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

Experimental economic summary paper - Essay Example 25 per cent of the non-economists called â€Å"all of the endowment† as fair investment whereas 75 per cent of them considered it to be â€Å"half or more† of the donation. The behavior of economics students was significantly different. To public account, they offered no more than 20 per cent of the donation. All non-economists said that they valued â€Å"fairness† in deciding about the investment whereas most of the economics students did not know what â€Å"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 receiver than their non-economics counterparts. The charitable giving survey and results of the prisoner’s dilemma also supported the opinion that the likelihood of free riding is more profound in economists than non-econom ists.