Experimental economics : financial markets, auctions, and decision making : interviews and contributions from the 20th Arne Ryde Symposium / edited by Fredrik Andresson and Håkan J. Holm.

Format:

Book

Conference/Event

Contributor:

Andersson, Fredrik, 1968-

Holm, Håkan J., 1962-

Conference Name:

Arne Ryde Symposium (20th : 2000 : Lunds universitet)

Language:

English

Subjects (All):

Capital market--Mathematical models--Congresses.

Capital market.

Decision making--Congresses.

Decision making.

Auctions--Mathematical models--Congresses.

Auctions.

Auctions--Mathematical models.

Capital market--Mathematical models.

Genre:

Conference papers and proceedings.

Physical Description:

xii, 248 pages : illustrations ; 24 cm

Place of Publication:

Boston, [Mass.] : Kluwer Academic Publishers, [2002]

Contents:

Part I Interviews with Invited Speakers

1 Peter Bohm 3

2 Catherine C. Eckel 9

3 Werner Guth 19

4 John Hey 29

5 Daniel Kahneman 41

6 Alvin Roth 49

7 Vernon Smith 67

8 Martin Weber 75

9 Attitudes towards Risk and Inequality / Yoram Amiel, Frank Cowell, Kaspar Richter 85

2 Theoretical Background 86

2.1 Inequality and Risk 86

2.2 The Meaning of Inequality and of Risk 88

2.3 An Axiomatic Approach 89

3 The Experiment 91

3.1 Issues 91

3.2 Implementation 92

4 Data 93

5 Numerical responses and the Principle of Transfers 94

5.1 Descriptive results 94

5.2 Regression Analysis 96

6 Numerical Responses: variation by Type of Income Transfer 97

6.1 Descriptive Analysis 97

6.2 Regression Analysis 98

6.3 A provisional evaluation 99

7 The Verbal Question 102

7.1 The structure of the question 102

7.2 Verbal question: descriptive results 102

7.3 Regression analysis 104

1 Variable definitions 107

2 The Questionnaires 107

10 Pitfalls in Experimental Economics / Peter Bohm 117

2 Monetary Incentive Levels 118

3 Subjects 119

4 Testing Theory in Context or Non-Context Environments 121

5 Stationary Repetitions 124

11 The Effect of Trading Period Duration / Darren Duxbury 127

2 Relevant Literature and Research Hypotheses 128

3 Experimental Design 131

3.1 Overview of Experimental Procedures and Design 131

3.2 Experimental Markets 132

3.3 Participants and Motivation 132

3.4 Specific Market Designs 135

4 Analysis and Results 136

4.1 Data Considerations 136

4.2 Experimental Markets Group One (PN Markets) 137

Volume of Trade 144

Informational Efficiency 144

Allocational Efficiency 145

4.3 Experimental Markets Group Two (IN Markets) 145

Volume of Trade 148

Informational Efficiency 152

Allocational Efficiency 153

4.4 Experimental Markets Groups Three and Four 153

12 Robust Learning Experiments / Werner Guth 159

2 Auctions and Fair Division Games 161

3 Reputation formation 166

4 Endogenous timing in bilateral negotiations 171

5 Alternating offer bargaining 174

13 The Impact of Fairness on Decision Making / Heike Hennig-Schmidt 185

2 Relevant Literature 187

4 Experimental design 191

4.1 The Ultimatum Game 191

4.2 The Tripled Take Game 191

4.3 An Alternating Offer Bargaining Game 192

4.4 Procedure 192

5 Results 193

5.1 Fairness is synonymous to equity 196

5.2 The influence of fairness on decision making 202

14 The Sequential Prisoners' Dilemma / Carles Sola 211

2 Previous Experiments 212

3 Models and Predictions 214

3.1 Inequality Aversion 215

3.2 Altruism 217

4 Experimental Design 218

5 Results 219

15 Collusion in Auctions / Jana Vyrastekova, Maria Montero 227

2 The Game 230

2.1 Nash Equilibria of the Stage Game 231

2.2 Collusion in the Repeated Game 231

Simple collusion 232

Efficient collusion 232

3 The Experimental Design 232

3.1 Hypotheses 233

4 Results 234

4.1 Average Earnings 234

4.2 Bidding Behavior 236

4.3 Bidding Proposals 237

Round 1 data 237

Overall data 238

4.4 Value Messages 241

4.5 Sidepayments 242

Appendix Collusion in Equilibrium 244

Incentives to tell the truth 244

Incentives to bid low 244

Incentives to give sidepayments 245.

Notes:

"The 20th Arne Ryde Symposium on Experimental Economics was held November 9-11, 2000 at the School of Economics and Management at Lund University"--Foreword.

Includes bibliographical references.

ISBN:

0792376412

OCLC:

50006568