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20 pages, 1472 KiB

Open AccessArticle

Revisiting the Asymmetric Matching Pennies Contradiction in China

by Ailin Leng, Zeng Lian, Jaimie W. Lien and Jie Zheng

Behav. Sci. 2023, 13(9), 757; https://doi.org/10.3390/bs13090757 - 12 Sep 2023

Viewed by 867

The asymmetric matching pennies contradiction posits that contrary to the prediction of mixed-strategy Nash equilibrium, experimental subjects’ choices are, in practice, based heavily on the magnitudes of their own payoffs. Own-payoff effects are robustly confirmed in the literature. Closely following the experimental setups [...] Read more.

The asymmetric matching pennies contradiction posits that contrary to the prediction of mixed-strategy Nash equilibrium, experimental subjects’ choices are, in practice, based heavily on the magnitudes of their own payoffs. Own-payoff effects are robustly confirmed in the literature. Closely following the experimental setups in the literature which support the contradiction, we conduct a series of asymmetric matching pennies games in China, hypothesizing play which is closer to equilibrium frequencies than previously found. Contrary to previous experiments which were conducted in the United States, we find that there are essentially no own-payoff effects among Row players who face large payoff asymmetry. In a Quantal Response Equilibrium framework allowing for altruism or spite, the behavior of our subjects corresponded to a positive spite parameter, whereas the results of previous studies corresponded to altruism. Our results may be consistent with recent psychology literature that finds people from collectivist cultures are substantially more adept at taking the perspective of others compared with people from individualist cultures, a feature of the reasoning needed to obtain mixed-strategy equilibrium. Full article

(This article belongs to the Special Issue Social Preferences in Economic Behavior)

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15 pages, 467 KiB

Open AccessArticle

The Impact of the Macroeconomic Environment on Social Preferences: Evidence from the Global Preference Survey

by Haoyang Li, Xiaomeng Zhang, Shan Jin, Yuanchi Sun, Ding Ma and Cong Wang

Behav. Sci. 2023, 13(8), 648; https://doi.org/10.3390/bs13080648 - 03 Aug 2023

Cited by 1 | Viewed by 1216

Abstract

The effect of social preferences, such as altruism and trust, on economic development is widely recognized. However, the reciprocal impact, i.e., how individuals experience the economic environment and how this shapes their social preferences, has remained largely under-explored. This study sheds light on [...] Read more.

The effect of social preferences, such as altruism and trust, on economic development is widely recognized. However, the reciprocal impact, i.e., how individuals experience the economic environment and how this shapes their social preferences, has remained largely under-explored. This study sheds light on this reciprocal effect, revealing an intriguing macroeconomic impact on individuals’ social preferences. By harnessing the Global Preference Survey data and a non-linear regression model, our findings highlight an interesting trend: there is a discernible decrease in individuals’ social preference as they experience enhanced economic conditions, and this effect is more pronounced for males. This crucial revelation underscores the importance for researchers and policymakers to take into account the prospective attenuation of social preferences in the pursuit of economic well-being. Full article

(This article belongs to the Special Issue Social Preferences in Economic Behavior)

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15 pages, 621 KiB

Open AccessArticle

Modeling and Quantifying the Impact of Personified Communication on Purchase Behavior in Social Commerce

by Jie Zhao and Chengxiang Zhu

Behav. Sci. 2023, 13(8), 627; https://doi.org/10.3390/bs13080627 - 28 Jul 2023

Cited by 2 | Viewed by 1009

Abstract

The advancement of mobile internet technology has enabled companies to leverage social media for e-commerce, where some use personified images and language to communicate with consumers. This paper investigates how personified communication affects consumer behavior in social commerce and whether consumers are willing [...] Read more.

The advancement of mobile internet technology has enabled companies to leverage social media for e-commerce, where some use personified images and language to communicate with consumers. This paper investigates how personified communication affects consumer behavior in social commerce and whether consumers are willing to accept this new form of communication. Specifically, the study explores consumers’ willingness to accept personified communication in social commerce, considering the role of cognitive needs in regulating the internal mechanism. The paper proposes suggestions for enterprises to improve their social media communication and presents an improved model based on the Technology Acceptance Model (TAM). The model introduces perceived interaction as a new independent variable and adds cognitive needs as a regulatory variable, which is more suitable for social commerce. The study conducts a questionnaire survey online and analyzes the data using AMOS and SPSS. The results demonstrate that perceived usefulness and perceived interaction positively impact consumers’ attitudes, which subsequently influences their willingness to purchase. Furthermore, cognitive needs as a regulatory variable significantly affect the path from perceived usefulness to attitude and purchase intention. Full article

(This article belongs to the Special Issue Social Preferences in Economic Behavior)

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11 pages, 843 KiB

Open AccessArticle

Time Matters: Time Perspectives Predict Intertemporal Prosocial Preferences

by Teng Lu, Dapeng Liang and Mei Hong

Behav. Sci. 2023, 13(7), 590; https://doi.org/10.3390/bs13070590 - 14 Jul 2023

Cited by 3 | Viewed by 1320

Abstract

The study utilizes the Chinese version of the Zimbardo Time Perspective Inventory (ZTPI-C) and a novelty intertemporal prosocial discounting paradigm to explore the preferences of individuals with the Present Impulsive Time Perspective (PITP) and the Future Time Perspective (FTP) in intertemporal prosocial choices, [...] Read more.

The study utilizes the Chinese version of the Zimbardo Time Perspective Inventory (ZTPI-C) and a novelty intertemporal prosocial discounting paradigm to explore the preferences of individuals with the Present Impulsive Time Perspective (PITP) and the Future Time Perspective (FTP) in intertemporal prosocial choices, and uncovers the cognitive mechanisms underpinning intertemporal altruism from the personality traits. The findings revealed: (1) The donation behaviors of both groups decreased as time delay rose, aligning with the hyperbolic model. (2) PITP individuals had significantly higher discount rates than those with FTP, and the scores of FTP individuals on the “Future” dimension of the ZTPI-C were positively correlated with the amount of money they were willing to forgo. These results suggest that time perspective, as a stable personality trait, can predict individuals’ intertemporal prosocial preferences. Our research enriches the theory of intertemporal choices and extends the Perceived-time–based model (PTBM) to the domain of intertemporal social preferences. Full article

(This article belongs to the Special Issue Social Preferences in Economic Behavior)

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19 pages, 863 KiB

Open AccessArticle

A Perceptual Approach to the Impact of CSR on Organizational Financial Performance

by Marian Cazacu, Simona Dumitriu, Iulian Georgescu, Dorel Berceanu, Dalia Simion, Anca Antoaneta Vărzaru and Claudiu George Bocean

Behav. Sci. 2023, 13(5), 359; https://doi.org/10.3390/bs13050359 - 25 Apr 2023

Cited by 1 | Viewed by 1994

Abstract

Corporate social responsibility (CSR) is a progressively significant issue for organizations and governments. To benefit from a good reputation that reflects on organizational performance, organizations must ensure the balance between stakeholders’ needs. This paper studies the direct and indirect effects of CSR on [...] Read more.

Corporate social responsibility (CSR) is a progressively significant issue for organizations and governments. To benefit from a good reputation that reflects on organizational performance, organizations must ensure the balance between stakeholders’ needs. This paper studies the direct and indirect effects of CSR on organizational financial performance as perceived by employees of organizations. The investigation used structural equation modeling to evaluate and describe the nature of the relationship between these two variables. The empirical study uses a perceptual approach, evaluating the perceptions of the closest stakeholders (employees). Data on the perceptions of 431 employees in Romanian organizations were collected following a questionnaire-based survey. The results indicate a strong effect of social responsibility on both direct and mediated organizational financial performance. The relationships established with the stakeholders ultimately affect organizational financial performance through variables such as the attraction and retention of employees, the attraction and loyalty of customers, more accessible access to capital, and the organization’s reputation. Full article

(This article belongs to the Special Issue Social Preferences in Economic Behavior)

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19 pages, 700 KiB

Open AccessArticle

Health, Education, and Economic Well-Being in China: How Do Human Capital and Social Interaction Influence Economic Returns

by Tajwar Ali and Salim Khan

Behav. Sci. 2023, 13(3), 209; https://doi.org/10.3390/bs13030209 - 01 Mar 2023

Cited by 4 | Viewed by 2154

Abstract

In developing countries, it is generally believed that a good health status and education (human capital) bring economic well-being and benefits. Some researchers have found that there are overall financial returns and income premiums correlated with human capital because of its excellent and [...] Read more.

In developing countries, it is generally believed that a good health status and education (human capital) bring economic well-being and benefits. Some researchers have found that there are overall financial returns and income premiums correlated with human capital because of its excellent and higher ability. Due to different views and a lack of consensus, the role of human capital is still ambiguous and poorly understood. This study investigates the economic returns of health status, education level, and social interaction, that is, whether and how human capital and social interaction affect employment and income premiums. Using the Chinese General Social Survey (CGSS) for specification bias, we used the instrumental variable (IV) approach to specify the endogeneity and interaction effect in order to identify the impact and economic returns of human capital and social interaction on the values of other control and observed variables. However, we show that an individual with strong and higher human capital positively affects economic returns, but the variability of these estimates differs across estimators. Being more socially interactive is regarded as a type of social interaction but as not human capital in the labor market; thus, the empirical findings of this study reflect social stability and that the economic well-being of socially active individuals is an advantaged situation. Furthermore, men with substantial human capital and social interaction are in a more advantaged position compared to women with similar abilities. Full article

(This article belongs to the Special Issue Social Preferences in Economic Behavior)

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19 pages, 1342 KiB

Open AccessArticle

The Contagion of Unethical Behavior and Social Learning: An Experimental Study

by Yefeng Chen, Yiwen Pan, Haohan Cui and Xiaolan Yang

Behav. Sci. 2023, 13(2), 172; https://doi.org/10.3390/bs13020172 - 14 Feb 2023

Viewed by 1540

Abstract

Unethical behavior is discovered that is more contagious than ethical behavior. This article attempts to propose one of the possible underlying mechanisms—people may have underconfidence bias in information updating due to motivated reasoning, and such bias exhibits in a different direction compared to [...] Read more.

Unethical behavior is discovered that is more contagious than ethical behavior. This article attempts to propose one of the possible underlying mechanisms—people may have underconfidence bias in information updating due to motivated reasoning, and such bias exhibits in a different direction compared to the overconfident bias documented in the literature on ethical environment, which generate the asymmetric pattern in contagion. This study designs an experiment which relates the unethical behavior to social learning, where a series of subjects with private information about penalty decide sequentially whether to conduct unethical behavior publicly. This study adopts a quantal response equilibrium to construct a structural model for estimation of the bias. In total, 162 university students participated in our experiment and the results confirm the asymmetric patterns that people rely more on others’ precedent decisions rather than their private signal; therefore, the bias facilitates the contagion. This study also tests two punishment systems in the experiment and the results suggest a policy: slightly increasing penalties for the “followers” in the early stages would effectively suppress the contagion. Full article

(This article belongs to the Special Issue Social Preferences in Economic Behavior)

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18 pages, 801 KiB

Open AccessArticle

Alternating-Offers Bargaining with Nash Bargaining Fairness Concerns

by Zhongwei Feng, Fangning Li and Chunqiao Tan

Behav. Sci. 2023, 13(2), 124; https://doi.org/10.3390/bs13020124 - 01 Feb 2023

Cited by 1 | Viewed by 1256

Abstract

The Rubinstein alternating-offers bargaining game is reconsidered, where players show fairness concerns and their fairness references are characterized by the Nash bargaining solution. The objective of this paper is to explore the impact of fairness concerns in the alternating-offer bargaining game. Alternating-offer bargaining [...] Read more.

The Rubinstein alternating-offers bargaining game is reconsidered, where players show fairness concerns and their fairness references are characterized by the Nash bargaining solution. The objective of this paper is to explore the impact of fairness concerns in the alternating-offer bargaining game. Alternating-offer bargaining with fairness concerns is developed. We construct a subgame perfect equilibrium and show its uniqueness. Then, it is shown that players’ payoffs in the subgame perfect equilibrium are positively related to their own fairness concern coefficient and bargaining power and negatively to the opponents’ fairness concern coefficient. Moreover, it is shown that the limited equilibrium partition depends on the ratio of discount rates of the two players when the time lapse between two offers goes to zero. Finally, the proposed model is applied to the bilateral monopoly market of professional basketball players, and some properties of equilibrium price are shown. Our result provides the implication that players should carefully weigh their own fairness concerns, bargaining power and fairness concerns of their opponents, and then make proposals, rather than simply follow the suggestion that the proposal at the current stage is higher than that at the past stages. Full article

(This article belongs to the Special Issue Social Preferences in Economic Behavior)

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