, and discuss how evidence and reasoning are combined to construct economics arguments. What makes a good economics argument?arrow_forward
- Richard Thaler provides three criticisms of the homo economicus model in his book “Missbehaving”. One of them is SIFs, but what are the other two?arrow_forwardTrue/false/explain. Economic models must mirror reality or they are of no value. When economists make normative statements, they are more likely to be acting as scientists.arrow_forwardWhy might the multiple-play ultimatum game have a different result than the single-play ultimatum game? In the multiple-play ultimatum game, the first player generally offers less money to the second player than in the single-play ultimatum game. The multiple-play ultimatum game leads to a simpler equilibrium: the first player offers exactly half of the total sum to the second player. The multiple-play ultimatum game allows for players to send signals. Therefore, the receiver can punish a player who doesn’t share enough. The multiple-play ultimatum game generally results in less cooperation because both players fall into a back-and-forth pattern of trying to punish the other player.arrow_forward
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