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Bolton, Gary E. and Ockenfels, Axel (2014). Does laboratory trading mirror behavior in real world markets? Fair bargaining and competitive bidding on eBay. J. Econ. Behav. Organ., 97. S. 143 - 155. AMSTERDAM: ELSEVIER. ISSN 1879-1751

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Abstract

Laboratory market experiments observe a sharp dichotomy between (selfish) competitive behavior and fair-minded social behavior depending on competitive conditions. While the dichotomy is consistent with social preference theory, the often advanced hypothesis that social behavior is an artifact of laboratory conditions has not heretofore been ruled out. We tested these competing hypotheses in a field experiment on eBay conducted with experienced traders. The buyer behavior we observe strongly confirms the social preference hypothesis. Also, the behavioral patterns in the field experiment mirror fully naturally occurring trading patterns in the market. For instance, some sellers do not use their commitment power as predicted by theories of both selfish and social behavior, with the pattern of deviation reflecting traders' market experience outside the experiment. (C) 2013 Elsevier B.V. All rights reserved.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Bolton, Gary E. UNSPECIFIED UNSPECIFIED UNSPECIFIED Ockenfels, Axel UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-450908
DOI:	10.1016/j.jebo.2013.11.003
Journal or Publication Title:	J. Econ. Behav. Organ.
Volume:	97
Page Range:	S. 143 - 155
Date:	2014
Publisher:	ELSEVIER
Place of Publication:	AMSTERDAM
ISSN:	1879-1751
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Faculty of Management, Economics and Social Sciences > Economics > Macroeconomic, Financial and Economic Policy > Professur für Economics, Design and Behavior
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language MEASURING SOCIAL PREFERENCES; REPUTATION; AUCTIONS; RECIPROCITY; INEQUALITY; INSIGHTS; RULES Multiple languages Economics Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/45090