Abstract
Two experimental paradigms are described. In the first, an economic equilibrium that would be predicted for rational agents is shown to occur with quite unintelligent behavior. The second paradigm demonstrates that the random allocation of a good alters its value for the recipients. The different values of owners and non-owners induce a reluctance to trade, which contradicts a standard assumption of economic analysis.
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© 1988 Springer-Verlag Berlin Heidelberg
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Kahneman, D. (1988). Experimental Economics: A Psychological Perspective. In: Tietz, R., Albers, W., Selten, R. (eds) Bounded Rational Behavior in Experimental Games and Markets. Lecture Notes in Economics and Mathematical Systems, vol 314. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-48356-1_2
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DOI: https://doi.org/10.1007/978-3-642-48356-1_2
Publisher Name: Springer, Berlin, Heidelberg
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