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Fairness and Retaliation: The Economics of Reciprocity (2000)

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by Ernst Fehr , Simon Gächter
Venue:JOURNAL OF ECONOMIC PERSPECTIVES
Citations:553 - 12 self
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BibTeX

@ARTICLE{Fehr00fairnessand,
    author = {Ernst Fehr and Simon Gächter},
    title = {Fairness and Retaliation: The Economics of Reciprocity},
    journal = {JOURNAL OF ECONOMIC PERSPECTIVES},
    year = {2000},
    volume = {14},
    pages = {159--181}
}

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Abstract

This paper shows that reciprocity has powerful implications for many economic domains. It is an important determinant in the enforcement of contracts and social norms and enhances the possibilities of collective action greatly. Reciprocity may render the provision of explicit incentive inefficient because the incentives may crowd out voluntary co-operation. It strongly limits the effects of competition in markets with incomplete contracts and gives rise to noncompetitive wage differences. Finally, reciprocity it is also a strong force contributing to the existence of incomplete contracts.

Keyphrases

incomplete contract    strong force contributing    social norm    many economic domain    explicit incentive inefficient    voluntary co-operation    important determinant    powerful implication    noncompetitive wage difference    collective action   

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