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“Cash or Credit? The importance of reward medium and experiment timing in classroom preferences for fairness.”

By David L. Dickinson

Abstract

The author conducts experiments examining fairness preferences (Andreoni and Miller, 2002) and compares cash versus extra credit points as the reward medium. Additionally, he explores the role that classroom experiment timing—over the course of a semester—can have on outcomes. The results show that subjects are just as rational, if not more so, when the motivation is class points rather than cash. Also, preference classifications show that subjects are significantly more likely to be Selfish (and less likely to be Utilitarian) when the experiment is conducted early in the academic semester. One possible explanation is that is that the ultimate value of an extra credit point is more uncertain early in the semester, thus leading risk-averse students to make more selfish experiment allocations. Acknowledgements: The author thanks the College of Business at Appalachian State University Experimental economics has proven a valuable tool for classroom instruction. Not only can classroom experiments be enjoyable for both students and instructors, but there is also evidence indicating that experiments can improve student comprehension of importan

Year: 2014
OAI identifier: oai:CiteSeerX.psu:10.1.1.413.9539
Provided by: CiteSeerX
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