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Voluntary interaction and the principle of mutual benefit
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Isoni, Andrea, Sugden, Robert and Zheng, Jiwei (2023) Voluntary interaction and the principle of mutual benefit. Journal of Political Economy, 131 (6). pp. 1576-1616. doi:10.1086/722930 ISSN 0022-3808.
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Official URL: https://doi.org/10.1086/722930
Abstract
Most social preference theories are based on observations of nonvoluntary interactions. Nonselfish behavior may take fundamentally different forms in voluntary interactions, such as market transactions. We investigate the “Principle of Mutual Benefit”—an injunctive norm requiring individuals who enter interactions voluntarily to conform to common expectations about behavior within them. This norm induces patterns of behavior inconsistent with existing social preference theories and allows extrinsic incentives to crowd in trustworthiness. We embed this norm in a model consistent with evidence about promise keeping, gift exchange, and “avoiding the ask.” We present new experimental evidence that people adhere to it.
| Item Type: | Journal Article | ||||||||
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| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HF Commerce H Social Sciences > HM Sociology |
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| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
| Library of Congress Subject Headings (LCSH): | Economics -- Psychological aspects , Social norms, Game theory, Normative economics, Success in business | ||||||||
| Journal or Publication Title: | Journal of Political Economy | ||||||||
| Publisher: | University of Chicago Press | ||||||||
| ISSN: | 0022-3808 | ||||||||
| Official Date: | June 2023 | ||||||||
| Dates: |
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| Volume: | 131 | ||||||||
| Number: | 6 | ||||||||
| Page Range: | pp. 1576-1616 | ||||||||
| DOI: | 10.1086/722930 | ||||||||
| Status: | Peer Reviewed | ||||||||
| Publication Status: | Published | ||||||||
| Reuse Statement (publisher, data, author rights): | © 2023 The University of Chicago. All rights reserved. Accepted for publication by Journal of Political Economy on 23 September 2022 | ||||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||||
| Copyright Holders: | © 2023 The University of Chicago. All rights reserved. | ||||||||
| Date of first compliant deposit: | 16 September 2022 | ||||||||
| RIOXX Funder/Project Grant: |
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