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Money Talks: A Comparison of Economics and Psychology Students

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Title:Money Talks: A Comparison of Economics and Psychology Students
Authors:Oyama, Elyse
Contributors:Economics (department)
Date Issued:15 Jan 2014
Publisher:University of Hawaii at Manoa
Abstract:The disciplines of Economics and Psychology share one objective in their experiments: predict real behavior. However, each field has its own method of achieving actual behavior in its participants, which is either through hypothetical or actual monetary incentives. Economists believe that the use of real money gives participants motivation to invest more thought into the experiments rather than make arbitrary decisions. On the other hand, Psychologists generally believe that using money distracts participants. Current literature also shows that there have been marked differences seen between economics and Psychology students. The experimenter utilized the Ultimatum Game with both types of students with the conditions of hypothetical and actual payoffs to see if there were any significant differences in behavior based on students' academic background, the payoff structure, or another factor.
Pages/Duration:31 pages
Rights:All UHM Honors Projects are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission from the copyright owner.
Appears in Collections: Honors Projects for Financial Economics and Institutions

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