Abstract:
In our paper,we carry out a market transactions experiment in an incomplete contracting environment and study how reciprocity mechanism can influence contract efficiency and behavior of contracting man.We obtain two major conclusions:(1) Reciprocity mechanism can significantly improve the efficiency of contract,and it is more compatible to variable price contract.(2) The contracting men show a solid social preference,such as risk aversion and unfair aversion.
YUAN Zhuo-qun,QIN Hai-ying,YANG Hui-chao.The Influence of Reciprocity Mechanism on the Efficiency of Incomplete Contract[J] Economic Survey, 2015,V31(4): 73-78