Experimental Economics: Financial Markets, Auctions, and Decision Making: Interviews and Contributions from the 20th Arne Ryde Symposium / Edition 1

Experimental Economics: Financial Markets, Auctions, and Decision Making: Interviews and Contributions from the 20th Arne Ryde Symposium / Edition 1

by Fredrik Nils Andersson
     
 

ISBN-10: 0792376412

ISBN-13: 9780792376415

Pub. Date: 04/30/2002

Publisher: Springer US

Experimental Economics: Financial Markets, Auctions, And Decision Making is based on research presented at the 20th Arne Ryde Symposium on Experimental Economics, held on November 9-11 at Lund University. The volume is divided into two parts.
In Part I, interviews with prominent researchers in the field, all invited speakers at the Symposium, are presented.

Overview

Experimental Economics: Financial Markets, Auctions, And Decision Making is based on research presented at the 20th Arne Ryde Symposium on Experimental Economics, held on November 9-11 at Lund University. The volume is divided into two parts.
In Part I, interviews with prominent researchers in the field, all invited speakers at the Symposium, are presented. Those interviewed are Peter Bohm, Catherine Eckel, Werner Güth, John Hey, Daniel Kahneman, Alvin Roth, Vernon Smith, and Martin Weber. The interviews address important questions about basic experimental methods and the interpretation of results. In addition, these researchers answer questions relating to their specific fields and to their contributions at the Symposium. They are also asked to single out the most important findings in the field.
Part II contains selected contributions from the conference. Topics covered include attitudes towards risk and inequality; pitfalls in experimental economics; analysis of trading-period duration; robustness in learning; video experiments on decision making and fairness; sequential prisoners' dilemmas; and collusion in auctions.

Product Details

ISBN-13:
9780792376415
Publisher:
Springer US
Publication date:
04/30/2002
Edition description:
2002
Pages:
248
Product dimensions:
6.10(w) x 9.25(h) x 0.03(d)

Table of Contents

Part IInterviews with Invited Speakers
1Peter Bohm3
2Catherine C. Eckel9
3Werner Guth19
4John Hey29
5Daniel Kahneman41
6Alvin Roth49
7Vernon Smith67
8Martin Weber75
Part IIContributions
9Attitudes towards Risk and Inequality85
1Introduction85
2Theoretical Background86
2.1Inequality and Risk86
2.2The Meaning of Inequality and of Risk88
2.3An Axiomatic Approach89
3The Experiment91
3.1Issues91
3.2Implementation92
4Data93
5Numerical responses and the Principle of Transfers94
5.1Descriptive results94
5.2Regression Analysis96
6Numerical Responses: variation by Type of Income Transfer97
6.1Descriptive Analysis97
6.2Regression Analysis98
6.3A provisional evaluation99
7The Verbal Question102
7.1The structure of the question102
7.2Verbal question: descriptive results102
7.3Regression analysis104
8Conclusions105
Appendix107
1Variable definitions107
2The Questionnaires107
10Pitfalls in Experimental Economics117
1Introduction117
2Monetary Incentive Levels118
3Subjects119
4Testing Theory in Context or Non-Context Environments121
5Stationary Repetitions124
6Concluding Remarks125
11The Effect of Trading Period Duration127
1Introduction127
2Relevant Literature and Research Hypotheses128
3Experimental Design131
3.1Overview of Experimental Procedures and Design131
3.2Experimental Markets132
3.3Participants and Motivation132
3.4Specific Market Designs135
4Analysis and Results136
4.1Data Considerations136
4.2Experimental Markets Group One (PN Markets)137
Volume of Trade144
Informational Efficiency144
Allocational Efficiency145
4.3Experimental Markets Group Two (IN Markets)145
Volume of Trade148
Informational Efficiency152
Allocational Efficiency153
4.4Experimental Markets Groups Three and Four153
5Discussion and Conclusions153
12Robust Learning Experiments159
1Introduction159
2Auctions and Fair Division Games161
3Reputation formation166
4Endogenous timing in bilateral negotiations171
5Alternating offer bargaining174
6Discussion179
13The Impact of Fairness on Decision Making185
1Introduction185
2Relevant Literature187
3Method189
4Experimental design191
4.1The Ultimatum Game191
4.2The Tripled Take Game191
4.3An Alternating Offer Bargaining Game192
4.4Procedure192
5Results193
5.1Fairness is synonymous to equity196
5.2The influence of fairness on decision making202
6Conclusion204
14The Sequential Prisoners' Dilemma211
1Introduction211
2Previous Experiments212
3Models and Predictions214
3.1Inequality Aversion215
3.2Altruism217
4Experimental Design218
5Results219
6Conclusions221
Appendix222
15Collusion in Auctions227
1Introduction227
2The Game230
2.1Nash Equilibria of the Stage Game231
2.2Collusion in the Repeated Game231
Simple collusion232
Efficient collusion232
3The Experimental Design232
3.1Hypotheses233
4Results234
4.1Average Earnings234
4.2Bidding Behavior236
4.3Bidding Proposals237
Round 1 data237
Overall data238
4.4Value Messages241
4.5Sidepayments242
5Conclusion243
AppendixCollusion in Equilibrium244
Incentives to tell the truth244
Incentives to bid low244
Incentives to give sidepayments245

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