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Ultimatum Game
The ultimatum game is a popular experimental economics game in which two players interact to decide how to divide a sum of money, first described by Nobel laureate John Harsanyi in 1961. The first player, the proposer, proposes a division of the sum with the second player, the responder. The responder can either accept the proposed division or reject it. If the responder accepts, the money is split according to the proposal; if the responder rejects, neither player receives anything. Both players know in advance the rules of the game. The game is typically designed as a one-shot interaction to isolate immediate reactions to fairness, thereby minimizing the influence of potential future interactions. However, even within this one-shot context, participants' decision-making processes may implicitly involve considering the potential consequences of repeated interactions, due to the fact that humans have evolved within societies that interact repeatedly. This design is crucial for o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ultimatum Game Extensive Form
An ; ; : ultimata or ultimatums) is a demand whose fulfillment is requested in a specified period of time and which is backed up by a threat to be followed through in case of noncompliance (open loop). An ultimatum is generally the final demand in a series of requests. As such, the time allotted is usually short, and the request is understood not to be open to further negotiation. The threat which backs up the ultimatum can vary depending on the demand in question and on the other circumstances. The word is used in diplomacy to signify the final terms submitted by one of the parties in negotiation for settlement of any subject of disagreement. It is accompanied by an intimation as to how refusal will be regarded. English diplomacy has devised the adroit reservation that refusal will be regarded as an "unfriendly act", a phrase which serves as a warning that the consequences of the rupture of negotiations will be considered from the point of view of forcing a settlement. This o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bonobo
The bonobo (; ''Pan paniscus''), also historically called the pygmy chimpanzee (less often the dwarf chimpanzee or gracile chimpanzee), is an endangered great ape and one of the two species making up the genus ''Pan (genus), Pan'' (the other being the common chimpanzee, ''Pan troglodytes''). While bonobos are today recognized as a distinct species in their own right, they were initially thought to be a subspecies of ''Pan troglodytes'', because of the physical similarities between the two species. Taxonomically, members of the chimpanzee/bonobo subtribe Panina—composed entirely by the genus ''Pan (genus), Pan''—are collectively termed ''panins''. Bonobos are distinguished from common chimpanzees by relatively long limbs, pinker lips, a darker face, a tail-tuft through adulthood, and parted, longer hair on their heads. Some individuals have sparser, thin hair over parts of their bodies. The bonobo is found in a area within the Congo Basin of the Democratic Republic of the Con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
University Of Pennsylvania
The University of Pennsylvania (Penn or UPenn) is a Private university, private Ivy League research university in Philadelphia, Pennsylvania, United States. One of nine colonial colleges, it was chartered in 1755 through the efforts of founder and first president Benjamin Franklin, who had advocated for an educational institution that trained leaders in academia, commerce, and public service. The university has four undergraduate schools and 12 graduate and professional schools. Schools enrolling undergraduates include the College of Arts and Sciences, the University of Pennsylvania School of Engineering and Applied Science, School of Engineering and Applied Science, the Wharton School, and the University of Pennsylvania School of Nursing, School of Nursing. Among its graduate schools are its University of Pennsylvania Law School, law school, whose first professor, James Wilson (Founding Father), James Wilson, helped write the Constitution of the United States, U.S. Cons ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reputation
The reputation or prestige of a social entity (a person, a social group, an organization, or a place) is an opinion about that entity – typically developed as a result of social evaluation on a set of criteria, such as behavior or performance. Reputation is a ubiquitous, spontaneous, and highly efficient mechanism of social control. It is a subject of study in social, management, and technological sciences. Its influence ranges from competitive settings, like markets, to cooperative ones, like firms, organizations, institutions and communities. Furthermore, reputation acts on different levels of agency: individual and supra-individual. At the supra-individual level, it concerns groups, communities, collectives and abstract social entities (such as firms, corporations, organizations, countries, cultures and even civilizations). It affects phenomena of different scales, from everyday life to relationships between nations. Reputation is a fundamental instrument of social order, b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mongolia
Mongolia is a landlocked country in East Asia, bordered by Russia to the north and China to the south and southeast. It covers an area of , with a population of 3.5 million, making it the world's List of countries and dependencies by population density, most sparsely populated sovereign state. Mongolia is the world's largest landlocked country that does not border an Endorheic basin, inland sea, and much of its area is covered by grassy steppe, with mountains to the north and west and the Gobi Desert to the south. Ulaanbaatar, the capital and List of cities in Mongolia, largest city, is home to roughly half of the country's population. The territory of modern-day Mongolia has been ruled by various nomadic empires, including the Xiongnu, the Xianbei, the Rouran, the First Turkic Khaganate, the Second Turkic Khaganate, the Uyghur Khaganate and others. In 1206, Genghis Khan founded the Mongol Empire, which became the largest List of largest empires, contiguous land empire i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microeconomic
Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms. Microeconomics focuses on the study of individual markets, sectors, or industries as opposed to the economy as a whole, which is studied in macroeconomics. One goal of microeconomics is to analyze the market mechanisms that establish relative prices among goods and services and allocate limited resources among alternative uses. Microeconomics shows conditions under which free markets lead to desirable allocations. It also analyzes market failure, where markets fail to produce efficient results. While microeconomics focuses on firms and individuals, macroeconomics focuses on the total of economic activity, dealing with the issues of growth, inflation, and unemployment—and with national policies relating to these issues. Microeconomics also deals with the effec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
In economics, utility is a measure of a certain person's satisfaction from a certain state of the world. Over time, the term has been used with at least two meanings. * In a normative context, utility refers to a goal or objective that we wish to maximize, i.e., an objective function. This kind of utility bears a closer resemblance to the original utilitarian concept, developed by moral philosophers such as Jeremy Bentham and John Stuart Mill. * In a descriptive context, the term refers to an ''apparent'' objective function; such a function is revealed by a person's behavior, and specifically by their preferences over lotteries, which can be any quantified choice. The relationship between these two kinds of utility functions has been a source of controversy among both economists and ethicists, with most maintaining that the two are distinct but generally related. Utility function Consider a set of alternatives among which a person has a preference ordering. A utility fu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Desire To Punish
Desires are states of mind that are expressed by terms like "wanting", " wishing", "longing" or "craving". A great variety of features is commonly associated with desires. They are seen as propositional attitudes towards conceivable states of affairs. They aim to change the world by representing how the world should be, unlike beliefs, which aim to represent how the world actually is. Desires are closely related to agency: they motivate the agent to realize them. For this to be possible, a desire has to be combined with a belief about which action would realize it. Desires present their objects in a favorable light, as something that appears to be good. Their fulfillment is normally experienced as pleasurable in contrast to the negative experience of failing to do so. Conscious desires are usually accompanied by some form of emotional response. While many researchers roughly agree on these general features, there is significant disagreement about how to define desires, i.e. whi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Alvin E
''Alvin'' (DSV-2) is a crewed deep-ocean research submersible owned by the United States Navy and operated by the Woods Hole Oceanographic Institution (WHOI) of Woods Hole, Massachusetts. The original vehicle was built by General Mills' Electronics Group in Minneapolis, Minnesota. Named to honor the prime mover and creative inspiration for the vehicle, Allyn Vine, ''Alvin'' was commissioned on June 5, 1964. The submersible is launched from the deep submergence support vessel , which is also owned by the U.S. Navy and operated by WHOI. The submersible has made more than 5,200 dives, carrying two scientists and a pilot, observing the lifeforms that must cope with super-pressures and move about in total darkness, as well as exploring the wreck of ''Titanic''. Research conducted by ''Alvin'' has been featured in nearly 2,000 scientific papers. Design ''Alvin'' was designed as a replacement for bathyscaphes and other less maneuverable oceanographic vehicles. Its more nimble des ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Expected Utility Hypothesis
The expected utility hypothesis is a foundational assumption in mathematical economics concerning decision making under uncertainty. It postulates that rational agents maximize utility, meaning the subjective desirability of their actions. Rational choice theory, a cornerstone of microeconomics, builds this postulate to model aggregate social behaviour. The expected utility hypothesis states an agent chooses between risky prospects by comparing expected utility values (i.e., the weighted sum of adding the respective utility values of payoffs multiplied by their probabilities). The summarised formula for expected utility is U(p)=\sum u(x_k)p_k where p_k is the probability that outcome indexed by k with payoff x_k is realized, and function ''u'' expresses the utility of each respective payoff. Graphically the curvature of the u function captures the agent's risk attitude. For example, imagine you’re offered a choice between receiving $50 for sure, or flipping a coin to win $100 i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Observer-expectancy Effect
The observer-expectancy effect is a form of reactivity in which a researcher's cognitive bias causes them to subconsciously influence the participants of an experiment. Confirmation bias can lead to the experimenter interpreting results incorrectly because of the tendency to look for information that conforms to their hypothesis, and overlook information that argues against it. It is a significant threat to a study's internal validity, and is therefore typically controlled using a double-blind experimental design. It may include conscious or unconscious influences on subject behavior including creation of demand characteristics that influence subjects, and altered or selective recording of experimental results themselves. Overview The experimenter may introduce cognitive bias into a study in several in the observer-expectancy effect, the experimenter may subtly communicate their expectations for the outcome of the study to the participants, causing them to alter their be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Homo Economicus
The term ''Homo economicus'', or economic man, is the portrayal of humans as agents who are consistently rational and narrowly self-interested, and who pursue their subjectively defined ends optimally. It is a wordplay on ''Homo sapiens'', used in some economic theories and in pedagogy. In game theory, ''Homo economicus'' is often (but not necessarily) modelled through the assumption of perfect rationality. It assumes that agents always act in a way that maximize utility as a consumer and profit as a producer, and are capable of arbitrarily complex deductions towards that end. They will always be capable of thinking through all possible outcomes and choosing that course of action which will result in the best possible result. The rationality implied in ''Homo economicus'' does not restrict what sort of preferences are admissible. Only naive applications of the ''Homo economicus'' model assume that agents know what is best for their long-term physical and mental health. F ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
