Gift Giving with Emotions
نویسنده
چکیده
This paper presents a two-player, psychological game-theoretic model of gift giving where emotions matter. Beliefs enter directly into players’ payoff functions. Surprise, disappointment, embarrassment and pride arise from comparing players’ beliefs about the gift they will give or receive to the actual choice of gift. Depending on beliefs and the cost of the gift, a gift-giving, a non-gift-giving, or only a mixedstrategy equilibrium may exist. Even after allowing for a definition of welfare which incorporates emotions and fairness, all equilibria of the model make the giver worse off. Implications of the model for holiday gift giving, tipping and labor relations are explored. JEL Classification: A12, C70, D63. keywords: gift giving, psychological equilibrium, reciprocity, welfare, labor relations ∗This paper, based on chapter 1 of my Ph.D. dissertation at Princeton University, has benefitted from the advice and expertise of Pierpaolo Battigalli, Colin Camerer, Rachel Croson, Arupratan Daripa, Avinash Dixit, Martin Dufwenberg, Deborah Garvey, Yaakov Khazanov, Matthew Rabin, Ariel Rubinstein, Dan Sasaki, Timothy Van Zandt, two anonymous referees and the editor.
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