Trust and Investment Game between Different Types of Education


  • Han Huang


Investment Game; Experiment Social Preferences; Social Trust.


This paper systematically analyzes the identity and trust among different class groups through the virtual questionnaire of the small investment game with the penalty mechanism introduced on the basis of the trust investment game. We analyze public school’s students and private international school’s students to represent two class groups in society. The basic survey results show that both groups have a tendency to choose sample of private international schools as trusted partners; this is most likely the result of the social identification with different classes. Under the same conditions of return on investment, these two groups have different trust decisions. This may be due to the different expectations of different groups for the return of others. There is little difference between groups in punishment decisions.


Trivers R.L., "The Evolution of Reciprocal Altruism," Quarterly Review of Biology, Vol.46, No. 1, 1971, pp.35-57.

Hoffman E, K. McCabe and V. L. Smith, "Social Distance and Other-regarding Behavior in Dictator Games," The American Economic Review, Vol.86, No.3,1996, pp.653-660.

Cox J.C., "How to Identify Trust and Reciprocity," Games and Economic Behavior, Vol.46, No.2,2004, pp.260-281.

Andreoni J. and J. Miller, "Giving According to Garp: An Experimental Test of the Consistency of Preferences for Altruism," Econometrical, Vol.70, No.2,2002, pp.737-753.

Cox J. C, K. Sadiraj and V. Sadiraj, "A Theory of Competition and Fairness for Egocentric Altruists," University of Arizona Discussion Paper,2002.

Fehr E. and K. M. Schmidt, "A Theory of Fairness, Competition, and Cooperation," The Quarterly Journal of Economics, Vol.114, No.3,1999, pp.817-868.

Bolton G. E. and A. Ockenfels, "Erc: A Theory of Equity, Reciprocity, and Competition," American Economic Review, Vol.33, No.4,2000, pp.166-193.

Charness G. and M. Rabin, "Understanding Social Preferences with Simple Tests," The Quarterly Journal of Economics, Vol.117, No.3,2002, pp.817-869.

Engelmann D. and M. Strobel, "Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments," The American Economic Review, Vol.94, No.4,2004, pp.857-869.

Smith V.L., "Constructivist and Ecological Rationality in Economics," American Economic Review, Vol.93. No.3,2003, pp.465-508.

Cox J.C., "How to Identify Trust and Reciprocity," Games and Economic Behavior, Vol.46, No.2,2004, pp.260-281.

Ashraf N, I. Bohnet and N. Piankov,"Decomposing Trust and Trustworthiness," Experimental Economics, Vol.9, No.3,2006, pp.193-208.

Holm H. J. and A. Danielson, "Tropic Trust versus Nordic Trust: Experimental Evidence from Tanzania and Sweden," The Economic Journal, Vol.115, No.503,2005, pp.505-532.

-Johansson-Stenman O, M. Mahmud and P. Martinsson, "Trust, Trust Games and Stated Trust: Evidence from Rural Bangladesh," Journal of Economic Behavior and Organization, Vol.95,2011, pp.286-298.

-Dunning D, D. Fetchenhauer and T.M. Schlosser, "Trust as a Social and Emotional Act: Noneconomic Considerations in Trust Behavior," Journal of Economic Psychology, Vol.33, No.3,2012, pp.686-694.

-Fetchenhauer D. and D. Dunning, "Do People Trust Too Much or Too Little?" Journal of Economic Psychology, Vol.30, No.3,2009, pp.263-276.

- Bohnet I. and R. Zeckhauser,"Trust, Risk and Betrayal," Journal of Economic Behavior and Organization, Vol.55, No.4,2004, pp.467-484.

Bohnet I., F. Greig, B. Herrmann and R. Zeckhauser," Betrayal Aversion: Evidence from Brazil, China, Oman, Switzerland, Turkey, and the United States," The American Economic Review, Vol.98, No.1, 2008, pp. 294-310.

Aimone J. A. and D. Houser, "Beneficial Betrayal Aversion," PloS one, Vol.6, No.3,2011, p.e28.

Tzieropoulos H., "The Trust Game in Neuroscience: A Short Review," Social Neuroscience, Vol.8, No.5,2013, pp.407-416.

Eckel C.C. and R. K. Wilson, "Is Trust a Risky Decision?" Journal of Economic Behavior and Organization, Vol.55, No.4,2004, pp.447-465.

Houser D., D. Schunk and J. Winter, "Trust Games Measure Trust," Discussion Papers in Economics, No.38, 2006.

Fetchenhauer D. and D. Dunning," Betrayal Aversion versus Principled Trustfulness-How to Explain Risk Avoidance and Risky Choices in Trust Games," Journal of Economic Behavior and Organization, Vol.81, No.2, 2012, pp.534-541.




How to Cite

Huang, H. (2022). Trust and Investment Game between Different Types of Education. BCP Education & Psychology, 7, 455–465. Retrieved from