Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/127275
Authors: 
Duersch, Peter
Servátka, Maros
Year of Publication: 
2007
Series/Report no.: 
Discussion Paper Series, University of Heidelberg, Department of Economics 451
Abstract: 
We conduct a prisoner’s dilemma experiment with a punishment/reward stage, where punishments and rewards are risky. This is compared with a risk free treatment. We find that subjects do not change their behavior in the face of risky outcomes. Additionally, we measure risk attitude and the emotions of subjects. While we find a strong influence of emotions, individual risk aversion has no effect on the decision to punish or reward. This is good news for lab experiments who abstract from risky outcomes. From the perspective of social preferences, our results provide evidence for risk neutral inclusion of other player’s payoffs in the decisionmaker’s utility function.
Subjects: 
Prisoner’s dilemma
risk
punishment
reward
emotions
experiment
Document Type: 
Working Paper

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