Experimental economics summary paper Essay Example | Topics and Well Written Essays - 500 words

Experimental economics summary paper - Essay ExampleThus, the article pointed forth the basic role of human behavior in the ongoing economic trend in the world. The Ultimatum grainy is not just a simple game but it has substantial implications in the real world. master(prenominal) Findings The first main finding presented in the article is about how state may decide rationally or irrationally in a bargaining situation. In either way, the main point is that people understand the idea of having much more is a better option than having less or none in the context of decision-making process situation. Even though an individual understands that having more than enough is better than having less, fluid the concept of fairness is very significant in the article. Applying this in the actual setting, consumers may be loth to participate in exchange when the other party gets a large portion of the surplus (Thaler 203). The Ultimatum spicy is a perfect replica of what is happening in th e actual setting. People tend to adhere to the concept of fairness because everyone seems wanting to get much more, but in reality this cannot happen most of the time. This resulted to come across somewhere at the midway where the concept of fairness prevails.