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Experimental economics summary paper - Essay Example

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Summary Introduction The article of Richard H. Thaler entitled ‘Anomalies: The Ultimatum Game’ is a comprehensive discussion of how a rational human being behaves in a world where there is a prevailing concept of fairness and selfishness. The article presented different point of views on how two individuals in a bargaining situation behaves when it comes to considering how much they will get from the said activity…
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Experimental economics summary paper
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Experimental economics summary paper

Download file to see previous pages... Thus, the article pointed out the basic role of human behavior in the ongoing economic trend in the world. The Ultimatum Game is not just a simple game but it has substantial implications in the real world. Main Findings The first main finding presented in the article is about how people may decide rationally or irrationally in a bargaining situation. In either way, the main point is that people understand the concept of having much more is a better option than having less or none in the context of decision-making process situation. Even though an individual understands that having more than enough is better than having less, still the concept of fairness is very significant in the article. Applying this in the actual setting, consumers may be unwilling to participate in exchange when the other party gets a large portion of the surplus (Thaler 203). The Ultimatum Game is a perfect replica of what is happening in the actual setting. People tend to adhere to the concept of fairness because everyone seems wanting to get much more, but in reality this cannot happen most of the time. This resulted to meeting somewhere at the midway where the concept of fairness prevails. ...Download file to see next pagesRead More
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