The Long-Term Effects of Short-Term Emotions

There's another way to look at this. I can see how evolution would select for these strategies:

#1: Punish people who don't go along with the group. While the person loses $5 in the short run, the message is clear: cooperation or nothing.

#2: There is a heuristic that remembers past decisions so that we don't have to recalculate them again. That saves energy and time.

What a facinating if terrifying idea! I'd love to see a study that repeated the game for several more sessions to see if the initial biases faded with additional experience or not.

I would love to see a study that examines whether money is a good proxy for desires. It seems that many psychological studies are based on the assumption that people would naturally want money. There are people who this wouldn't apply to, such as the ultra-rich or people who have an ideal that they only take money they worked for.