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  Committing the English and the Continental Way – An Experiment

Engel, C., & Schmelzer, A. (2017). Committing the English and the Continental Way – An Experiment.

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Item Permalink: http://hdl.handle.net/11858/00-001M-0000-002D-CB8E-8 Version Permalink: http://hdl.handle.net/11858/00-001M-0000-002D-CB90-D
Genre: Paper

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 Creators:
Engel, Christoph1, Author              
Schmelzer, André1, Author
Affiliations:
1Max Planck Institute for Research on Collective Goods, Max Planck Society, ou_2173688              

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Free keywords: contract, obligation, promise, consideration, experiment, modified dictator game
 JEL: C91 - Laboratory, Individual Behavior
 JEL: D02 - Institutions: Design, Formation, Operations, and Impact
 JEL: D03 - Behavioral Microeconomics: Underlying Principles
 JEL: D12 - Consumer Economics: Empirical Analysis
 JEL: D64 - Altruism; Philanthropy
 JEL: H41 - Public Goods
 JEL: K12 - Contract Law
 Abstract: On the doctrinal surface, there is a deep divide between common and continental law when it comes to the origin of contractual obligations. Under continental law, in principle a unilateral promise suffices. Common law by contrast requires consideration. When it comes to deciding cases, the divide is much less pronounced. But for the most part the law does not govern people's lives through adjudication. It matches or molds their moral intuitions. We test these intuitions in the lab. If consideration is required, participants believe that all participants make more ambitious promises. But they themselves make a more cautious promise. These two effects cancel out, so that promises are not more likely to be kept with consideration.

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 Dates: 2017
 Publication Status: Published online
 Pages: -
 Publishing info: Bonn : Max Planck Institute for Research on Collective Goods
 Table of Contents: -
 Rev. Type: -
 Identifiers: Other: 2017/16
 Degree: -

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