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VALUE PERCEPTION IN THE ULTIMATUM GAME: A BLINDED RANDOMIZED TRIAL

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Fiala J., Starý O., Fialová M., Holasová A., Mejzlíková T., Bemš J.
Ekonomický časopis (Journal of Economics)
|
2016
|
vol. 64
|
issue 6
519 – 538
EN
In a blinded, randomized Ultimatum game we study the decision rates using two different reward systems. We discuss the individual value perception and explain why we decided to test a non-monetary reward against the standard low stake monetary reward. We demonstrate that the value systems based on two different, inconvertible currencies lead to different decision rates in the same population. We provide the details of our single blind randomized protocol and discuss other protocol modifications designed to demonstrate the variability of the offer and/or response rates in the Ultimatum games. We provide our concept of rational, non-rational and irrational components contributing to the decision making process in different accord depending on the individual perception of the reward value and confront our experimental findings with the key assumptions provided by other authors.
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