It is an article for my experimental economy class to summary Essay - 1

It is an article for my experimental economy class to summary - Essay Example Economists and none-economists students were selected for the study. The study was done in form of an experiment that required decision making within a period of about 30 minutes. It required the division of $10 in multiples of $0.50 between two people; a proposer and a responder. The proposer was to propose the division and the responder to decide if the division was acceptable or not. From the study conducted by Carter John and Irons Michael it is noted that economists generally accept less from others and keep more to themselves as compared to the none-economists. When another variable that helps to identify freshman economists and freshman non- economists was added, the freshman economists were still found to hold to the perspective of accepting less from others and keeping more. Therefore economists are born and not man-made. A third variable was also added to differentiate between the senior economists and the senior none-economists. This was meant to bring out any effects on the behavior of the economists as a result of learning economics. There were no clear learning effects realized from the experiment. Therefore, learning does not change the behavior of economists. The freshman economist and the senior economist all held the same perspective: They accept less and keep more to themselves (Carter and Irons 173). It was also realized that the choice of economics major students to major in economics was strongly related to their behavior. It was also found out that the economists were not only skilled in self interest calculation as facilitated by their deductive reasoning needed to recognize and decide on opportunities for economic gain. Economists are better at the type of thought processes that are related to rationality. They were able to give good figure of what a responder should accept and what a proposer should propose so as to maximize their monetary wealth keeping in mind that their partners