MobLab's Ultimatum is a sequential game that teaches backward induction, fairness, and altruism. Use it for teaching game theory, microeconomics, and more.
An Ultimatum Game is defined as a behavioral economics exchange game where two players, a proposer and a responder, decide how to split a sum of money. If the responder rejects the proposer's offer, neither player receives any money.
However, when inequity aversion, and more generally, altruistic motivations are applied to this idea, behavioural economics becomes useful in explaining this area of consumer decision Get AccessRelated The Ultimatum Game Summary The Ultimatum Game experiment was an interesting chapter because of the ...
In neoclassical economics, Rational Choice Theory states that individuals always make prudent and rational decisions provided with the greatest benefits. In Ultimatum Game, the proposer (Player I) proposes how to split a sum of money. The responder (Player II) decides to accept or reject the ...
This isn't the premise for a spin-off of the TV show "Cash Cab"; rather, it's an economics experiment that provides some interesting insight into the human psyche. It's called the ultimatum game. Now you've got the $20 in your hand and your friend watches you expectantly. Will you...
Ultimatum bargaining; Ultimatum Bargaining Game Definition The Ultimatum Game is an experimental paradigm used in behavioral economics. In the Ultimatum Game, two anonymous participants (referred to as players), who typically have never met before, are randomly assigned to either the role of proposer ...
Book2012,Philosophy of Economics CristinaBicchieri,JijiZhang Explore book 3Variants to BUG So far we have only considered the basicUltimatum game, which is certainly not the whole story. There have been a number of interesting variants of the game in the literature, to some of which we now ...
Exploring rejection of unfair offers in the Ultimatum Game in real- world altruists Kristin M. Brethel-Haurwitz1, Sarah A. Stoycos1,†, Elise M. Cardinale1, Bryce Huebner2 & Abigail A. Marsh1 In the Ultimatum Game (UG), incurring a cost to punish inequity is ...
The Ultimatum Game (UG) is an economic game where two players (proposer and responder) decide how to split a certain amount of money. While traditional economic theories based on rational decision making predict that the proposer should make a minimal offer and the responder should accept it, ...
The ultimatum game experiment is the classic theory of western experimental economics,mainly about the interest game between two individuals.Experimental results show that the interest far from equilibrium is risk,and there is positive correlation between risk and benefit.When the gamer is in pursuit ...