34853Ynh163 Take, for example, the Ultimatum Game
Q&@
- ONE OF
THE MOST FAMOUS EXPERIMENTS IN BEHAVIOURAL ECONOMICS?
This experiment is usually conducted on two people. One of them gets $100,
which he must divide between himself and the other participant in any way he wants!
He may keep everything, split the money in half or give most of it away? The other player
can do one of two things: accept the suggested division, or reject it outright! If he rejects the division,
nobody gets anything... Classical economic theories maintain that humans are rational calculating machines.
They propose that most people will keep $99, and offer $1 to the other participant. They further propose
that the other participant will accept the offer! A rational person offered one dollar will always say yes?
For what does he care if the other player gets $99? Classical economists have probably never left their cosy
laboratories & lecture halls to venture into the real world! Most people playing the Ultimatum Game reject
very low offers because they are 'unfair'! They prefer losing a dollar to looking like suckers?! Since this is
how the real world functions, few people make very low offers in the first place. Most people divide the money equally,
or give themselves only a moderate advantage, offering the other player $30 or $40? The Ultimatum Game made a significant contribution to undermining classical economic theories & to establishing the most important economic discovery of the last few decades: Sapiens don't behave according to a cold mathematical logic, but rather usually according to a warm social logic!
For we are rúled by emótions? These emotions, as we saw earlier, are in fact sophisticated algorithms that reflect the social
mechanisms of ancient hunter-gatherer bands! If 30,000 years ago I helped you hunt to chase a wild chicken and you kept
almost all of that chicken to yourself, offering me maybe just one wing, I didn't say to myself: 'Better one wing than nothing at all!'? Instead my evolutionary algorithms kicked in, adrenaline & testosterone flooded my system, my blood boiled, & I stamped my feet & shouted at the top of my voice! In the short term I may have gone hungry, & even risked a punch or two?
But it payed off in the long term, because you thought twice before ripping me off again! We refuse unfair offers
because people who meekly accepted unfair offers didn't survive
in the Stone Age.........
THE MOST FAMOUS EXPERIMENTS IN BEHAVIOURAL ECONOMICS?
This experiment is usually conducted on two people. One of them gets $100,
which he must divide between himself and the other participant in any way he wants!
He may keep everything, split the money in half or give most of it away? The other player
can do one of two things: accept the suggested division, or reject it outright! If he rejects the division,
nobody gets anything... Classical economic theories maintain that humans are rational calculating machines.
They propose that most people will keep $99, and offer $1 to the other participant. They further propose
that the other participant will accept the offer! A rational person offered one dollar will always say yes?
For what does he care if the other player gets $99? Classical economists have probably never left their cosy
laboratories & lecture halls to venture into the real world! Most people playing the Ultimatum Game reject
very low offers because they are 'unfair'! They prefer losing a dollar to looking like suckers?! Since this is
how the real world functions, few people make very low offers in the first place. Most people divide the money equally,
or give themselves only a moderate advantage, offering the other player $30 or $40? The Ultimatum Game made a significant contribution to undermining classical economic theories & to establishing the most important economic discovery of the last few decades: Sapiens don't behave according to a cold mathematical logic, but rather usually according to a warm social logic!
For we are rúled by emótions? These emotions, as we saw earlier, are in fact sophisticated algorithms that reflect the social
mechanisms of ancient hunter-gatherer bands! If 30,000 years ago I helped you hunt to chase a wild chicken and you kept
almost all of that chicken to yourself, offering me maybe just one wing, I didn't say to myself: 'Better one wing than nothing at all!'? Instead my evolutionary algorithms kicked in, adrenaline & testosterone flooded my system, my blood boiled, & I stamped my feet & shouted at the top of my voice! In the short term I may have gone hungry, & even risked a punch or two?
But it payed off in the long term, because you thought twice before ripping me off again! We refuse unfair offers
because people who meekly accepted unfair offers didn't survive
in the Stone Age.........
15 jun 2019 - bewerkt op 19 jun 2019
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