Economic transactions among friends – Asymmetric generosity but not agreement in buyers' and sellers' offers

Transactions économiques entre amis – Générosité asymétrique et non pas accord entre les acheteurs et les vendeurs dans leurs offres

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Authors
  1. Mandel, D.R.
Corporate Authors
Defence R&D Canada - Toronto, Toronto ONT (CAN)
Abstract
Two experiments tested the idea that economic transactions among friends are influenced by a norm of generosity. Whereas a fairness norm ought to promote agreement in offers between buyers and sellers, a generosity norm should promote altruistic disagreements caused by sellers offering lower prices than buyers—a reversal of the well-known endowment effect. Supporting the present account, in both studies, offers among friends showed a reversal of the endowment effect. Moreover, disagreement in buying and selling offers was stronger among friends than among acquaintances, and (in study 2) the perceived generosity of offers, but not their perceived fairness, mediated this effect. Finally, both studies demonstrated that generosity is asymmetric: whereas selling offers among friends were generous by all comparative standards, buying offers were not.

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Keywords
generosity, fairness, economic transactions, friendship, endowment effect, norms
Report Number
DRDC-TORONTO-SL-2007-038 — Scientific Literature
Date of publication
01 Jun 2007
Number of Pages
25
DSTKIM No
CA032074
CANDIS No
531115
Format(s):
Electronic Document(PDF)

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