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Essays In Macroeconomics And Experiments
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Book Synopsis Essays in Macroeconomics and Experiments by : Olga Shurchkov
Download or read book Essays in Macroeconomics and Experiments written by Olga Shurchkov and published by . This book was released on 2008 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of four chapters on empirical and experimental macroeconomics and other experimental topics. Chapter 1 uses a laboratory experiment to test the predictions of a dynamic global game designed to capture the role of information and coordination in speculative attacks. The game has a large number of heterogeneously informed agents deciding whether to attack a status quo; the status quo in turn collapses if enough agents choose to attack. The theory predicts that the equilibrium size of the attack is decreasing in both the underlying strength of the status quo and the agents' cost of attacking. Furthermore, the knowledge that the status quo has survived a past attack decreases the incentive to attack, implying that a new attack is possible only if agents receive new information. Our experimental evidence supports these theoretical predictions. We identify the agents' beliefs about the actions of others to be the main channel through which the relative strength of the status quo, the cost of attacking, and learning impact observed behavior. However, we also find that the subject's actions are overly aggressive relative to the theory's predictions. Once again, we find that the excess aggressiveness in actions stems from the aggressiveness of their beliefs about others' actions. Chapter 2 studies gender inequality in performance. One explanation for this inequality is that the genders perform differently under competitive conditions, as previous experimental studies have found a significant gender gap in competitive tasks that are perceived to favor men. We use a verbal task that is perceived to favor women and find no gender difference under competition per se.
Book Synopsis Three Essays on Macroeconomics and Laboratory Experiments by : Justin D. LeBlanc
Download or read book Three Essays on Macroeconomics and Laboratory Experiments written by Justin D. LeBlanc and published by . This book was released on 2018 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines two prominent macroeconomic models and their behavioral underpinnings in a laboratory setting. The first is that of state-dependent pricing models (i.e., "menu cost" models). Comparisons were made between laboratory results and a computer- simulated optimal behavior, and results indicate that subjects update prices too frequently resulting in statistically suboptimal profits due to subjects' inability to clearly ascertain the optimal threshold at which to update prices. Second, the consumption predictions made under rational inattention theory were examined via a laboratory experiment. Results indicate that subjects' behavior aligns well with predictions in that they consume stochastically, yet adjust their consumption and attention according to variations in the economic environment. Subjects also respond more quickly and in higher magnitude to negative income shocks compared to positive. Finally, the experiments provided two use cases that enabled the evaluation of how coding environments and demands on versatility of laboratory of experiments have evolved. Performance comparisons were made between two novel coding environments and the most commonly used experimental platform, z-Tree. Results indicate that while environments other than z-Tree oer substantially more flexibility and performance enhancements, these benefits can come at the cost of nontrivial software engineering resources.
Book Synopsis The Experiment in the History of Economics by : Philippe Fontaine
Download or read book The Experiment in the History of Economics written by Philippe Fontaine and published by Routledge. This book was released on 2005-07-12 with total page 163 pages. Available in PDF, EPUB and Kindle. Book excerpt: Throughout the history of economic ideas, it has often been asserted that experimentation is impossible, yet, in fact, history shows that the idea of ‘experimentation’ has always been important, and as such has been interpreted and put to use in many ways. Rich in historical detail, the essays in this topical volume deal with such issues as laboratory experimentation, the observed transition from a post-war economics to a contemporary discipline, the contrasting positions of Friedrich Hayek and Oskar Morgenstern, the socio-economic experiments proposed by Ernest Solvay and Knut Wicksell, and a rigorous examination of the way in which economic models can or cannot be construed as valid experiments producing useful knowledge. A testament to the variety of ways in which experimentation has been of importance in the creation of economic knowledge, these wide-ranging essays will interest those seeking to expand their historical understanding of the discipline, be they theorists, historians, philosophers, advanced students or researchers.
Book Synopsis Essays in Laboratory and Field Experiments in Economics by : Min Sok Lee
Download or read book Essays in Laboratory and Field Experiments in Economics written by Min Sok Lee and published by . This book was released on 2008 with total page 154 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Experimental Economics: Some Macroeconomic Issues by : Alvaro Andrés Perdomo Strauch
Download or read book Essays in Experimental Economics: Some Macroeconomic Issues written by Alvaro Andrés Perdomo Strauch and published by . This book was released on 2017 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation uses an experimental approach to analyze the behavior of people in controlled environments based in different theoretical issues of relatively recent discussion in macroeconomic theory. The first chapter focuses in a rational bubbles environment. It shows that people behavior is affected by the presence of sunspot messages; however, they do not necessarily react optimally to these messages. In addition, people can adapt their strategies to the optimal equilibrium strategies if these are not too much complex, but not all people have the same ability to implement this adaptation process. The second chapter shows that in an information constraint environment people pay more attention to the most important and variable sources of information. In addition, it reveals that the strategic complementarity between the choices of people is a key ingredient to explain the size of the interaction effects. The third chapter analyzes some predictions attributed to the multiple equilibria that are present in the global game models with endogenous information structure. It shows in a lab experiment that the weakest policy makers have a higher probability that their policies become unsustainable. In addition, it founds that if the uncertainty about the strength of the policy makers increases, then the probability that people attack their policies also increases.
Book Synopsis Essays on Market Design and Experimental Economics by : Eric Samuel Mayefsky
Download or read book Essays on Market Design and Experimental Economics written by Eric Samuel Mayefsky and published by Stanford University. This book was released on 2011 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: I explore fundamental behavioral aspects of several market design environments in a variety of projects using both theoretical models and laboratory experiments. I show that human tendencies can drastically shift potential outcomes away from those which would result if individuals were fully 'rational' and unbiased in decision problems similar to those found frequently in the field. I explore two common classes of centralized matching mechanisms--Deferred Acceptance and Priority--which have wildly different success rates in practice despite both being open to manipulation by agents who have incomplete information about the other participants in the match. For this reason, theory predicts both mechanisms in equilibrium will yield match outcomes which are unstable, meaning some agents will desire to renegotiate with one another after receiving their match assignments, and thus reduce participants' confidence in using the match. I provide laboratory evidence that out-of-equilibrium truth telling by agents is substantially more frequent in the Deferred Acceptance environment and thus Deferred Acceptance matches will generally be more stable in practice than matches using a Priority mechanism. This may explain why Deferred Acceptance mechanisms appear to be more viable in the field. I also explore two different models of decentralized two-sided matching environments where establishing scarce signaling methods can improve market outcomes. In a laboratory experiment, I show that allowing potential receiving job offers to send a single signal to their favorite potential employer before job offers are made increases overall match rates in the market, but is potentially damaging to the firms making offers when compared to the market without such a signal. Then, in a theoretical model where pre-offer communication takes the form of an interview process where workers have natural limits on the number of interviews in which they can participate, I show that in many cases firms can benefit themselves and the market as a whole by voluntarily restricting the number of interviews they offer to participate in. While not traditionally thought of as market design problems, voting mechanisms are fundamentally goods allocation problems as well and have many of the same issues as traditional markets do. I explore the effects of voter bias on outcomes in an otherwise standard voting model and find that even slight external pressure on individuals in a committee tasked with coming to a collective decision can destroy the ability of that committee to arrive at the correct result, even when individuals have good information about the best decision to make. Furthermore, the quality of the decision made by such a committee can actually degrade as the committee size increases, in contrast with the canonical Condorcet Jury Theorem which predicts that a committee's ability to choose the right outcome increases quickly as more members are added.
Book Synopsis Essays in Experimental Macroeconomics by : Thomas Meissner
Download or read book Essays in Experimental Macroeconomics written by Thomas Meissner and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Three Essays on Field and Lab-in-the-Field Experiments in Economics by : Annika Maxine Mueller
Download or read book Three Essays on Field and Lab-in-the-Field Experiments in Economics written by Annika Maxine Mueller and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Experimental Economics by : Zheng Jai Jennie Huang
Download or read book Essays in Experimental Economics written by Zheng Jai Jennie Huang and published by . This book was released on 2019 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines how social preferences and norms affect decision making in a variety of settings using experimental methods.
Book Synopsis Essays on the Analysis of Economics Experiments with Environmental Applications by : Christian Allen Vossler
Download or read book Essays on the Analysis of Economics Experiments with Environmental Applications written by Christian Allen Vossler and published by . This book was released on 2003 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays in Experimental Economics by : Khanh Ngoc Han Huynh
Download or read book Essays in Experimental Economics written by Khanh Ngoc Han Huynh and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We then present two alternative models for PFF, which have different predictions for the effect of the probability of payment on PFF. We suggest a modified experiment to tell these two models apart for future research.
Book Synopsis Essays in Applied Economics by : Michael Charles Bailey
Download or read book Essays in Applied Economics written by Michael Charles Bailey and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I present 3 chapters that utilize natural and laboratory experiments to explain economic phenomena. In the first chapter, I use a natural experiment on the Yahoo! front page to identify the effectiveness of targeted advertising. The experiment randomizes users into seeing a test or a control ad and I can therefore estimate the search and clicks for the targeted and untargeted populations on both the test and control ad and can cleanly identify the effectiveness of targeting. In the second chapter, I look at a quasi natural experiment from the history of the territory of Utah. An economic crisis spawned some communities to form what was known as a United Order, or a communal type living situation. I analyze how this societal experiment influenced equality, production, and migration. Finally, in the third chapter, I investigate sequential versus simultaneous presentation of choices through a series of laboratory and field experiments.
Book Synopsis Essays in Experimental Economics by : Diego Pulido Lema
Download or read book Essays in Experimental Economics written by Diego Pulido Lema and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: "This dissertation is composed of three chapters describing economic experiments designed to study various aspects of the way people make investment choices.The first chapter describes experimental evidence supporting the main theoretical predictions about the effect of non-tradable risk, in the form of future income, on investment choices. The paper has three main results. The first one is a positive correlation between the willingness to take financial risk and the level of expected non-tradable income. The second one is a negative correlation between the willingness to face portfolio risk and income risk. The third finding is that a positive association between non-tradable income and financial returns makes investors less willing to take risks. These experimental results match the theoretical predictions. The second chapter reports the results from an online economics experiment with heads of households that explores the link between a sample of survey questions on a know-your-client survey form and several lab experiments measuring risk preferences and loss aversion. The first finding is that the lab instruments measuring risk preferences significantly predict responses to the risk questions on the survey form. By contrast, an experimental task measuring loss aversion does not predict responses to the loss questions on the form. Indeed, if anything, the risk instruments also predict most of the loss questions. The third chapter reports the results of an on-line economics experiment that explores the connections between real-life and laboratory investment behavior. The first finding is that financial literacy and confidence, and not education, help to explain real-life financial decisions, while exactly the opposite is true of the laboratory investment decisions. On the other hand, we find that trust explains real-life investment decisions that are not made independently, as well as behavior in the investment game under ambiguity. Thus, in the experiment, trust is the sole common thread connecting real-life behavior with laboratory behavior. " --
Book Synopsis Essays in Empirical Macroeconomics and Experimental Economics by : Deniz Nebioğlu
Download or read book Essays in Empirical Macroeconomics and Experimental Economics written by Deniz Nebioğlu and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis On the Reliability of Economic Models by : Daniel Little
Download or read book On the Reliability of Economic Models written by Daniel Little and published by Springer Science & Business Media. This book was released on 1995-08-31 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume represents a contribution to the philosophy of economics with a distinctive point of view -- the contributors have selected particular areas of economics and have probed these areas for the philosophical and methodological issues that they raise. The primary essays are written by philosophers concentrating on philosophical issues that arise at the level of the everyday theoretical practice of working economists. Commentary essays are provided by working economists responding to the philosophical arguments from the standpoint of their own disciplines. The volume thus represents something of an `experiment' in the philosophy of science, striving as it does to explore methodological issues across two research communities. The purpose of the volume is very specific: to stimulate a discussion of the epistemology and methodology of economics that works at the level of detail of existing `best practice' in economics today. The contributors have designed their contributions to stimulate productive conversation between philosophers and economists on topics in the methodology of economics.
Book Synopsis Essays in Experimental Economics by :
Download or read book Essays in Experimental Economics written by and published by . This book was released on 2013 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Experimental Economics uses experimental methods to study economic behavior. Economic experiments allow for causal relationships between two or more variables to be established in settings where this cannot be achieved with naturally-occurring data. This dissertation applies experimental methods to four economic questions. Chapter 2 examines whether nonrenewable resource markets are more likely to be in line with economic theory when resource stocks are low. Chapter 3 examines whether a wage increase in the public sector decreases corruption. Chapter 4 examines whether willpower is associated with framing effects in economic decisions. Finally, chapter 5 examines whether workers are influenced by the productivity of coworkers who can observe them."--Omslag.
Book Synopsis Essays in Experimental Development Economics by : Pamela Jakiela
Download or read book Essays in Experimental Development Economics written by Pamela Jakiela and published by . This book was released on 2008 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
