Social norms and market behavior - evidence from a large population sample

Riehm, Tobias ; Fugger, Nicolas ; Gillen, Philippe ; Gretschko, Vitali ; Werner, Peter

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URN: urn:nbn:de:bsz:180-madoc-590160
Document Type: Working paper
Year of publication: 2021
The title of a journal, publication series: ZEW Discussion Papers
Volume: 21-017
Place of publication: Mannheim
Publication language: English
Institution: School of Law and Economics > Marktdesign (Gretschko 2017-2023)
Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: D01 , D62 , D64 , C93,
Keywords (English): Markets, moral behavior , negative externalities , social norms , punishment , large population sample , experiment
Abstract: We test the importance of social norms for market interactions associated with negative real-world externalities in a large-scale experiment with a heterogeneous population sample from Germany. The majority of experimental participants refuses to trade, thus behaving in a moral way. Our data suggest the importance of norm conformity for the decision to trade as a significant share of buyers and sellers condition market entry on the decisions of others. Moreover, a majority of observers is willing to incur personal costs to sanction trading. Moral behavior is significantly linked to demographic characteristics and stated preferences and attitudes of the participants.

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