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How would you respond to this critique? Game theory in standard experimental economics operates under the assumption of the rational homo economicus. . . The

How would you respond to this critique?

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Game theory in standard experimental economics operates under the assumption of the rational homo economicus. . . The Ultimatum Game is an early example of research that uncovered violations of standard assumptions of rationality. In the experiment, one player (the proposer/ allocator) is endowed with a sum of money and asked to split it between him/herself and an anonymous player (the respons der /recipient). The recipient may either accept the allocator's proposal or reject it, in which case neither of the players will receive anything. From a traditional game-theoretic perspective, the allocator should only offer a token amount and the recipient should accept it. However, results showed that most allocators offered more than just a token payment, and many went as far as offering an equal split. Some offers were declined by recipients, suggesting that they were willing to make a sacrifice when they felt that the offer was unfair. .. rpo

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