Naturally Occurring Markets And Exogenous Laboratory Experiments

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Naturally Occurring Markets and Exogenous Laboratory Experiments

Author : Glenn W. Harrison
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Naturally Occurring Markets and Exogenous Laboratory Experiments by : Glenn W. Harrison

Download or read book Naturally Occurring Markets and Exogenous Laboratory Experiments written by Glenn W. Harrison and published by . This book was released on 2010 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been a dramatic increase in the use of experimental methods in the past two decades. An oft-cited reason for this rise in popularity is that experimental methods provide the necessary control to estimate treatment effects in isolation of other confounding factors. We examine the relevance of experimental findings from laboratory settings that abstract from the field context of the task that theory purports to explain. Using common value auction theory as our guide, we identify naturally occurring settings in which one can test the theory. In our treatments the subjects are not picked at random, as in lab experiments with student subjects, but are deliberately identified by their trading roles in the natural field setting. We find that experienced agents bidding in familiar roles do not fall prey to the winner's curse. Yet, when experienced agents are observed bidding in an unfamiliar role, we find that they frequently fall prey to the winner's curse. We conclude that the theory predicts field behavior well when one is able to identify naturally occurring field counterparts to the key theoretical conditions.

Field Experiments

Author : John A. List
Publisher : Edward Elgar Publishing
ISBN 13 : 9781781952245
Total Pages : 0 pages
Book Rating : 4.9/5 (522 download)

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Book Synopsis Field Experiments by : John A. List

Download or read book Field Experiments written by John A. List and published by Edward Elgar Publishing. This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research review discusses the most critical and influential articles that utilise field experimentation to answer questions of economic importance. Field experiments have gained popularity in recent years, allowing researchers to infer causal effects of different market environments, policies and interventions. The articles analysed here provide insights into market functioning and individual and group decision-making across a wide range of domains, including marketplace transactions, labor decisions, charitable giving, financial planning, and education and health-related decision-making. This research review will be an important resource for students new to the methodology and applications of field experiments and academics alike.

Financial Markets in Natural Experiments, Field Experiments, Lab Experiments and Real Life

Author : Ke Wu
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (16 download)

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Book Synopsis Financial Markets in Natural Experiments, Field Experiments, Lab Experiments and Real Life by : Ke Wu

Download or read book Financial Markets in Natural Experiments, Field Experiments, Lab Experiments and Real Life written by Ke Wu and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Handbook of Experimental Economic Methodology

Author : Guillaume R. Fréchette
Publisher : Oxford University Press
ISBN 13 : 0190202165
Total Pages : 491 pages
Book Rating : 4.1/5 (92 download)

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Book Synopsis Handbook of Experimental Economic Methodology by : Guillaume R. Fréchette

Download or read book Handbook of Experimental Economic Methodology written by Guillaume R. Fréchette and published by Oxford University Press. This book was released on 2015-01-02 with total page 491 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Experimental Economic Methodology, edited by Guillaume R. Fréchette and Andrew Schotter, aims to confront and debate the issues faced by the growing field of experimental economics. For example, as experimental work attempts to test theory, it raises questions about the proper relationship between theory and experiments. As experimental results are used to inform policy, the utility of these results outside the lab is questioned, and finally, as experimental economics tries to integrate ideas from other disciplines like psychology and neuroscience, the question of their proper place in the discipline of economics becomes less clear. This book contains papers written by some of the most accomplished scholars working at the intersection of experimental, behavioral, and theoretical economics talking about methodology. It is divided into four sections, each of which features a set of papers and a set of comments on those papers. The intention of the volume is to offer a place where ideas about methodology could be discussed and even argued. Some of the papers are contentious---a healthy sign of a dynamic discipline---while others lay out a vision for how the authors think experimental economics should be pursued. This exciting and illuminating collection of papers brings light to a topic at the core of experimental economics. Researchers from a broad range of fields will benefit from the exploration of these important questions.

Handbook of Experimental Finance

Author : Füllbrunn, Sascha
Publisher : Edward Elgar Publishing
ISBN 13 : 1800372337
Total Pages : 451 pages
Book Rating : 4.8/5 (3 download)

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Book Synopsis Handbook of Experimental Finance by : Füllbrunn, Sascha

Download or read book Handbook of Experimental Finance written by Füllbrunn, Sascha and published by Edward Elgar Publishing. This book was released on 2022-10-13 with total page 451 pages. Available in PDF, EPUB and Kindle. Book excerpt: With an in-depth overview of the past, present and future of the field, The Handbook of Experimental Finance provides a comprehensive analysis of the current topics, methodologies, findings, and breakthroughs in research conducted with the help of experimental finance methodology. Leading experts suggest innovative ways of designing, implementing, analyzing, and interpreting finance experiments.

Handbook of Field Experiments

Author : Esther Duflo
Publisher : Elsevier
ISBN 13 : 0444633251
Total Pages : 530 pages
Book Rating : 4.4/5 (446 download)

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Book Synopsis Handbook of Field Experiments by : Esther Duflo

Download or read book Handbook of Field Experiments written by Esther Duflo and published by Elsevier. This book was released on 2017-03-21 with total page 530 pages. Available in PDF, EPUB and Kindle. Book excerpt: Handbook of Field Experiments provides tactics on how to conduct experimental research, also presenting a comprehensive catalog on new results from research and areas that remain to be explored. This updated addition to the series includes an entire chapters on field experiments, the politics and practice of social experiments, the methodology and practice of RCTs, and the econometrics of randomized experiments. These topics apply to a wide variety of fields, from politics, to education, and firm productivity, providing readers with a resource that sheds light on timely issues, such as robustness and external validity. Separating itself from circumscribed debates of specialists, this volume surpasses in usefulness the many journal articles and narrowly-defined books written by practitioners. Balances methodological insights with analyses of principal findings and suggestions for further research Appeals broadly to social scientists seeking to develop an expertise in field experiments Strives to be analytically rigorous Written in language that is accessible to graduate students and non-specialist economists

The Role of Laboratory Experiments for Better Understanding the Financial Markets

Author : David M. Putz
Publisher :
ISBN 13 :
Total Pages : 9 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Role of Laboratory Experiments for Better Understanding the Financial Markets by : David M. Putz

Download or read book The Role of Laboratory Experiments for Better Understanding the Financial Markets written by David M. Putz and published by . This book was released on 2020 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt: The following essay describes how laboratory experiments contribute to the understanding of financial markets and provide insights that cannot be gained through observational field data. Therefore, the findings of different experiments relating to the financial markets in three research areas are outlined, namely herd behavior, bubbles and market institutions. For each of the research areas, the analysis of two articles provides concrete examples of how experiments in these areas are beneficial.

Experimental Economics

Author : Nicholas Bardsley
Publisher : Princeton University Press
ISBN 13 : 1400831431
Total Pages : 385 pages
Book Rating : 4.4/5 (8 download)

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Book Synopsis Experimental Economics by : Nicholas Bardsley

Download or read book Experimental Economics written by Nicholas Bardsley and published by Princeton University Press. This book was released on 2009-10-12 with total page 385 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1980s, there has been explosive growth in the use of experimental methods in economics, leading to exciting developments in economic theory and policy. Despite this, the status of experimental economics remains controversial. In Experimental Economics, the authors draw on their experience and expertise in experimental economics, economic theory, the methodology of economics, philosophy of science, and the econometrics of experimental data to offer a balanced and integrated look at the nature and reliability of claims based on experimental research. The authors explore the history of experiments in economics, provide examples of different types of experiments, and show that the growing use of experimental methods is transforming economics into a genuinely empirical science. They explain that progress is being held back by an uncritical acceptance of folk wisdom regarding how experiments should be conducted, a failure to acknowledge that different objectives call for different approaches to experimental design, and a misplaced assumption that principles of good practice in theoretical modeling can be transferred directly to experimental design. Experimental Economics debates how such limitations might be overcome, and will interest practicing experimental economists, nonexperimental economists wanting to interpret experimental research, and philosophers of science concerned with the status of knowledge claims in economics.

In Situ and Laboratory Experiments on Electoral Law Reform

Author : Bernard Dolez
Publisher : Springer Science & Business Media
ISBN 13 : 144197539X
Total Pages : 176 pages
Book Rating : 4.4/5 (419 download)

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Book Synopsis In Situ and Laboratory Experiments on Electoral Law Reform by : Bernard Dolez

Download or read book In Situ and Laboratory Experiments on Electoral Law Reform written by Bernard Dolez and published by Springer Science & Business Media. This book was released on 2010-12-01 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the modern era, representation is the hallmark of democracy, and electoral rules structure how representation works and how effectively governments perform. Moreover, of the key structural variables in constitutional design, it is the choice of electoral system that is usually the most open to change. There are three distinctive approaches to electoral system research. One, associated largely with economics, involves the study of electoral system effects through the deductive method, using mathematical tools to derive theorems about the properties of voting methods and behaviors. A second, associated largely with political science, has a primarily empirical focus, and looks in depth at how electoral rules impact on political outcomes, through large cross-sectional or case studies. A third, and more recent tradition, inspired largely by work in experimental economics, involves experimentation, either in the form of controlled laboratory experiments or in the form of in situ field studies. This volume employs the third approach to report on experiments that look at alternatives to the present two round (majority runoff) system used for the election of French presidents. This system is of considerable importance not just because of its use in France but also because of its wide adoption in presidential elections in new democracies, such as Bulgaria, Poland, Romania, Russia and Ukraine. The editors have assembled the top experimental economists and political scientists specializing in French politics to provide in-depth analysis of the double ballot electoral system, and, more broadly, of the effect of electoral rules on the number of candidates, voter strategies, and ideological choice. Ultimately, the editors and contributors argue that experimental methods have great potential to inform our understanding of institutional mechanisms in the context of voting behavior.

Handbook of Policy Formulation

Author : Michael Howlett
Publisher : Edward Elgar Publishing
ISBN 13 : 1784719323
Total Pages : 583 pages
Book Rating : 4.7/5 (847 download)

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Book Synopsis Handbook of Policy Formulation by : Michael Howlett

Download or read book Handbook of Policy Formulation written by Michael Howlett and published by Edward Elgar Publishing. This book was released on 2017-04-28 with total page 583 pages. Available in PDF, EPUB and Kindle. Book excerpt: Policy formulation relies upon the interplay of knowledge-based analysis of issues with power-based considerations, such as the political assessment of the costs and benefits of proposed actions, and its effects on the partisan and electoral concerns of governments. Policy scholars have long been interested in how governments successfully create, deploy and utilise policy instruments, but the literature on policy formulation has, until now, remained fragmented. This comprehensive Handbook unites original scholarship on policy tools and design, with contributions examining policy actors and the roles they play in the formulation process.

The Handbook of Experimental Economics, Volume 2

Author : John H. Kagel
Publisher : Princeton University Press
ISBN 13 : 0691139997
Total Pages : 770 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis The Handbook of Experimental Economics, Volume 2 by : John H. Kagel

Download or read book The Handbook of Experimental Economics, Volume 2 written by John H. Kagel and published by Princeton University Press. This book was released on 2016-10-04 with total page 770 pages. Available in PDF, EPUB and Kindle. Book excerpt: An indispensable survey of new developments and results in experimental economics When The Handbook of Experimental Economics first came out in 1995, the notion of economists conducting lab experiments to generate data was relatively new. Since then, the field has exploded. This second volume of the Handbook covers some of the most exciting new growth areas in experimental economics, presents the latest results and experimental methods, and identifies promising new directions for future research. Featuring contributions by leading practitioners, the Handbook describes experiments in macroeconomics, charitable giving, neuroeconomics, other-regarding preferences, market design, political economy, subject population effects, gender effects, auctions, and learning and the economics of small decisions. Contributors focus on key developments and report on experiments, highlighting the dialogue between experimenters and theorists. While most of the experiments consist of laboratory studies, the book also includes several chapters that report extensively on field experiments related to the subject area studied. Covers exciting new growth areas in experimental economics Features contributions by leading experts Describes experiments in macroeconomics, charitable giving, neuroeconomics, market design, political economy, gender effects, auctions, and more Highlights the dialogue by experimenters with theorists and each other Includes several chapters covering field experiments related to the subject area studied

Game Theory and Business Applications

Author : Kalyan Chatterjee
Publisher : Springer Science & Business Media
ISBN 13 : 1461470951
Total Pages : 407 pages
Book Rating : 4.4/5 (614 download)

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Book Synopsis Game Theory and Business Applications by : Kalyan Chatterjee

Download or read book Game Theory and Business Applications written by Kalyan Chatterjee and published by Springer Science & Business Media. This book was released on 2013-06-26 with total page 407 pages. Available in PDF, EPUB and Kindle. Book excerpt: Game theory has been applied to a growing list of practical problems, from antitrust analysis to monetary policy; from the design of auction institutions to the structuring of incentives within firms; from patent races to dispute resolution. The purpose of Game Theory and Business Applications is to show how game theory can be used to model and analyze business decisions. The contents of this revised edition contain a wide variety of business functions – from accounting to operations, from marketing to strategy to organizational design. In addition, specific application areas include market competition, law and economics, bargaining and dispute resolution, and competitive bidding. All of these applications involve competitive decision settings, specifically situations where a number of economic agents in pursuit of their own self-interests and in accordance with the institutional “rules of the game” take actions that together affect all of their fortunes. As this volume demonstrates, game theory provides a compelling guide for analyzing business decisions and strategies.

The Handbook of Behavioral Operations

Author : Karen Donohue
Publisher : John Wiley & Sons
ISBN 13 : 1119138329
Total Pages : 688 pages
Book Rating : 4.1/5 (191 download)

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Book Synopsis The Handbook of Behavioral Operations by : Karen Donohue

Download or read book The Handbook of Behavioral Operations written by Karen Donohue and published by John Wiley & Sons. This book was released on 2018-10-16 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive review of behavioral operations management that puts the focus on new and trending research in the field The Handbook of Behavioral Operations offers a comprehensive resource that fills the gap in the behavioral operations management literature. This vital text highlights best practices in behavioral operations research and identifies the most current research directions and their applications. A volume in the Wiley Series in Operations Research and Management Science, this book contains contributions from an international panel of scholars from a wide variety of backgrounds who are conducting behavioral research. The handbook provides succinct tutorials on common methods used to conduct behavioral research, serves as a resource for current topics in behavioral operations research, and as a guide to the use of new research methods. The authors review the fundamental theories and offer frameworks from a psychological, systems dynamics, and behavioral economic standpoint. They provide a crucial grounding for behavioral operations as well as an entry point for new areas of behavioral research. The handbook also presents a variety of behavioral operations applications that focus on specific areas of study and includes a survey of current and future research needs. This important resource: Contains a summary of the methodological foundations and in-depth treatment of research best practices in behavioral research. Provides a comprehensive review of the research conducted over the past two decades in behavioral operations, including such classic topics as inventory management, supply chain contracting, forecasting, and competitive sourcing. Covers a wide-range of current topics and applications including supply chain risk, responsible and sustainable supply chain, health care operations, culture and trust. Connects existing bodies of behavioral operations literature with related fields, including psychology and economics. Provides a vision for future behavioral research in operations. Written for academicians within the operations management community as well as for behavioral researchers, The Handbook of Behavioral Operations offers a comprehensive resource for the study of how individuals make decisions in an operational context with contributions from experts in the field.

The Logic of Life

Author : Tim Harford
Publisher : Anchor Canada
ISBN 13 : 0307371883
Total Pages : 240 pages
Book Rating : 4.3/5 (73 download)

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Book Synopsis The Logic of Life by : Tim Harford

Download or read book The Logic of Life written by Tim Harford and published by Anchor Canada. This book was released on 2009-02-24 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: In The Logic of Life, bestselling author Tim Harford quite simply makes sense of this world. Life often seems to defy logic. The receptionist is clearly smarter than the boss who earns fifty times her salary. Arbitrary lines starkly divide the desirable districts of the city from the dangerous ones. Voters flock to the polling booths to elect candidates who’ll rip them off to favour special interests. None of it makes logical sense — or does it? Economist and acclaimed author Tim Harford thinks it does. By weaving stories from locations as diverse as a Vegas casino to a barroom speed date, Harford aims to persuade you that people are, in fact, surprisingly logical. When a street prostitute agrees to unprotected sex, or a teenage criminal embarks on a burglary — perhaps especially when a racist employer disregards a black job applicant — we would seem to be a million miles from rational behaviour. Harford shows that, discomfitingly, we are not. It turns out that the unlikeliest of people are complying with the logic of economics and responding to future costs and benefits, often without realizing it; and socially tragic outcomes can have their roots in individually rational decisions. Brilliantly reasoned, always entertaining and often provocative, The Logic of Life is a book to help you understand yourself and the world around you.

Economics of Betting Markets

Author : David Peel
Publisher : Routledge
ISBN 13 : 1317988221
Total Pages : 261 pages
Book Rating : 4.3/5 (179 download)

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Book Synopsis Economics of Betting Markets by : David Peel

Download or read book Economics of Betting Markets written by David Peel and published by Routledge. This book was released on 2013-09-13 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: During the last few decades, commercial gambling has increased substantially throughout the Western world. More people than ever before have access to sources of legalised gambling, leading to bumper revenues for the institutions involved. Naturally enough, this has led to an increased interest in the area of the economics of betting. This book addresses the issues raised by the continued growth of the gambling sector. How can we model the behaviour of people who seemingly act irrationally? What are the implications of different tax policies with regard to gambling? Are casinos capable of taking money away from state-run lotteries and the causes they fund? Can bookmakers’ odds be influenced in such a way as to make the gambling market inefficient? The authors in this volume provide insights based on data from many different countries, including England, the USA, Australia, Spain and Cyprus. This volume brings together work which addresses the economic impact of the huge growth of commercial gambling in the Western world, as well as trying to model the cognitive processes which can explain why individuals are prepared to behave in such apparently irrational ways. This book was published as a special issue of Applied Economics. The academic editor of this journal is Mark P. Taylor.

Natural Experiments of History

Author : Jared Diamond
Publisher : Harvard University Press
ISBN 13 : 0674076729
Total Pages : 290 pages
Book Rating : 4.6/5 (74 download)

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Book Synopsis Natural Experiments of History by : Jared Diamond

Download or read book Natural Experiments of History written by Jared Diamond and published by Harvard University Press. This book was released on 2012-10-01 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Some central questions in the natural and social sciences can't be answered by controlled laboratory experiments, often considered to be the hallmark of the scientific method. This impossibility holds for any science concerned with the past. In addition, many manipulative experiments, while possible, would be considered immoral or illegal. One has to devise other methods of observing, describing, and explaining the world. In the historical disciplines, a fruitful approach has been to use natural experiments or the comparative method. This book consists of eight comparative studies drawn from history, archeology, economics, economic history, geography, and political science. The studies cover a spectrum of approaches, ranging from a non-quantitative narrative style in the early chapters to quantitative statistical analyses in the later chapters. The studies range from a simple two-way comparison of Haiti and the Dominican Republic, which share the island of Hispaniola, to comparisons of 81 Pacific islands and 233 areas of India. The societies discussed are contemporary ones, literate societies of recent centuries, and non-literate past societies. Geographically, they include the United States, Mexico, Brazil, western Europe, tropical Africa, India, Siberia, Australia, New Zealand, and other Pacific islands. In an Afterword, the editors discuss how to cope with methodological problems common to these and other natural experiments of history.

Bounded Rationality

Author : Sanjit Dhami
Publisher : MIT Press
ISBN 13 : 0262543702
Total Pages : 553 pages
Book Rating : 4.2/5 (625 download)

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Book Synopsis Bounded Rationality by : Sanjit Dhami

Download or read book Bounded Rationality written by Sanjit Dhami and published by MIT Press. This book was released on 2022-07-12 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two leaders in the field explore the foundations of bounded rationality and its effects on choices by individuals, firms, and the government. Bounded rationality recognizes that human behavior departs from the perfect rationality assumed by neoclassical economics. In this book, Sanjit Dhami and Cass R. Sunstein explore the foundations of bounded rationality and consider the implications of this approach for public policy and law, in particular for questions about choice, welfare, and freedom. The authors, both recognized as experts in the field, cover a wide range of empirical findings and assess theoretical work that attempts to explain those findings. Their presentation is comprehensive, coherent, and lucid, with even the most technical material explained accessibly. They not only offer observations and commentary on the existing literature but also explore new insights, ideas, and connections. After examining the traditional neoclassical framework, which they refer to as the Bayesian rationality approach (BRA), and its empirical issues, Dhami and Sunstein offer a detailed account of bounded rationality and how it can be incorporated into the social and behavioral sciences. They also discuss a set of models of heuristics-based choice and the philosophical foundations of behavioral economics. Finally, they examine libertarian paternalism and its strategies of “nudges.”