金融学外文翻译
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1、目 录 外文文献 . 1 1. Introduction . 1 2. Games and game theory . 2 3. Theories of social preferences . 3 4. Why do game experiments? And which games?. 3 5. Conclusions . 4 中文翻译 . 5 1.摘要 . 5 2.博弈和博弈论 . 5 3.社会偏好理论 . 6 4.为什么用博弈做实验?用什么博弈? . 6 5. 结论 . 7 外文文献 Measuring Social Norms and Preferences using Experi
2、mental Games: A Guide for Social Scientists Colin F. Camerer and Ernst Fehr 1. Introduction The purpose of this chapter is to describe a menu of experimental games that are useful for measuring aspects of social norms and social preferences. Economists use the term “preferences” to refer to the choi
3、ces people make, and particularly to tradeoffs between different collections (“bundles”) of things they valuefood, money, time, prestige, and so forth. “Social preferences” refer to how people rank different allocations of material payoffs to themselves and others. Self-interested individuals care o
4、nly about their own material payoffs. The past two decades of experimental research have shown, however, that a substantial fraction of people in developed countries (typically college students) also care about the payoffs of others. In some situations, many people are willing to spend resources to
5、reduce the payoff of others. In other situations, the same people spend resources to increase the payoff of others. As we will see, the willingness to reduce or increase the payoff of relevant reference actors exists even though people reap neither present nor future material rewards from reducing o
6、r increasing payoffs of others. This indicates that, in addition to self-interested behavior, people sometimes behave as if they have altruistic preferences, and preferences for equality and reciprocity.1 Reciprocity, as we define it here, is different from the notion of reciprocal altruism in evolu
7、tionary biology. Reciprocity means that people are willing to reward friendly actions and to punish hostile actionsalthough the reward or punishment causes a net reduction in the material payoff of those who reward or punish. Similarly, people who dislike inequality are willing to take costly action
8、s to reduce inequality although this may result in a net reduction of their material payoff. Reciprocal altruism typically assumes that reciprocation yields a net increase in the material payoff (for example, because one players action earns them a reputation which benefits them in the future). Altr
9、uism, as we define it here, means that an actor takes costly actions to increase the payoff of another actor, irrespective of the other actors previous actions. Altruism thus represents unconditional kindness while reciprocity means non-selfish behavior that is conditioned on the previous actions of
10、 the other actor. Reciprocity, inequality aversion and altruism can have large effects on the regularities of social life and, in particular, on the enforcement of social norms. This is why the examination of the nature of social preferences is so important for anthropology and for social sciences i
11、n general. There is, for example, an ongoing debate in anthropology about the reasons for food-sharing in small-scale societies. The nature of social preferences will probably have a large effect on the social mechanism that sustains food-sharing. For example, if many people in a society exhibit ine
12、quality aversion or reciprocity, they will be willing to punish those who do not share food, so no formal mechanism is needed to govern food-sharing. Without such preferences, formal mechanisms are needed to sustain food-sharing (or sharing does not occur at all). As we will see there are simple gam
13、es that allow researchers to find out whether there are norms of food-sharing, and punishment of those who do not share. In the following we first sketch game theory in broad terms. Then we describe some basic features of experimental design in economics. Then we introduce a menu of seven games that
14、 have proved useful in examining social preferences. We define the games formally, show what aspects of social life they express, and describe behavioral regularities from experimental studies. The behavioral regularities are then interpreted in terms of preferences for reciprocity, inequity aversio
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