Developments on Experimental Economics: New Approaches to Solving Real-world Problems

ISBN-13: 9783540686590 / Angielski / Miękka / 2007 / 264 str.

Sobei H. Oda

Opis

This volume presents papers and speeches given in the Experimental E- nomics Week in Honour of Dr Vernon L. Smith held in Okayama and Kyoto, 13-17 December 2004, which consisted of Dr Smith s public speech and the International Conference on Experiments in Economic Sciences: New - proaches to Solving Real-world Problems. Despite having a short history, experiments are now considered indispensable in economics as in other ?elds of science and engineering. As Dr Smith s Nobel Prize (2002) shows, experimental economics has now established itself in modern economics. In such an environment, researchers are expected to developthetraditionwithnewideasinnew?eldsforsolvingvariousproblems in the real world. The Experimental Economics Week, which was organised to explore new ?elds for experiments with new approaches, provided a unique opportunity for those who were engaged or interested in experiments in their ?elds to discuss experimental approaches from various standpoints. Economic experiments broaden and deepen our understanding of human - haviour, the economy and their interdependence. Some experiments are - signed to observe how people behave. Experimenters control subjects e- nomic environment to guess their strategies, which are not always apparent in the real world. The environment may be game-theoretic (a person s gain or loss is a?ected by other persons actions) or non-game-theoretic. In either case what is checked is subjects behaviour. Some experiments are done to see how market or other economic systems work."

Spis treści

Vernon L. Smith’s Speeches.- Public Speech: “Markets, Capital Markets and Globalization”.- Keynote Speech: “Foundations of Experimental Economics, Economic Design and Applications”.- The Past and Future of Economic Experiments.- Behavioral Decision Making at 50: Achievements, Prospects, and Challenges.- On the Weighting of Rare Events and the Economics of Small Decisions.- Trust, Fear, Reciprocity, and Altruism: Theory and Experiment.- What Have We Learned From Experimental Finance?.- Cheating in Markets: A Methodological Exploration.- Design Science: A Prelude.- Non Game-Theoretic Individual Decision Making.- Separation of Intertemporal Substitution and Time Preference Rate From Risk Aversion: Experimental Analysis With Reward Designs.- Signal Qualities, Order of Decisions, and Informational Cascades: Experimental Evidences.- WTP and WTA for Expressway Services.- Judgement in Small Decision-Making Problems.- Game-Theoretic Individual Decision Making.- The Effect of Inter-group Competition in the Prisoner’s Dilemma Game.- The Mixed Effect of Voluntary Revelation: Evidence from Threshold Public Goods Game Experiments.- Trust and Reciprocity in Intergroup Relations: Differing Perspectives and Behaviors.- Frames and Games.- Combinatorial Auction Bandwidth Trading: An Experimental Study.- A Note on Peer Enforcement by Selective Exclusion: An Extended Abstract.- Performance of the System.- Recycling of Durable Goods: Modeling and Experiments.- Decision Making in Artifactual Systems With Bounded Rationality.- A Study on Virtual Market for Pareto Optimal Mediation in Economic Society.- Empirical Tests of Exchange Rate Theory.- Charting the Market: Fundamental and Chartist Strategies in a Participatory Stock Market Experiment.- Between the System and Individual Behaviour.- Audit Credibility and the Audit Fees: A Theory and an Experimental Investigation.- When Firms Contest in Markets: An Experiment.- How to Use Private Information in a Multi-person Zero-sum Game.- A Price Competition Experiment Between Middlemen: Linear Function Case.- Does the Level of Information Matter for Traders? On the Usefulness of Information in Experimental Asset Markets.- A Laboratory Comparison of Arbitration Mechanisms: FOA and AFOA.