简介
Summary:
Publisher Summary 1
Andersson and Holm (both of Lund U., Sweden) present eight interviews and seven papers that focus on experimental economics and its recent results. The interviews were conducted with the invited lecturers at the November 2000 symposium, including Peter Bohm, Catherine Eckel, Werner Gnth, John Hey, Daniel Kahneman, Alvin Roth, Vernon Smith, and Martin Weber. The questions asked of interviewees were kept similar in theme in order to aid comparative examination. The topics covered in the papers include the effect of trading period duration, robust learning experiments, the impact of fairness in decision-making, the sequential prisoners' dilemma, and collusion in auctions. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Publisher Summary 2
Experimental Economics: Financial Markets, Auctions, And Decision Makingis based on research presented at the 20thArne 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 G眉th, 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.
目录
Interviews with Invited Speakers
Peter Bohm p. 3
Catherine C. Eckel p. 9
Werner Guth p. 19
John Hey p. 29
Daniel Kahneman p. 41
Alvin Roth p. 49
Vernon Smith p. 67
Martin Weber p. 75
Contributions
Attitudes towards Risk and Inequality p. 85
Introduction p. 85
Theoretical Background p. 86
Inequality and Risk p. 86
The Meaning of Inequality and of Risk p. 88
An Axiomatic Approach p. 89
The Experiment p. 91
Issues p. 91
Implementation p. 92
Data p. 93
Numerical responses and the Principle of Transfers p. 94
Descriptive results p. 94
Regression Analysis p. 96
Numerical Responses: variation by Type of Income Transfer p. 97
Descriptive Analysis p. 97
Regression Analysis p. 98
A provisional evaluation p. 99
The Verbal Question p. 102
The structure of the question p. 102
Verbal question: descriptive results p. 102
Regression analysis p. 104
Conclusions p. 105
Appendix p. 107
Variable definitions p. 107
The Questionnaires p. 107
Pitfalls in Experimental Economics p. 117
Introduction p. 117
Monetary Incentive Levels p. 118
Subjects p. 119
Testing Theory in Context or Non-Context Environments p. 121
Stationary Repetitions p. 124
Concluding Remarks p. 125
The Effect of Trading Period Duration p. 127
Introduction p. 127
Relevant Literature and Research Hypotheses p. 128
Experimental Design p. 131
Overview of Experimental Procedures and Design p. 131
Experimental Markets p. 132
Participants and Motivation p. 132
Specific Market Designs p. 135
Analysis and Results p. 136
Data Considerations p. 136
Experimental Markets Group One (PN Markets) p. 137
Volume of Trade p. 144
Informational Efficiency p. 144
Allocational Efficiency p. 145
Experimental Markets Group Two (IN Markets) p. 145
Volume of Trade p. 148
Informational Efficiency p. 152
Allocational Efficiency p. 153
Experimental Markets Groups Three and Four p. 153
Discussion and Conclusions p. 153
Robust Learning Experiments p. 159
Introduction p. 159
Auctions and Fair Division Games p. 161
Reputation formation p. 166
Endogenous timing in bilateral negotiations p. 171
Alternating offer bargaining p. 174
Discussion p. 179
The Impact of Fairness on Decision Making p. 185
Introduction p. 185
Relevant Literature p. 187
Method p. 189
Experimental design p. 191
The Ultimatum Game p. 191
The Tripled Take Game p. 191
An Alternating Offer Bargaining Game p. 192
Procedure p. 192
Results p. 193
Fairness is synonymous to equity p. 196
The influence of fairness on decision making p. 202
Conclusion p. 204
The Sequential Prisoners' Dilemma p. 211
Introduction p. 211
Previous Experiments p. 212
Models and Predictions p. 214
Inequality Aversion p. 215
Altruism p. 217
Experimental Design p. 218
Results p. 219
Conclusions p. 221
Appendix p. 222
Collusion in Auctions p. 227
Introduction p. 227
The Game p. 230
Nash Equilibria of the Stage Game p. 231
Collusion in the Repeated Game p. 231
Simple collusion p. 232
Efficient collusion p. 232
The Experimental Design p. 232
Hypotheses p. 233
Results p. 234
Average Earnings p. 234
Bidding Behavior p. 236
Bidding Proposals p. 237
Round 1 data p. 237
Overall data p. 238
Value Messages p. 241
Sidepayments p. 242
Conclusion p. 243
Collusion in Equilibrium p. 244
Incentives to tell the truth p. 244
Incentives to bid low p. 244
Incentives to give sidepayments p. 245
Peter Bohm p. 3
Catherine C. Eckel p. 9
Werner Guth p. 19
John Hey p. 29
Daniel Kahneman p. 41
Alvin Roth p. 49
Vernon Smith p. 67
Martin Weber p. 75
Contributions
Attitudes towards Risk and Inequality p. 85
Introduction p. 85
Theoretical Background p. 86
Inequality and Risk p. 86
The Meaning of Inequality and of Risk p. 88
An Axiomatic Approach p. 89
The Experiment p. 91
Issues p. 91
Implementation p. 92
Data p. 93
Numerical responses and the Principle of Transfers p. 94
Descriptive results p. 94
Regression Analysis p. 96
Numerical Responses: variation by Type of Income Transfer p. 97
Descriptive Analysis p. 97
Regression Analysis p. 98
A provisional evaluation p. 99
The Verbal Question p. 102
The structure of the question p. 102
Verbal question: descriptive results p. 102
Regression analysis p. 104
Conclusions p. 105
Appendix p. 107
Variable definitions p. 107
The Questionnaires p. 107
Pitfalls in Experimental Economics p. 117
Introduction p. 117
Monetary Incentive Levels p. 118
Subjects p. 119
Testing Theory in Context or Non-Context Environments p. 121
Stationary Repetitions p. 124
Concluding Remarks p. 125
The Effect of Trading Period Duration p. 127
Introduction p. 127
Relevant Literature and Research Hypotheses p. 128
Experimental Design p. 131
Overview of Experimental Procedures and Design p. 131
Experimental Markets p. 132
Participants and Motivation p. 132
Specific Market Designs p. 135
Analysis and Results p. 136
Data Considerations p. 136
Experimental Markets Group One (PN Markets) p. 137
Volume of Trade p. 144
Informational Efficiency p. 144
Allocational Efficiency p. 145
Experimental Markets Group Two (IN Markets) p. 145
Volume of Trade p. 148
Informational Efficiency p. 152
Allocational Efficiency p. 153
Experimental Markets Groups Three and Four p. 153
Discussion and Conclusions p. 153
Robust Learning Experiments p. 159
Introduction p. 159
Auctions and Fair Division Games p. 161
Reputation formation p. 166
Endogenous timing in bilateral negotiations p. 171
Alternating offer bargaining p. 174
Discussion p. 179
The Impact of Fairness on Decision Making p. 185
Introduction p. 185
Relevant Literature p. 187
Method p. 189
Experimental design p. 191
The Ultimatum Game p. 191
The Tripled Take Game p. 191
An Alternating Offer Bargaining Game p. 192
Procedure p. 192
Results p. 193
Fairness is synonymous to equity p. 196
The influence of fairness on decision making p. 202
Conclusion p. 204
The Sequential Prisoners' Dilemma p. 211
Introduction p. 211
Previous Experiments p. 212
Models and Predictions p. 214
Inequality Aversion p. 215
Altruism p. 217
Experimental Design p. 218
Results p. 219
Conclusions p. 221
Appendix p. 222
Collusion in Auctions p. 227
Introduction p. 227
The Game p. 230
Nash Equilibria of the Stage Game p. 231
Collusion in the Repeated Game p. 231
Simple collusion p. 232
Efficient collusion p. 232
The Experimental Design p. 232
Hypotheses p. 233
Results p. 234
Average Earnings p. 234
Bidding Behavior p. 236
Bidding Proposals p. 237
Round 1 data p. 237
Overall data p. 238
Value Messages p. 241
Sidepayments p. 242
Conclusion p. 243
Collusion in Equilibrium p. 244
Incentives to tell the truth p. 244
Incentives to bid low p. 244
Incentives to give sidepayments p. 245
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