Economic Games on the Internet: The Effect of $1 Stakes
PLoS ONE, Vol. 7, No. 2
6 Pages Posted: 5 Dec 2011 Last revised: 29 Jan 2015
Date Written: December 3, 2011
Online labor markets such as Amazon Mechanical Turk (MTurk) offer an unprecedented opportunity to run economic game experiments quickly and inexpensively. Using Mturk, we recruited 756 subjects and examined their behavior in four canonical economic games, with two payoff conditions each: a stakes condition, in which subjects' earnings were based on the outcome of the game (maximum earnings of $1); and a no-stakes condition, in which subjects' earnings are unaffected by the outcome of the game. Our results demonstrate that economic game experiments run on MTurk are comparable to those run in laboratory settings, even when using very low stakes.
Keywords: online markets, economic games, stakes
JEL Classification: C90
Suggested Citation: Suggested Citation