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SUMMARY:Measuring the Impact of Social Relationships: The Value of 'Onenes
 s' - Fabio Tufano\, University of Nottingham
DTSTART:20160314T141500Z
DTEND:20160314T151500Z
UID:TALK64502@talks.cam.ac.uk
CONTACT:Paula Kaanders
DESCRIPTION:Social relationships affect many variables that naturally inte
 rest economists yet they barely feature at all in conventional economic an
 alysis. In an extensive bank of experiments\, we examine the predictive po
 wer of a simple and portable tool\, developed in social psychology\, for t
 he purpose of measuring social relationships. This is the so-called onenes
 s scale. We deploy the tool in an experiment where groups of subjects who 
 vary in the extent of pre-existing social relationships\, also play weak-l
 ink coordination games played by groups of subjects. Our results are strik
 ing. Despite no possibilities for communication\, groups with high oneness
  are very likely to coordinate on highly Pareto-ranked equilibria while gr
 oups with low oneness never do\; hence\, sufficiently high oneness appears
  a necessary condition for coordination success. While oneness co-varies\,
  as expected\, with various objective characteristics of groups\, surprisi
 ngly\, in the presence of oneness no other factors are ever significant. T
 he effects of oneness are also large when benchmarked against the impact o
 f financial incentives.  We view our results as providing significant proo
 f of concept for oneness measurement as a potentially highly productive to
 ol for economic research.
LOCATION:Nick Mackintosh Seminar Room\, Department of Psychology\, Downing
  Site\, Cambridge
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