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Gift-exchange game

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respectively. In both a high and low salary option, the employee will benefit more from choosing the low effort option. In a high salary path, the high effort choice yields a utility of 2 for the employee whereas in the low effort path the utility is 3. In the low salary high effort path, the employees utility will be 0 compared to the low effort choice which results in a utility of 1. Thus the employee will choose low effort regardless of the salary choice made by the employer. Moving a decision back, it is now the employers choice between high or low salary. Knowing the employee will choose low effort, the employer will also choose the option that maximises their utility. In the high salary low effort option, their utility eventuates to 0 whereas in the low salary low effort option, their utility is 1. Knowing the employee will choose the low effort option as it maximises their utility, the employer will choose low salary. This will lead to the equilibrium of low salary and low effort.
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transactions from beginning to end. In this way, the influence of expectations of both sides on the "long-term future" is excluded, and the choice of the level of effort of "employees" is completely self-conscious. According to the traditional economic view, employees will be willing to accept any wage greater than 0, and provide the minimum level of effort after receiving the salary. However, the experimental results show that employers always offer wages much higher than the minimum level, while employees almost always provide efforts much higher than the minimum level. This proves that even if there are no other supervision and punishment mechanisms, the wage level in the labor market is often higher than the market-clearing price for some "fair" and "goodwill" motives in exchange for the labor provider's initiative and loyalty. It's also an example of how social norms and reciprocity can affect human behavior even in the absence of regulation.
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were required to perform a specific task for six hours in total. Each participant would receive an hourly wage that had been previously advertised to them. The participants in each experiment were divided into two groups, one of which were informed that the actual wage they would be receiving was higher than the wage advertised to them. Each of the two experiments yielded similar results. For both experiments, the group receiving the increased wage only performed the task more efficiently in the initial stage of the task. Towards the end of the six hours, the groups yielded similar outputs and were performing at the same productivity level. While these results are inconsistent with previous laboratory finds, they endorse one feature of "reciprocal behaviour", that is, as time goes on, preferential treatment will be taken for granted, thus reducing the willingness of employees to supply labour.
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two followers, who had the option to award or not award each other with gifts. The originator received an initial amount of ÂŁ8.3, and each follower received ÂŁ11.1. The originator could offer a fixed amount of ÂŁ1.6 to a follower, while a follower could give ÂŁ1, ÂŁ2, or ÂŁ3, with a corresponding reduction in their payoff. The experiment aimed to explore the effects of gift-giving on the players' payoffs and the dynamics of reciprocity. The study found that the frequency of non-gift giving was lower than what an egoistic payoff maximization assumption would predict, with an average non-gift frequency of 69% in the studied one-shot games. However, it was still over 50% in almost all cases. The paragraph also notes that it is difficult to create models of human behavior without access to the hidden variables that determine the players' choices.
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to innocuous changes. Groups of consisting of an emploer and an employee were chosen whereby the employer chooses the wage for their employee. employees were paid for their work at a self-chosen effort level and the corresponding cost of effort for that level. one group was presented with a payoff table, detailing employee and employer wages and the other ignorant of potential payoff. Charness found that when a payoff table was included in the experiment that demarcated the relationship between wages, effort and payoff, gift exchange was sharply reduced. Charness suggests that this reduction in gift exchange could be due to the framing effect. The framing affect would reduce positive reciprocation by reducing the positive effect caused by an unexpected bonus and replacing it with a mutual understanding of the firms expectations.
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participants randomly selected into a employer or employee category. The managers would offer the workers a wage and an effort level that was required and the workers would choose to accept or decline the offer. The acceptance rate for the groups according to effort and wage were measured. The study suggested that there was little evidence for positive reciprocity and that laboratory gift exchange is highly sensitive to the parametrization of the model and the way the model is implemented. Engelmann also found that workers experienced negative reciprocity to negative wages. Engelmann suggested that gift-exchange is highly sensitive to changes in the parameters of the game (parametrization), the framing effect and anonymity. This has important consequence for empirical implementation.
86:, strike and the decline of unionization. The gift-exchange theory also incorporates a social component, where homogenous agents who are employed with an equivalent wage level will exert greater effort. This then continues to result in a higher market efficiency and higher rent than those agents receiving different wages. The first examination of this component is referred to as the fair uniform-wage hypothesis, where experiments establish the significant efficiency premium of uniform wages. However, this is not a consequential result of a stronger level or reciprocity by the agents, although the reinforcement of endorsing these options on the side of principals with uniform wages is why implementing boundaries to freedom can lead to efficiency-enhancing results. 218:
game as many times before were far more likely to follow the Nash equilibrium, unable to achieve the higher possible pay-offs. However, if the game is repeated more times or the players were 'partners' (worked together and knew each other better) they had far greater success at maintaining higher pay-offs in the game. This study published by the Tinbergen Institute also concluded that ‘simpler’ or smaller gifts were far more likely to be reciprocated and maintained appropriately than larger gifts that could be more appealing to exploit. Van Den Akker, Olmo R. van Assen et al. found that subjects in the gift-exchange game exhibit selfish behaviour in specific labour markets and other principal-agent environments.
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to free-riding at work can lead to employee strikes or the intervention of unions and other labor organizations to coordinate. As the employer pays a flat wage, such collective action may prompt the employer to resort to dismissal mechanisms, i.e. firing the free-riding. If unions and other labor organizations step in to coordinate, employees may face increased employment risks in the absence of success in reducing free-rider behavior. These effects may help to understand the reasons for the decline in unionization in developed economies. For example, in the US, companies adopt enterprise resource planning and applications to simplify the adjustment of wage differentiation.
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conducted in a laboratory setting, such as Fehr, Kirchsteiger, and Riedl (1993), which have presented strong evidence of the relationship between increased fixed wages and its influence in eliciting positive reciprocity from employees in the form of increased effort. However, these results have not been reflected in field studies, which have largely found no or little evidence of the relationship. Kube, Marechal, and Puppe (2012) found that in the field setting, there was no significant increase in effort after increased fixed wages. However, they did find that gifts of equivalent value that took alternative forms than fixed wages significantly increased effort.
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doesn't provide any attention to their employees) who is paying a higher wage to retain their employees. Eventually, the altruistic manager's marginal cost of attention exceeds a point where increasing the employees wage becomes a better alternative. This outcome is dependent on the employee exhibiting "neutral" or "warm" feelings towards their employer such that their expected utility increases with the attention they receive. Rather than contradict, this model supplements traditional game-exchange theory by demonstrating in a real world setting, managers have socioemotional tools at their disposal that may be preferred to a monetary gift.
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problem of information asymmetry between employees and employers. When employees have access to market information about average wages, they decide whether to work hard or not by comparing their current wage with the average wage and getting a relative reciprocal from their employer. But this increases the pressure on employers and competition between them, as wages are determined by the market offer. Especially, in organizations where control is separated from ownership, the relationship between wage increases and effort cannot be observed through the relative reciprocal.
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results into real world relationships found in the labour market. The paper explored multi-level hierarchies and focused on the complex structure where “ownership and control are separated”. The classical gift-exchange game was manipulated to mimic a trilateral relationship where the firm is controlled by a manager but owned by a shareholder. This experiment found that employees rewarded higher wages with higher effort regardless of whether the manager shared in the firms’ profits or not.
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sub-optimal outcomes for both parties, even when cooperation is in the best interest of both players. In the gift-exchange game, the choices of all players are interdependent, and the social norms of reciprocity incentivize participants to act in ways that benefit the group as a whole. In our follow-up experiments with the gift exchange game, we found that only a few people in the real world would choose the minimum wage and minimum effort to reach the
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decision. So employers have no incentive to pay high salaries if workers know what they are choosing. If the employer pays a higher salary, it is irrational for the employee to put extra effort, since effort will reduce his or her payoff. It is also irrational for the employee to put extra effort while receiving a lower salary. Therefore, the minimum salary and the minimum effort is the equilibrium of this game.
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gift exchange in the field”. The study identified a few factors that could be impacting gift exchange effectiveness such as “habituation to the gift, fatigue, and small gift size”. Accounting for these factors and subsequently implementing a field experiment to remove them, the study’s results found no evidence to support gift exchange in the work place.
210:"fairness" or compensation, considering that they are after all the employer's money. (2) If, at almost the same income level, employees are told that the wage level is determined by the experimenter, they will think that they don't have to pay a lot of responsibility for the "loss" to the employer, so they will relatively reduce their efforts. 321:
The multitude of factors for this discrepancy between laboratory and field settings is the topic of much subsequent research, but it is not entirely clear. While conflicting results do degrade the reliability of the application of the gift exchange game, it is important to note that it still provides
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Moreover, Tagiew and Ignatov (2014) have conducted an experiment at the University of Nottingham using one-shot games, where participants did not participate more than once. The study included participates of both genders, with an average age of 20. Each game involved three players, an originator and
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Some other observations noted about whether players will follow the expected nash equilibrium or were more likely to deviate and provide the gift and extra effort included, how much the game was repeated and if the players were familiar to each other. Players who were strangers or had not entered the
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The experiment of charness (2000, JEBO) wanted to explore what would happen if the benefit of high wages was not given by the employer but a random result or a third party. The results of this experiment are as follows: (1) if wages are generated randomly, employees usually give extra efforts to show
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solution for rational players predicts that employees’ effort will be minimum for one-shot and finitely repeated interactions. The difference constitutes by the sequentiality of gift-exchange game. In the gift exchange game, the employer pays a high or low salary first and then the employee makes the
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In the game theory, the equilibrium analysis can be implemented to determine and examine strategic decisions between the players in a game. Nash equilibrium is the situation of a game where no player has an incentive to change the strategy given the strategic decision based on the other player. It is
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Many laboratory experiments support the theory of using gift exchange as an incentive mechanism. However, field evidence has resulted in conflicting effectiveness. A study conducted by Evesteves-Sorenson and Macera (2013) aimed to investigate removing any theoretical factors that could be “dampening
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One particular non-monetary gift believed to incentivise employees is the attention they receive from their employer. In a model developed by Prof. Robert Dur, altruistic managers who signal a level of attention towards their employees can achieve the same level of output as an egoistic manager (who
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Gary Charness, Guillaume R. Frechette, and John H. kagel’s experiment, 'How Robust is Laboratory Gift Exchange?', studied the effect of gift-exchange in the US. While they found positive reciprocity attributable to the gift-exchange effect, they also found that the gift-exchange effect is sensitive
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This game can help us to understand strikes, coordination, and dismissal in uniform wage settings. In a gift-exchange game in a multi-employee environment with collective action mechanisms, the employer offers a uniform wage. The breakdown of trust and reciprocity between employers and employees due
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Kean Siang, Ch'Ng's experiment explores the role of relative information and reciprocity in the gift-exchange game. They found that lack of enforcement was not the only reason to explain employees' reluctance to work hard, so the concept of 'relative reciprocal' was creatively introduced. There is a
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can also be used to determine the equilibrium of this game. As both players are rational, they will both work to maximise their utility. Looking at game tree shown on the right, the last decision is determined by the employee. The utilities for the employer and employee are outlined in red and blue
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Dirk Engelmann and Andreas Ortmann’s study: â€˜The Robustness Of Laboratory Gift exchange: A Reconsideration’ took a subject pool of students from economics and business courses at the University of Berlin and the Institute For Empirical Research In Economics at the University of Zurich and had
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Gneezy and List (2006, Econometrica) were two of the first economists to investigate whether similar results found in the previous laboratory experiments could be replicated in a field setting. They did so by conducting two separate experiments, each involving a number of volunteer participants who
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was conducted to observe the difference in findings that were predicted to occur when the gift-exchange game performed between one employer one employee was compared to a game performed between one employer and four employees. The results indicated the number of employees did not have a significant
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Most laboratory and field studies regarding the gift-exchange game focus on a bilateral relationship (one employee and one employer). An experiment conducted by Maximiano, Sloof and Sonnemans (2013) focused on creating a more complex laboratory environment to allow for further extrapolation of the
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The results demonstrate the commonality for individuals to experience a feeling of duty or reciprocate actions with commensurate worth or significance. To put in other words, If the employer expects the employee to put in a higher effort when offered a higher salary it may be in the employees best
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Fehr, Kirchsteiger and Riedl (1993, QJE) designed a market in which "employers" and "employees" do not meet. All wages and effort and "employees" are put in different rooms for many experiments, and are told that the counterparties of each transaction are different, and both sides keep "anonymous"
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Chaudhuri, Ananish Sbai, Erwann found in a study of sex differences in trust and reciprocity in repeated gift exchange games that there were no significant gender differences in trust, and women performed better in reciprocity. However, when the experimental context was placed in a specific labor
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when strategies are involved in the decision-making between the players. However, there are key differences between the two games. The difference constitutes by the sequentiality of gift-exchange game, with the gift exchange games being based on social norms of reciprocity, where participants are
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as it demonstrates that self-interest maximization is not the sole determinant of economic decision-making. Rather, reciprocity is a fundamental factor that shapes individuals' behaviour in economic contexts. By simulating labor relations between an employer and employee, the game explicates that
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The experiment of Franke et al is based on a modified gift-exchange game, where workers can participate in wage setting. The results of this experiment show that when workers have the right to make wage decisions, they show a positive incentive to work harder. However, if firms want employees to
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Akerlof's model has become the topic of several experiments aimed at understanding employee motivation and behaviour, as well as the effect of fairness from employers. The results of these experiments have been mixed and are highly dependent on the experimental setting. Several studies have been
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to model reciprocacy in labor relations. The gift-exchange game simulates a labor-management relationship execution problem in the principal-agent problem in labor economics. The simplest form of the game involves two players – an employee and an employer. The employer first decides whether they
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Reciprocity is a fundamental concept within game theory that offers the idea that agents are more likely to cooperate if they believe that the cooperation will be reciprocated back. Ie. You do something for me, I’ll do something for you; a mutual gain. Within the gift exchange game, it has been
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The gift-exchange game is not only used in the workplace but can also be practiced in other areas. For example, in the field of charitable giving, when a charity first makes a gift to a potential donor as part of a donation solicitation, more generous gifts are associated with higher frequency
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Reciprocity within the gift exchange game shows how social interaction play a large role in what are considered economic decisions and is the factor that balances and maintains the stability between give and take. In recognising the important of reciprocity, employees and employers can foster
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to investigate the gift exchange theory in a natural setting. Findings found that out of roughly 10,000 solicitation letter to potential donors, one third contained no gift to accompany the call for donations, one third a small gift and one third a large gift with random assignments. The data
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aims to show how rational decisions can lead to sub-optimal outcomes for both parties, even when cooperation is in the best interest of both parties. The goal of both games is to maximize the amount of money each player receives, but in the prisoner's dilemma, rational decisions can lead to
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interests to put in a greater effort. Additionally, if the employee puts in a higher effort it may result in an increase in wage down the track. Thus indicating that the gift exchange game may have multiple equilibria, dependant on expectations, beliefs and if
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wage. According to Akerlof's model, this is because the worker’s effort not only depends on the effort itself, wage rate if employed, and the unemployed benefit if unemployed, but also the norm for effort. Thus, to affect these norms, firms may pay more.
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exert high effort, firms need to offer high enough offers or delegate substantial decisions to employees. In practical applications, different mechanisms of co-determination might lead to very different incentive structures and performance outcomes.
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when employer offer a higher salary, employees are more inclined to reciprocate with great effort, leading to mutually beneficial outcomes. Gift exchange games have been used to study economic and social phenomena such as labor contracts,
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implemented to evaluate these situations and the decisions by the players that are made affecting each players out come. The extra effort in gift-exchange games is modelled to be a negative payoff if not compensated by salary. The
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confirmed that potential donors were much more likely to donate with the relative frequency being 75% more likely to receive a donation from a large gift recipient. These results are backed by a number of similar studies from
301:. George A. Akerlof described labor contracts as "partial gift exchange". Unlike what is depicted in the simple model above, in real life, employees may exceed the minimum work required and firms may pay more than the 237:
A recent study in 2023 showed that in the gift-exchange game of labor relations, employees' costless and non-binding voice leads firms to reduce the actual workload in agreed contracts rather than increase wages.
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incentivized to act in ways that other players deem fair. The goal of the game is to maximize the amount of money each player receives, and to follow the expectations of the group. Although, in contrast to the
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A positive relationship between salary and effort has been observed in a large number of gift-exchange experiments performed in a laboratory setting. This behaviour obviously deviates from the equilibrium.
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two participants are faced with either cooperation or betrayal, without knowing what the other players will decide and the payoff of each possible outcome is determined by the choices of both players. The
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identified within numerous large-scale studies that the higher the gift the higher the quality levels or effort put in. An example of reciprocity due to social norms was a field study conducted by the
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should award a higher salary to the employee. The employee then decides whether to reciprocate with a higher level of effort (work harder) due to the salary increase or not. Like
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of own extra work is not considered in the payoff structure of this game. Therefore, this model rather fits labor conditions, which are less meaningful for the employees.
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Yamamori, Tetsuo; Iwata, Kazuyuki (3 February 2023). "Wage claim detracts reciprocity in labor relations: an experimental study of gift exchange games".
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Koppel, Hannes; Regner, Tobias (September 2014). "Corporate Social Responsibility in the work place: Experimental evidence from a gift-exchange game".
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Esteves-Sorenson, Constança (September 2018). "Gift Exchange in the Workplace: Addressing the Conflicting Evidence with a Careful Test".
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The gift exchange model is used to explain workers' effort and wages provided by firms in the real world, especially
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Fehr, Ernst; GĂ€chter, Simon (May 1998). "Reciprocity and economics: The economic implications of Homo Reciprocans".
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impact on the level of effort that was chosen, with both mean effort levels increasing with wage at similar rates.
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Charness, Gary; Frechette, Guillaume R.; Kagel, John H. (June 2004). "How Robust is Laboratory Gift Exchange?".
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advantageous relationships with others to contribute to more harmonious and productive relations.
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Proceedings of the 18th International Conference on Autonomous Agents and MultiAgent Systems
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The payoff matrix of the gift-exchange game has the same structure as the payoff matrix of
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Some user interaction systems use the gift-exchange game as the right gamification model.
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with minimal salary and minimal effort. Data from another experiment on 123 students from
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Charness, Gary (July 2000). "Responsibility and effort in an experimental labor market".
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with the data showing a contrast to what is considered the nash equilibrium.
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The gift exchange game serves as a valuable lens through which to understand
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showed a rate of 69% for high salary being paid by employer in advance.
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This article is about the game-theoretic model. For the party game, see
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Kube, Sebastian; Maréchal, Michel André; Puppe, Clemens (1 June 2012).
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Charness, Gary; Fréchette, Guillaume R.; Kagel, John H. (2001-10-08).
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Revisiting Gift Exchange: Theoretical Considerations and a Field Test
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GarcĂ­a, JuliĂĄn; van Veelen, Matthijs (29 August 2018).
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donations, resulting in more donations to the charity.
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valuable insight into employee and employer behavior.
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game where all players are aware of previous actions,
1920: 1780:"Gift Exchange in the Workplace: Money or Attention?" 1474: 1102: 848: 1834:(Report). Institution for Social and Policy Studies. 1243:"Simple and complex gift exchange in the laboratory" 1057: 1015:"Simple and complex gift exchange in the laboratory" 838:
https://plato.stanford.edu/entries/prisoner-dilemma/
807: 651: 536: 810:"The Gift Exchange Game: Managing Opponent Actions" 173: 146: 122:Idealistic representation of gift-exchange game in 1886:Lontar Komputer: Jurnal Ilmiah Teknologi Informasi 1060:"The Impact of Social Comparisons on Reciprocity*" 501: 222:market, female reciprocity performance decreased. 1734: 254: 3059: 1879: 1699: 1393:Engelmann, Dick; Ortmann, Andreas (2002-01-01). 1392: 1360:Journal of Economic Interaction and Coordination 721: 1140:Journal of Economic Behavior & Organization 654:Journal of Economic Behavior & Organization 194:showed that only 33% of games ended up in the 1994: 1357: 1336: 1301: 699: 390: 1784:Journal of the European Economic Association 1543: 1165:Gneezy, Uri; List, John A (September 2006). 637:: CS1 maint: multiple names: authors list ( 182:A study on 84 undergraduate students at the 883: 588: 543:Journal of the Economic Science Association 458: 2001: 1987: 1198: 1164: 695: 693: 428: 2008: 1897: 1803: 1762: 1752: 1417:"How Robust is Laboratory Gift Exchange?" 1342: 978: 749: 739: 673: 562: 486: 476: 1137: 910: 700:Tagiew, Rustam; Ignatov, Dmitry (2016). 117: 101: 62:, gift-exchange games are used to study 1664: 1586: 702:"Gift Ratios in Laboratory Experiments" 690: 89: 14: 3060: 1629: 955:"Gift Exchange in a Multi-Worker Firm" 454: 452: 325: 190:Another experiment with students from 1982: 1067:The Scandinavian Journal of Economics 1053: 1051: 1008: 1006: 948: 946: 459:Fehr, E.; GĂ€chter, S. (Summer 2000). 424: 422: 384: 338:Modification of game conditions usage 1844: 1508: 614: 612: 465:The Journal of Economic Perspectives 1777: 1199:Gneezy, Uri; List, John A. (2006). 449: 292: 24: 2050:First-player and second-player win 1667:The Quarterly Journal of Economics 1262:10.1111/j.1465-7295.2001.tb00066.x 1105:The Quarterly Journal of Economics 1048: 1034:10.1111/j.1465-7295.2001.tb00066.x 1003: 943: 851:The Quarterly Journal of Economics 787:10.1023/B:EXEC.0000026979.14590.3c 419: 25: 3084: 609: 106:Normal form of gift exchange game 2157:Coalition-proof Nash equilibrium 1899:10.24843/LKJITI.2020.v11.i01.p06 1859:10.1111/j.1468-0262.2007.00800.x 1523:10.1111/j.1468-0262.2007.00800.x 1220:10.1111/j.1468-0262.2006.00707.x 1186:10.1111/j.1468-0262.2006.00707.x 1079:10.1111/j.1467-9442.2012.01730.x 971:10.1111/j.1468-0297.2007.02065.x 603:10.1016/j.euroecorev.2014.04.001 174:Experimental Methods and Results 147:Contrast with Prisoner's dilemma 126:. This game has only one single 1941: 1914: 1873: 1838: 1820: 1771: 1728: 1693: 1658: 1623: 1589:The Quarterly Review of Biology 1580: 1537: 1502: 1468: 1408: 1386: 1351: 1330: 1295: 1276: 1234: 1192: 1158: 1131: 904: 877: 842: 830: 801: 766: 715: 2167:Evolutionarily stable strategy 1923:Journal of Economic Psychology 1285:Journal of Economic Psychology 645: 530: 495: 393:Quarterly Journal of Economics 255:Reciprocity & Social Norms 66:for human subject research in 13: 1: 2095:Simultaneous action selection 1496:10.1016/S0014-2921(96)00051-7 1152:10.1016/s0167-2681(00)00096-2 898:10.1016/S0014-2921(97)00131-1 443:10.1016/S0313-5926(11)50007-4 377: 134:As this game is considered a 3032:List of games in game theory 2207:Quantal response equilibrium 2197:Perfect Bayesian equilibrium 2132:Bayes correlated equilibrium 1632:American Sociological Review 1316:10.1080/00779954.2011.556072 911:Charness, Gary (July 2004). 728:Frontiers in Robotics and AI 431:Economic Analysis and Policy 32:White elephant gift exchange 7: 2501:Optional prisoner's dilemma 2227:Self-confirming equilibrium 1957:Games and Economic Behavior 1796:10.1162/JEEA.2009.7.2-3.550 1304:New Zealand Economic Papers 504:Games and Economic Behavior 350: 241: 41:also commonly known as the 10: 3089: 2966:Principal variation search 2682:Aumann's agreement theorem 2345:Strategy-stealing argument 2252:Trembling hand equilibrium 2182:Markov perfect equilibrium 2177:Mertens-stable equilibrium 1935:10.1016/j.joep.2016.07.002 1372:10.1007/s11403-023-00378-9 917:Journal of Labor Economics 812:. In Elkind, Edith (ed.). 666:10.1016/j.jebo.2008.01.004 29: 3002:Combinatorial game theory 2989: 2948: 2730: 2674: 2661:Princess and monster game 2456: 2358: 2260: 2212:Quasi-perfect equilibrium 2137:Bayesian Nash equilibrium 2118: 2017: 1969:10.1016/j.geb.2012.07.004 1558:10.1007/s10683-013-9372-x 709:CEUR Workshop Proceedings 555:10.1007/s40881-017-0041-2 3073:Game theory game classes 3017:Evolutionary game theory 2750:Antoine Augustin Cournot 2636:Guess 2/3 of the average 2433:Strictly determined game 2222:Satisfaction equilibrium 2040:Escalation of commitment 1741:American Economic Review 1484:European Economic Review 886:European Economic Review 741:10.3389/frobt.2018.00102 591:European Economic Review 299:involuntary unemployment 275:University of Nottingham 200:University of Nottingham 3022:Glossary of game theory 2621:Stackelberg competition 2242:Strong Nash equilibrium 267:University of Amsterdam 184:University of Amsterdam 45:, is a common economic 3047:Tragedy of the commons 3027:List of game theorists 3007:Confrontation analysis 2717:Sprague–Grundy theorem 2232:Sequential equilibrium 2152:Correlated equilibrium 1754:10.1257/aer.102.4.1644 1714:10.1287/mnsc.2017.2801 1546:Experimental Economics 1456:Cite journal requires 775:Experimental Economics 516:10.1006/game.1995.1027 131: 107: 3068:Non-cooperative games 2820:Jean-François Mertens 121: 110:Like in trust games, 105: 43:gift exchange dilemma 2949:Search optimizations 2825:Jennifer Tour Chayes 2712:Revelation principle 2707:Purification theorem 2646:Nash bargaining game 2611:Bertrand competition 2596:El Farol Bar problem 2561:Electronic mail game 2526:Lewis signaling game 2065:Hierarchy of beliefs 1778:Dur, Robert (2009). 959:The Economic Journal 478:10.1257/jep.14.3.159 90:Equilibrium analysis 2997:Bounded rationality 2616:Cournot competition 2566:Rock paper scissors 2541:Battle of the sexes 2531:Volunteer's dilemma 2403:Perfect information 2330:Dominant strategies 2162:Epsilon-equilibrium 2045:Extensive-form game 1425:10.2139/ssrn.292854 488:20.500.11850/146582 326:Other fields usages 140:backwards induction 136:perfect information 84:market transactions 39:gift-exchange game, 27:Type of game theory 2976:Paranoid algorithm 2956:Alpha–beta pruning 2835:John Maynard Smith 2666:Rendezvous problem 2506:Traveler's dilemma 2496:Gift-exchange game 2491:Prisoner's dilemma 2408:Large Poisson game 2375:Bargaining problem 2275:Backward induction 2247:Subgame perfection 2202:Proper equilibrium 1702:Management Science 965:(522): 1025–1050. 362:Prisoner's dilemma 283:social preferences 271:Tilburg University 192:Tilburg University 163:prisoner's dilemma 158:prisoner's dilemma 153:Prisoner's dilemma 132: 108: 18:Gift-exchange Game 3055: 3054: 2961:Aspiration window 2930:Suzanne Scotchmer 2885:Oskar Morgenstern 2780:Donald B. Gillies 2722:Zermelo's theorem 2651:Induction puzzles 2606:Fair cake-cutting 2581:Public goods game 2511:Coordination game 2385:Intransitive game 2310:Forward induction 2192:Pareto efficiency 2172:Gibbs equilibrium 2142:Berge equilibrium 2090:Simultaneous game 1419:. Rochester, NY. 823:978-1-4503-6309-9 262:University of Bon 68:social psychology 16:(Redirected from 3080: 3042:Topological game 3037:No-win situation 2935:Thomas Schelling 2915:Robert B. Wilson 2875:Merrill M. Flood 2845:John von Neumann 2755:Ariel Rubinstein 2740:Albert W. Tucker 2591:War of attrition 2551:Matching pennies 2325:Pairing strategy 2187:Nash equilibrium 2110:Mechanism design 2075:Normal-form game 2030:Cooperative game 2003: 1996: 1989: 1980: 1979: 1973: 1972: 1954: 1945: 1939: 1938: 1918: 1912: 1911: 1901: 1877: 1871: 1870: 1853:(5): 1501–1511. 1842: 1836: 1835: 1833: 1824: 1818: 1817: 1807: 1790:(2/3): 550–560. 1775: 1769: 1768: 1766: 1756: 1747:(4): 1644–1662. 1732: 1726: 1725: 1708:(9): 3971–4470. 1697: 1691: 1690: 1662: 1656: 1655: 1627: 1621: 1620: 1584: 1578: 1577: 1541: 1535: 1534: 1517:(5): 1501–1511. 1506: 1500: 1499: 1481: 1472: 1466: 1465: 1459: 1454: 1452: 1444: 1412: 1406: 1405: 1399: 1390: 1384: 1383: 1355: 1349: 1348: 1346: 1334: 1328: 1327: 1299: 1293: 1292: 1280: 1274: 1273: 1250:Economic Inquiry 1247: 1238: 1232: 1231: 1214:(5): 1365–1384. 1205: 1196: 1190: 1189: 1180:(5): 1365–1384. 1171: 1162: 1156: 1155: 1135: 1129: 1128: 1100: 1091: 1090: 1073:(4): 1346–1367. 1064: 1055: 1046: 1045: 1022:Economic Inquiry 1019: 1010: 1001: 1000: 982: 950: 941: 940: 908: 902: 901: 892:(3–5): 845–859. 881: 875: 874: 846: 840: 834: 828: 827: 805: 799: 798: 770: 764: 763: 753: 743: 719: 713: 712: 706: 697: 688: 687: 677: 660:(3–4): 671–677. 649: 643: 642: 636: 628: 616: 607: 606: 586: 577: 576: 566: 534: 528: 527: 499: 493: 492: 490: 480: 456: 447: 446: 426: 417: 416: 388: 293:Work Field usage 196:Nash equilibrium 168:Nash equilibrium 128:Nash equilibrium 21: 3088: 3087: 3083: 3082: 3081: 3079: 3078: 3077: 3058: 3057: 3056: 3051: 2985: 2971:max^n algorithm 2944: 2940:William Vickrey 2900:Reinhard Selten 2855:Kenneth Binmore 2770:David K. Levine 2765:Daniel Kahneman 2732: 2726: 2702:Negamax theorem 2692:Minimax theorem 2670: 2631:Diner's dilemma 2486:All-pay auction 2452: 2438:Stochastic game 2390:Mean-field game 2361: 2354: 2320:Markov strategy 2256: 2122: 2114: 2085:Sequential game 2070:Information set 2055:Game complexity 2025:Congestion game 2013: 2007: 1977: 1976: 1952: 1946: 1942: 1919: 1915: 1878: 1874: 1843: 1839: 1831: 1825: 1821: 1776: 1772: 1733: 1729: 1698: 1694: 1679:10.2307/1885099 1663: 1659: 1644:10.2307/2087919 1628: 1624: 1585: 1581: 1542: 1538: 1507: 1503: 1479: 1473: 1469: 1457: 1455: 1446: 1445: 1413: 1409: 1397: 1391: 1387: 1356: 1352: 1335: 1331: 1300: 1296: 1282: 1281: 1277: 1245: 1239: 1235: 1203: 1197: 1193: 1169: 1163: 1159: 1136: 1132: 1117:10.2307/2118338 1101: 1094: 1062: 1056: 1049: 1017: 1011: 1004: 951: 944: 909: 905: 882: 878: 863:10.2307/2118338 847: 843: 835: 831: 824: 806: 802: 771: 767: 720: 716: 704: 698: 691: 650: 646: 630: 629: 617: 610: 587: 580: 535: 531: 500: 496: 457: 450: 427: 420: 405:10.2307/2937787 389: 385: 380: 372:Efficiency wage 353: 340: 328: 303:market-clearing 295: 285:are two-sided. 257: 244: 176: 149: 92: 79:economic theory 35: 28: 23: 22: 15: 12: 11: 5: 3086: 3076: 3075: 3070: 3053: 3052: 3050: 3049: 3044: 3039: 3034: 3029: 3024: 3019: 3014: 3009: 3004: 2999: 2993: 2991: 2987: 2986: 2984: 2983: 2978: 2973: 2968: 2963: 2958: 2952: 2950: 2946: 2945: 2943: 2942: 2937: 2932: 2927: 2922: 2917: 2912: 2907: 2905:Robert Axelrod 2902: 2897: 2892: 2887: 2882: 2880:Olga Bondareva 2877: 2872: 2870:Melvin Dresher 2867: 2862: 2860:Leonid Hurwicz 2857: 2852: 2847: 2842: 2837: 2832: 2827: 2822: 2817: 2812: 2807: 2802: 2797: 2795:Harold W. Kuhn 2792: 2787: 2785:Drew Fudenberg 2782: 2777: 2775:David M. Kreps 2772: 2767: 2762: 2760:Claude Shannon 2757: 2752: 2747: 2742: 2736: 2734: 2728: 2727: 2725: 2724: 2719: 2714: 2709: 2704: 2699: 2697:Nash's theorem 2694: 2689: 2684: 2678: 2676: 2672: 2671: 2669: 2668: 2663: 2658: 2653: 2648: 2643: 2638: 2633: 2628: 2623: 2618: 2613: 2608: 2603: 2598: 2593: 2588: 2583: 2578: 2573: 2568: 2563: 2558: 2556:Ultimatum game 2553: 2548: 2543: 2538: 2536:Dollar auction 2533: 2528: 2523: 2521:Centipede game 2518: 2513: 2508: 2503: 2498: 2493: 2488: 2483: 2478: 2476:Infinite chess 2473: 2468: 2462: 2460: 2454: 2453: 2451: 2450: 2445: 2443:Symmetric game 2440: 2435: 2430: 2428:Signaling game 2425: 2423:Screening game 2420: 2415: 2413:Potential game 2410: 2405: 2400: 2392: 2387: 2382: 2377: 2372: 2366: 2364: 2356: 2355: 2353: 2352: 2347: 2342: 2340:Mixed strategy 2337: 2332: 2327: 2322: 2317: 2312: 2307: 2302: 2297: 2292: 2287: 2282: 2277: 2272: 2266: 2264: 2258: 2257: 2255: 2254: 2249: 2244: 2239: 2234: 2229: 2224: 2219: 2217:Risk dominance 2214: 2209: 2204: 2199: 2194: 2189: 2184: 2179: 2174: 2169: 2164: 2159: 2154: 2149: 2144: 2139: 2134: 2128: 2126: 2116: 2115: 2113: 2112: 2107: 2102: 2097: 2092: 2087: 2082: 2077: 2072: 2067: 2062: 2060:Graphical game 2057: 2052: 2047: 2042: 2037: 2032: 2027: 2021: 2019: 2015: 2014: 2006: 2005: 1998: 1991: 1983: 1975: 1974: 1940: 1913: 1872: 1837: 1819: 1770: 1727: 1692: 1673:(4): 543–569. 1657: 1638:(6): 724–733. 1622: 1601:10.1086/406755 1579: 1552:(3): 347–370. 1536: 1501: 1467: 1458:|journal= 1407: 1385: 1366:(3): 573–597. 1350: 1329: 1310:(1–2): 81–95. 1294: 1275: 1256:(2): 280–297. 1233: 1191: 1157: 1146:(3): 375–384. 1130: 1111:(2): 437–459. 1092: 1047: 1028:(2): 280–297. 1002: 942: 929:10.1086/383111 923:(3): 665–688. 903: 876: 857:(2): 437–459. 841: 829: 822: 800: 781:(2): 189–205. 765: 714: 689: 644: 608: 578: 549:(2): 149–160. 529: 510:(1): 122–142. 494: 471:(3): 159–181. 448: 418: 399:(2): 255–283. 382: 381: 379: 376: 375: 374: 369: 367:Ultimatum game 364: 359: 352: 349: 339: 336: 327: 324: 294: 291: 256: 253: 243: 240: 175: 172: 148: 145: 124:extensive form 112:game-theoretic 91: 88: 51:George Akerlof 49:introduced by 26: 9: 6: 4: 3: 2: 3085: 3074: 3071: 3069: 3066: 3065: 3063: 3048: 3045: 3043: 3040: 3038: 3035: 3033: 3030: 3028: 3025: 3023: 3020: 3018: 3015: 3013: 3010: 3008: 3005: 3003: 3000: 2998: 2995: 2994: 2992: 2990:Miscellaneous 2988: 2982: 2979: 2977: 2974: 2972: 2969: 2967: 2964: 2962: 2959: 2957: 2954: 2953: 2951: 2947: 2941: 2938: 2936: 2933: 2931: 2928: 2926: 2925:Samuel Bowles 2923: 2921: 2920:Roger Myerson 2918: 2916: 2913: 2911: 2910:Robert Aumann 2908: 2906: 2903: 2901: 2898: 2896: 2893: 2891: 2888: 2886: 2883: 2881: 2878: 2876: 2873: 2871: 2868: 2866: 2865:Lloyd Shapley 2863: 2861: 2858: 2856: 2853: 2851: 2850:Kenneth Arrow 2848: 2846: 2843: 2841: 2838: 2836: 2833: 2831: 2830:John Harsanyi 2828: 2826: 2823: 2821: 2818: 2816: 2813: 2811: 2808: 2806: 2803: 2801: 2800:Herbert Simon 2798: 2796: 2793: 2791: 2788: 2786: 2783: 2781: 2778: 2776: 2773: 2771: 2768: 2766: 2763: 2761: 2758: 2756: 2753: 2751: 2748: 2746: 2743: 2741: 2738: 2737: 2735: 2729: 2723: 2720: 2718: 2715: 2713: 2710: 2708: 2705: 2703: 2700: 2698: 2695: 2693: 2690: 2688: 2685: 2683: 2680: 2679: 2677: 2673: 2667: 2664: 2662: 2659: 2657: 2654: 2652: 2649: 2647: 2644: 2642: 2639: 2637: 2634: 2632: 2629: 2627: 2624: 2622: 2619: 2617: 2614: 2612: 2609: 2607: 2604: 2602: 2601:Fair division 2599: 2597: 2594: 2592: 2589: 2587: 2584: 2582: 2579: 2577: 2576:Dictator game 2574: 2572: 2569: 2567: 2564: 2562: 2559: 2557: 2554: 2552: 2549: 2547: 2544: 2542: 2539: 2537: 2534: 2532: 2529: 2527: 2524: 2522: 2519: 2517: 2514: 2512: 2509: 2507: 2504: 2502: 2499: 2497: 2494: 2492: 2489: 2487: 2484: 2482: 2479: 2477: 2474: 2472: 2469: 2467: 2464: 2463: 2461: 2459: 2455: 2449: 2448:Zero-sum game 2446: 2444: 2441: 2439: 2436: 2434: 2431: 2429: 2426: 2424: 2421: 2419: 2418:Repeated game 2416: 2414: 2411: 2409: 2406: 2404: 2401: 2399: 2397: 2393: 2391: 2388: 2386: 2383: 2381: 2378: 2376: 2373: 2371: 2368: 2367: 2365: 2363: 2357: 2351: 2348: 2346: 2343: 2341: 2338: 2336: 2335:Pure strategy 2333: 2331: 2328: 2326: 2323: 2321: 2318: 2316: 2313: 2311: 2308: 2306: 2303: 2301: 2298: 2296: 2295:De-escalation 2293: 2291: 2288: 2286: 2283: 2281: 2278: 2276: 2273: 2271: 2268: 2267: 2265: 2263: 2259: 2253: 2250: 2248: 2245: 2243: 2240: 2238: 2237:Shapley value 2235: 2233: 2230: 2228: 2225: 2223: 2220: 2218: 2215: 2213: 2210: 2208: 2205: 2203: 2200: 2198: 2195: 2193: 2190: 2188: 2185: 2183: 2180: 2178: 2175: 2173: 2170: 2168: 2165: 2163: 2160: 2158: 2155: 2153: 2150: 2148: 2145: 2143: 2140: 2138: 2135: 2133: 2130: 2129: 2127: 2125: 2121: 2117: 2111: 2108: 2106: 2105:Succinct game 2103: 2101: 2098: 2096: 2093: 2091: 2088: 2086: 2083: 2081: 2078: 2076: 2073: 2071: 2068: 2066: 2063: 2061: 2058: 2056: 2053: 2051: 2048: 2046: 2043: 2041: 2038: 2036: 2033: 2031: 2028: 2026: 2023: 2022: 2020: 2016: 2012: 2004: 1999: 1997: 1992: 1990: 1985: 1984: 1981: 1970: 1966: 1962: 1958: 1951: 1944: 1936: 1932: 1928: 1924: 1917: 1909: 1905: 1900: 1895: 1891: 1887: 1883: 1876: 1868: 1864: 1860: 1856: 1852: 1848: 1841: 1830: 1823: 1815: 1811: 1806: 1801: 1797: 1793: 1789: 1785: 1781: 1774: 1765: 1760: 1755: 1750: 1746: 1742: 1738: 1731: 1723: 1719: 1715: 1711: 1707: 1703: 1696: 1688: 1684: 1680: 1676: 1672: 1668: 1661: 1653: 1649: 1645: 1641: 1637: 1633: 1626: 1618: 1614: 1610: 1606: 1602: 1598: 1594: 1590: 1583: 1575: 1571: 1567: 1563: 1559: 1555: 1551: 1547: 1540: 1532: 1528: 1524: 1520: 1516: 1512: 1505: 1497: 1493: 1489: 1485: 1478: 1471: 1463: 1450: 1442: 1438: 1434: 1430: 1426: 1422: 1418: 1411: 1403: 1396: 1389: 1381: 1377: 1373: 1369: 1365: 1361: 1354: 1345: 1340: 1333: 1325: 1321: 1317: 1313: 1309: 1305: 1298: 1290: 1286: 1279: 1271: 1267: 1263: 1259: 1255: 1251: 1244: 1237: 1229: 1225: 1221: 1217: 1213: 1209: 1202: 1195: 1187: 1183: 1179: 1175: 1168: 1161: 1153: 1149: 1145: 1141: 1134: 1126: 1122: 1118: 1114: 1110: 1106: 1099: 1097: 1088: 1084: 1080: 1076: 1072: 1068: 1061: 1054: 1052: 1043: 1039: 1035: 1031: 1027: 1023: 1016: 1009: 1007: 998: 994: 990: 986: 981: 976: 972: 968: 964: 960: 956: 949: 947: 938: 934: 930: 926: 922: 918: 914: 907: 899: 895: 891: 887: 880: 872: 868: 864: 860: 856: 852: 845: 839: 833: 825: 819: 815: 811: 804: 796: 792: 788: 784: 780: 776: 769: 761: 757: 752: 747: 742: 737: 733: 729: 725: 718: 710: 703: 696: 694: 685: 681: 676: 671: 667: 663: 659: 655: 648: 640: 634: 626: 622: 615: 613: 604: 600: 596: 592: 585: 583: 574: 570: 565: 560: 556: 552: 548: 544: 540: 533: 525: 521: 517: 513: 509: 505: 498: 489: 484: 479: 474: 470: 466: 462: 455: 453: 444: 440: 437:(1): 99–108. 436: 432: 425: 423: 414: 410: 406: 402: 398: 394: 387: 383: 373: 370: 368: 365: 363: 360: 358: 355: 354: 348: 344: 335: 332: 323: 319: 315: 311: 307: 304: 300: 290: 286: 284: 278: 276: 272: 268: 263: 252: 248: 239: 235: 231: 227: 223: 219: 215: 211: 207: 203: 201: 197: 193: 188: 185: 180: 171: 169: 164: 159: 154: 144: 141: 137: 129: 125: 120: 116: 113: 104: 100: 98: 87: 85: 80: 75: 73: 69: 65: 61: 56: 52: 48: 44: 40: 33: 19: 2895:Peyton Young 2890:Paul Milgrom 2805:HervĂ© Moulin 2745:Amos Tversky 2687:Folk theorem 2495: 2398:-player game 2395: 2315:Grim trigger 1963:(1): 41–60. 1960: 1956: 1943: 1926: 1922: 1916: 1889: 1885: 1875: 1850: 1847:Econometrica 1846: 1840: 1822: 1787: 1783: 1773: 1744: 1740: 1730: 1705: 1701: 1695: 1670: 1666: 1660: 1635: 1631: 1625: 1595:(1): 35–57. 1592: 1588: 1582: 1549: 1545: 1539: 1514: 1511:Econometrica 1510: 1504: 1487: 1483: 1470: 1449:cite journal 1410: 1401: 1388: 1363: 1359: 1353: 1332: 1307: 1303: 1297: 1288: 1284: 1278: 1253: 1249: 1236: 1211: 1208:Econometrica 1207: 1194: 1177: 1174:Econometrica 1173: 1160: 1143: 1139: 1133: 1108: 1104: 1070: 1066: 1025: 1021: 962: 958: 920: 916: 906: 889: 885: 879: 854: 850: 844: 832: 813: 803: 778: 774: 768: 731: 727: 717: 708: 657: 653: 647: 633:cite journal 624: 594: 590: 546: 542: 532: 507: 503: 497: 468: 464: 434: 430: 396: 392: 386: 345: 341: 333: 329: 320: 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games 2124:concepts 1867:11340103 1814:40282772 1722:27617458 1617:19027999 1570:ProQuest 1531:11340103 1433:16908983 1402:Abstract 1270:13371057 1042:13371057 997:56388626 795:16908983 760:33500981 684:14043040 573:31998602 351:See also 242:Critique 2733:figures 2516:Chicken 2370:Auction 2360:Classes 1687:1885099 1652:2087919 1291:. 2020. 1228:3805928 1125:2118338 989:4625542 937:7530325 871:2118338 751:7805755 734:: 102. 564:6956943 413:2937787 1906:  1865:  1812:  1720:  1685:  1650:  1615:  1607:  1572:  1564:  1529:  1441:292854 1439:  1431:  1378:  1322:  1268:  1226:  1123:  1087:930534 1085:  1040:  995:  987:  935:  869:  820:  793:  758:  748:  682:  571:  561:  522:  411:  2471:Chess 2458:Games 1953:(PDF) 1904:S2CID 1863:S2CID 1832:(PDF) 1810:JSTOR 1718:S2CID 1683:JSTOR 1648:JSTOR 1613:S2CID 1562:S2CID 1527:S2CID 1480:(PDF) 1429:S2CID 1398:(PDF) 1376:S2CID 1339:arXiv 1320:S2CID 1266:S2CID 1246:(PDF) 1224:JSTOR 1204:(PDF) 1170:(PDF) 1121:JSTOR 1083:S2CID 1063:(PDF) 1038:S2CID 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Index

Gift-exchange Game
White elephant gift exchange
game
George Akerlof
Janet Yellen
trust games
reciprocity
social psychology
economics
economic theory
market transactions
IKEA effect

game-theoretic

extensive form
Nash equilibrium
perfect information
backwards induction
Prisoner's dilemma
prisoner's dilemma
prisoner's dilemma
Nash equilibrium
University of Amsterdam
Tilburg University
Nash equilibrium
University of Nottingham
University of Bon
University of Amsterdam
Tilburg University

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