20th Annual Student Research Conference
Social Science
‘Strategic Exchange: A New Approach to Understanding Individuals’ Behavior with Observations from an Intentional Community.’
Greg W. Hammond
Dr. Terry Olson, Faculty Mentor
By cooperating, and expecting reciprocation, long-run utility can be maximized in group environments with certain characteristics. Individual strategy formation depends on the perceived characteristics of the population, but is also influenced by that environment. People use various heuristics in making decisions that allow them to navigate interactions effectively. The most analytical approach may not be the best; the ‘norm-based’ approaches do better in many environments. Utility from exchange is generated from the actual process of exchange as well as from the result. Emotions and the degree individuals have a preference for fairness matters significantly in strategy formation, actual behavior and the efficacy of exchange. One week of intensive observations at an intentional community add validity to these new theories through empirical illustrations.
Keywords: new institutional ec, evolutionary game th, strategy, game theory, social-neuroscience, social-norms, cooperation, alt social structure
Topic(s):Economics
Presentation Type: Oral Paper
Session: 33-1
Location: VH 1412
Time: 9:45 am