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How Robust Is the Rationality Assumption in Economics? A Statistical Test Based on Student Grade Distributions

ISSN: 0362-3319.
Journal from gdlhub / 2017-08-14 12:04:24
Oleh : STEVEN B. CAUDILL, FRANKLIN G. MIXON, JR, STIKOM Dinamika Bangsa Jambi
Dibuat : 2012-06-19, dengan 1 file

Keyword : How Robust Is the Rationality Assumption in Economics? A Statistical Test Based on Student Grade Distributions
Subjek : How Robust Is the Rationality Assumption in Economics? A Statistical Test Based on Student Grade Distributions
Sumber pengambilan dokumen : KOPERTIS

The microeconomic assumption that individual actors are rational (or behave rationally)


is often the subject of scrutiny by scientists and scholars from disciplines other than


economics, and is also perennially subjected to empirical testing by economists and


statisticians. Recently, Carter and Irons (1991) attempted to shed light on the subject by


conducting an experiment with students in economics classes. They recruited 92 subjects


from four populations (freshman noneconomics majors, freshman economics majors,


senior noneconomics majors, and senior economics majors) for an ultimatum– bargaining game (for reviews, see Kahneman, Knetsch, and Thaler, 1986; Thaler, 1988; Ochs and


Roth, 1989). Students were then paired, and one in the pair asked to propose a division of


$10 (with both amounts being greater than $0, and in $0.50 increments) between the two


students in that pair. The second student of the pair was asked to reject the proposal, in


which case neither student was monetarily rewarded, or accept the proposal, which then


meant that each student in the pair received the amount specified in the proposal. As they


point out, if both players are rational and self-interested, the proposer should maximize his


or her own earnings in the belief that the responder will accept any proposal that generates


nonzero wealth for himself or herself. Their results pointed out that “economists accept


less and keep more” when participating in such an experiment (Carter and Irons, 1991, p.


173).

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