Verbon, H.A.A.

player exchange country round treatment reform pension period partner decider effect stranger result transfer experiment position capitallabor ratio pension reform receiver spillover effects subject table participant payg country rst players system player 1 sequential capital earning asset player 2 change market generation ratio country p capitallabor partners treatment mover payg system structure nal assets gift exchange economic consumption number government point spillover endowment country f interest rate rst player utility xed positions capital market sequential game payoff model 0.6 paper transfer t journal government debt figure difference rst mover outcome percentage interest contribution level coordination behavior pension system delivery strangers treatment question sequential move structure