Experimental Economics最新文献

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Correction to: Social status and prosocial behavior 更正为社会地位与亲社会行为
IF 2.3 3区 经济学
Experimental Economics Pub Date : 2023-12-06 DOI: 10.1007/s10683-023-09819-5
Jin Di Zheng, Arthur Schram, Tianle Song
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引用次数: 0
Forecasting returns instead of prices exacerbates financial bubbles 预测收益而不是价格会加剧金融泡沫
IF 2.3 3区 经济学
Experimental Economics Pub Date : 2023-12-01 DOI: 10.1007/s10683-023-09815-9
Nobuyuki Hanaki, Cars Hommes, Dávid Kopányi, Anita Kopányi-Peuker, Jan Tuinstra
{"title":"Forecasting returns instead of prices exacerbates financial bubbles","authors":"Nobuyuki Hanaki, Cars Hommes, Dávid Kopányi, Anita Kopányi-Peuker, Jan Tuinstra","doi":"10.1007/s10683-023-09815-9","DOIUrl":"https://doi.org/10.1007/s10683-023-09815-9","url":null,"abstract":"<p>Expectations of future returns are pivotal for investors’ trading decisions, and are therefore an important determinant of the evolution of actual returns. Evidence from individual choice experiments with exogenously given time series of returns suggests that subjects’ return forecasts are substantially affected by how they are elicited and by the format in which subjects receive information about past asset performance. In order to understand the impact of these effects found at the individual level on market dynamics, we consider a learning to forecast experiment where prices and returns are endogenously determined and depend directly upon subjects’ forecasts. We vary both the variable (prices or returns) subjects observe and the variable (prices or returns) they have to forecast, with the same underlying data generating process for each treatment. Although there is no significant effect of the presentation format of past information, we do find that markets are significantly more unstable when subjects have to forecast returns instead of prices. Our results therefore show that the elicitation format may exacerbate, or even create, bubbles and crashes in financial markets.</p>","PeriodicalId":47992,"journal":{"name":"Experimental Economics","volume":"123 4","pages":""},"PeriodicalIF":2.3,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508435","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Defaults and effortful tasks 默认和费力的任务
IF 2.3 3区 经济学
Experimental Economics Pub Date : 2023-11-28 DOI: 10.1007/s10683-023-09808-8
Lars Behlen, Oliver Himmler, Robert Jäckle
{"title":"Defaults and effortful tasks","authors":"Lars Behlen, Oliver Himmler, Robert Jäckle","doi":"10.1007/s10683-023-09808-8","DOIUrl":"https://doi.org/10.1007/s10683-023-09808-8","url":null,"abstract":"<p>Nothing is known about the effectiveness of defaults when moving the target outcomes requires substantial effort. We conduct two field experiments to investigate how defaults fare in such situations: we change the university exam sign-up procedure in two study programs to “opt-out” (a) for a single exam, and (b) for many exams. Both interventions increase task uptake (exam sign-up). Concerning the outcomes which require effort, we find no effects for many exams. For a single exam, the opt-out increases task completion (exam participation) in the study program where the default arguably entails stronger endorsement. Within this program, the effects on successful task completion (exam passing) are heterogeneous: treated students who in the past were willing to communicate with the university (responsive individuals) invest more effort into exam preparation and are more likely to pass the exam than their control counterparts.For non-responsive individuals, we find increased sign-ups but no effects on the target outcomes. Defaults can thus be effective and may be an attractive policy option even when the target outcome requires substantial effort provision. It is, however crucial that the interventions target the appropriate individuals.</p>","PeriodicalId":47992,"journal":{"name":"Experimental Economics","volume":"363 1","pages":""},"PeriodicalIF":2.3,"publicationDate":"2023-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138543218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Contracting under asymmetric information and externalities: an experimental study 信息不对称和外部性条件下的契约研究
3区 经济学
Experimental Economics Pub Date : 2023-11-04 DOI: 10.1007/s10683-023-09813-x
Petra Nieken, Patrick W. Schmitz
{"title":"Contracting under asymmetric information and externalities: an experimental study","authors":"Petra Nieken, Patrick W. Schmitz","doi":"10.1007/s10683-023-09813-x","DOIUrl":"https://doi.org/10.1007/s10683-023-09813-x","url":null,"abstract":"Abstract We investigate contract negotiations in the presence of externalities and asymmetric information in a controlled laboratory experiment. In our setup, it is commonly known that it is always ex post efficient for player A to implement a project that has a positive external effect on player B . However, player A has private information about whether or not it is in player A ’s self-interest to implement the project even when no agreement with player B is reached. Theoretically, an ex post efficient agreement can always be reached if the externality is large, whereas this is not the case if the externality is small. We vary the size of the externality and the bargaining process. The experimental results are broadly in line with the theoretical predictions. However, even when the externality is large, the players fail to achieve ex post efficiency in a substantial fraction of the observations. This finding holds in ultimatum-game bargaining as well as in unstructured bargaining with free-form communication.","PeriodicalId":47992,"journal":{"name":"Experimental Economics","volume":"17 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135726758","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
On the relevance of irrelevant strategies 论不相关策略的相关性
IF 2.3 3区 经济学
Experimental Economics Pub Date : 2023-11-01 DOI: 10.1007/s10683-023-09814-w
Ayala Arad, Benjamin Bachi, Amnon Maltz
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引用次数: 1
Social status and prosocial behavior 社会地位和亲社会行为
3区 经济学
Experimental Economics Pub Date : 2023-10-10 DOI: 10.1007/s10683-023-09810-0
Jin Di Zheng, Arthur Schram, Tianle Song
{"title":"Social status and prosocial behavior","authors":"Jin Di Zheng, Arthur Schram, Tianle Song","doi":"10.1007/s10683-023-09810-0","DOIUrl":"https://doi.org/10.1007/s10683-023-09810-0","url":null,"abstract":"","PeriodicalId":47992,"journal":{"name":"Experimental Economics","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136294564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Auction design and order of sale with budget-constrained bidders 拍卖设计和销售顺序与预算有限的投标人
3区 经济学
Experimental Economics Pub Date : 2023-10-10 DOI: 10.1007/s10683-023-09812-y
Ulrich Bergmann, Arkady Konovalov
{"title":"Auction design and order of sale with budget-constrained bidders","authors":"Ulrich Bergmann, Arkady Konovalov","doi":"10.1007/s10683-023-09812-y","DOIUrl":"https://doi.org/10.1007/s10683-023-09812-y","url":null,"abstract":"Abstract The presence of financial constraints changes traditional auction theory predictions. In the case of multiple items, such constraints may affect revenue equivalence and efficiency of different auction formats. We consider a simple complete information setting with three financially constrained bidders and two items that have different values common to all the bidders. Using a laboratory experiment, we find that, as predicted by theory, it is more beneficial for the seller to sell the higher value item first. We then show that the first-price sealed-bid auction yields higher revenue than the English auction, with significant differences in learning of equilibrium strategies.","PeriodicalId":47992,"journal":{"name":"Experimental Economics","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136353229","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Using social norms to explain giving behavior 用社会规范来解释给予行为
3区 经济学
Experimental Economics Pub Date : 2023-10-06 DOI: 10.1007/s10683-023-09811-z
Catherine C. Eckel, Hanna G. Hoover, Erin L. Krupka, Nishita Sinha, Rick K. Wilson
{"title":"Using social norms to explain giving behavior","authors":"Catherine C. Eckel, Hanna G. Hoover, Erin L. Krupka, Nishita Sinha, Rick K. Wilson","doi":"10.1007/s10683-023-09811-z","DOIUrl":"https://doi.org/10.1007/s10683-023-09811-z","url":null,"abstract":"Abstract Transfers of resources in dictator games vary significantly by the characteristics of recipients. We focus on social norms and demonstrate that variation in the recipient changes both giving and injunctive norms and may offer an explanation for differences in giving. We elicit generosity using dictator games, and social norms using incentivized coordination games, with two different recipient types: an anonymous student and a charitable organization. A within-subjects design ensures that other factors are held constant. Our results show that differences in giving behavior are closely related to differences in social norms of giving across contexts. Controlling for individual differences in beliefs about the norm, subjects do not weight compliance with the norms in the student recipient or charity recipient dictator game differently. These results suggest that the impact of context on giving co-occurs with an impact on social norms.","PeriodicalId":47992,"journal":{"name":"Experimental Economics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135351039","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Endowments, expectations, and the value of food safety certification: experimental evidence from fish markets in Nigeria 禀赋、期望和食品安全认证的价值:来自尼日利亚鱼市场的实验证据
3区 经济学
Experimental Economics Pub Date : 2023-09-14 DOI: 10.1007/s10683-023-09809-7
Kelvin Mashisia Shikuku, Erwin Bulte, Carl Johan Lagerkvist, Nhuong Tran
{"title":"Endowments, expectations, and the value of food safety certification: experimental evidence from fish markets in Nigeria","authors":"Kelvin Mashisia Shikuku, Erwin Bulte, Carl Johan Lagerkvist, Nhuong Tran","doi":"10.1007/s10683-023-09809-7","DOIUrl":"https://doi.org/10.1007/s10683-023-09809-7","url":null,"abstract":"Abstract We study the impact of endowments and expectations on reference point formation and measure the value of food safety certification in the context of fish trading on real markets in Nigeria. In our field experiment, consumers can trade a known food item for a novel food item that is superior in terms of food safety––or vice versa. Endowments matter for reference point formation, but we also document a reverse endowment effect for a subsample of respondents. The effect of expectations about future ownership is weak and mixed. While expectations seem to affect bidding behavior for subjects “trading up” to obtain the certified food product (a marginally significant effect), it does not affect bids for subjects “trading down” to give up this novel food item. Finally, willingness to pay for safety certified food is large for our respondents—our estimate of the premium is bounded between 37 and 53% of the price of conventional, uncertified food.","PeriodicalId":47992,"journal":{"name":"Experimental Economics","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134911943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Correction to: A mechanism requesting prices and quantities may increase the provision of heterogeneous public goods 修正:要求价格和数量的机制可能会增加异质公共产品的供给
IF 2.3 3区 经济学
Experimental Economics Pub Date : 2023-08-21 DOI: 10.1007/s10683-023-09807-9
Federica Alberti, César A. Mantilla
{"title":"Correction to: A mechanism requesting prices and quantities may increase the provision of heterogeneous public goods","authors":"Federica Alberti, César A. Mantilla","doi":"10.1007/s10683-023-09807-9","DOIUrl":"https://doi.org/10.1007/s10683-023-09807-9","url":null,"abstract":"","PeriodicalId":47992,"journal":{"name":"Experimental Economics","volume":" ","pages":""},"PeriodicalIF":2.3,"publicationDate":"2023-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47542922","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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