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Most economic models are based on the self-interest hypothesis that assumes that material self-interest exclusively motivates all people. Experimental economists have gathered overwhelming evidence in recent years, however, that systematically refutes the self-interest hypothesis, suggesting that concerns for altruism, fairness, and reciprocity strongly motivate many people. Moreover, several theoretical papers demonstrate that the observed phenomena can be explained in a rigorous and tractable manner. These theories then induced a first wave of experimental research which offered exciting insights into both the nature of preferences and the relative performance of competing fairness theories. The purpose of this chapter is to review these developments, to point out open questions, and to suggest avenues for future research. We also discuss recent neuroeconomic evidence that is consistent with the view that many people have a taste for mutual cooperation and the punishment of norm violators. We further illustrate the powerful impact of fairness concerns on cooperation, competition, incentives, and contract design.
The Handbook on the Economics of Giving, Reciprocity and Altruism provides a comprehensive set of reviews of literature on the economics of nonmarket voluntary transfers. The foundations of the field are reviewed first, with a sequence of chapters that present the hard core of the theoretical and empirical analyses of giving, reciprocity and altruism in economics, examining their relations with the viewpoints of moral philosophy, psychology, sociobiology, sociology and economic anthropology. Secondly, a comprehensive set of applications are considered of all the aspects of society where nonmarket voluntary transfers are significant: family and intergenerational transfers; charity and charitable institutions; the nonprofit economy; interpersonal relations in the workplace; the Welfare State; and international aid.
Reciprocity is the basis of social relations. It permits a peaceful and free society in which people and rights are respected. The essence of families and communities, it also enables the working of markets and organizations, while correcting their main failures. Reciprocity is also a basis of politics, and it justifies social policies. Although the importance of reciprocity has been widely recognized in other social sciences, it has, until recently, been somewhat ignored in economic analysis. Over the past three decades, economic theorist and moral philosopher Serge-Christophe Kolm has been at the forefront of research into the economics of the deepest aspects of societies. In Reciprocity, he provides a unique in-depth analysis of the motives, conducts, and effects of reciprocal relationships. In doing this, he explains crucial functionings of society and its economy, and the ways in which they can be improved. This book should be read by economists, sociologists, philosophers, and anyone concerned with understanding the economy of social relationships and its far-reaching consequences.