search query: @indexterm market research / total: 2057
reference: 341 / 2057
| Author: | Fehr, E. Kirchsteiger, G. Riedl, A. |
| Title: | Gift exchange and reciprocity in competitive experimental markets |
| Journal: | European Economic Review
1998 : JAN, VOL. 42:1, p. 1-34 |
| Index terms: | MARKET RESEARCH GIFTS COMPETITION COMPETITIVE EQUILIBRIUM |
| Language: | eng |
| Abstract: | Three decades of laboratory market research show that under rather weak conditions prices and quantities in competitive experimental markets converge to the competitive equilibrium. The design of these experiments has ruled out gift exchange or reciprocity motives. The paper reports the results of experiments which don't rule out reciprocal interactions btw. buyers and sellers. The results indicate that reciprocity motives may be capable of driving a competitive experimental market permanently away from the competitive outcome. The data, therefore, support the gift exchange approach to the explanation of involuntary unemployment. |
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