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Of morals, markets and mice : Be careful drawing policy conclusions from experimental findings!

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2015

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Weimann, Joachim

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https://doi.org/10.1016/j.ejpoleco.2015.06.003
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European Journal of Political Economy. 2015, 40, pp. 387-390. ISSN 0176-2680. eISSN 1873-5703. Available under: doi: 10.1016/j.ejpoleco.2015.06.003

Zusammenfassung

Sometimes experimentalists draw far-reaching policy conclusions from their findings. However, this is dangerous if there is ambiguity with respect to the right interpretation of the results. A good example for this danger is the well-known study by Falk and Szech (Science, 2013), who conclude that “markets erode moral values”. If this were true, economists, who have emphasized the efficiency enhancing effects of markets for centuries, would have to reconsider their judgments fundamentally. In this note we demonstrate that the claim made by Falk and Szech is unfounded for at least four reasons and that their experimental results can be (and should be) interpreted, if anything, in the opposite way.

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Fachgebiet (DDC)
330 Wirtschaft

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Erosion of morals, Market ethics, Double auction

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ISO 690BREYER, Friedrich, Joachim WEIMANN, 2015. Of morals, markets and mice : Be careful drawing policy conclusions from experimental findings!. In: European Journal of Political Economy. 2015, 40, pp. 387-390. ISSN 0176-2680. eISSN 1873-5703. Available under: doi: 10.1016/j.ejpoleco.2015.06.003
BibTex
@article{Breyer2015-12moral-31900,
  year={2015},
  doi={10.1016/j.ejpoleco.2015.06.003},
  title={Of morals, markets and mice : Be careful drawing policy conclusions from experimental findings!},
  volume={40},
  issn={0176-2680},
  journal={European Journal of Political Economy},
  pages={387--390},
  author={Breyer, Friedrich and Weimann, Joachim}
}
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