期刊
EXPERIMENTAL ECONOMICS
卷 16, 期 1, 页码 125-153出版社
SPRINGER
DOI: 10.1007/s10683-012-9323-y
关键词
Economic experiments; Infinite-horizon games; Random termination
类别
We consider payment schemes in experiments that model infinite-horizon games by using random termination. We compare paying subjects cumulatively for all periods of the game; with paying subjects for the last period only; with paying for one of the periods, chosen randomly. Theoretically, assuming expected utility maximization and risk neutrality, both the cumulative and the last period payment schemes induce preferences that are equivalent to maximizing the discounted sum of utilities. The last period payment is also robust under different attitudes toward risk. In comparison, paying subjects for one of the periods chosen randomly creates a present-period bias. We further provide experimental evidence from infinitely repeated prisoners' dilemma games that supports the above theoretical predictions.
作者
我是这篇论文的作者
点击您的名字以认领此论文并将其添加到您的个人资料中。
推荐
暂无数据