Andrea Morone

• PhD Economics York University, UK
• Professor (Full) at University of Bari Aldo Moro

The present research aimed at investigating changes in contributions made within a public goods game (PGG) across varying conditions: a standard PGG, a PGG involving risky returns, and a PGG involving competition for heterogeneous returns. The empirical results, collected through a one-shot laboratory experiment, informed the classification of subj...

Different people think in different ways, and their behaviour can be analysed in different ways. In this paper, we analyse the correlation between the type of behaviour and the time taken to reach a decision in a dynamic context and under ambiguity with different monetary incentives, linking the results with fast and slow thinking processes. Four d...

In this study, we examine the influence of a preopening call market (CM) session on the subsequent continuous double auction (CDA) trading phase within a combined market structure (CMDA). We propose that the introduction of a CM phase before the CDA could potentially mitigate price volatility during the CDA by facilitating the disclosure of agents'...

The aim of this work is to investigate the energy misperception of different sources among the “Next Generation” group. The analysis is carried out in Italy and the data were obtained through an internet-based survey, administered via Instagram to capture the Next Generation’s perception of the national energy mix. We found that younger have more m...

Competition and cooperation are not always at odds and contributions to public goods are almost never one‐off one‐shot temporally isolated events. We examine voluntary contribution in a new public good experiment where “self‐love” competitive motivations and time dynamic interdependencies are simultaneously considered. The competitive motivations a...

This study explores the impact of certification on decisions to invest in green bonds. Utilizing a laboratory experiment, we evaluate how different levels of certificate reliability stimulate investments in green bonds, particularly in the context of a green premium. The findings corroborate our hypothesis, showing that reliable certification encou...

This paper experimentally investigates the potential existence of dynamically inconsistent individuals in a situation of ambiguity. The experiment involves participants making two sequential decisions concerning the allocation of a sum of money, with an ambiguous move by Nature occurring after first decision, and again after the second. We conducte...

In this article, we analyze the role of social capital in the formation of sustainable energy communities. Specifically, we study the impact of different dimensions of social capital (i.e., structural, relational, cognitive) in determining willingness to participate in an energy community. Our survey data suggest that social contexts contribute to...

Recent empirical research has explored the hypothesis that fiscal disparities may lead to bias in yardstick competition between rent-seeking local administrators when voters are affected by information asymmetry. Allers (2012) argues that equalizing grants may correct this bias; Di Liddo and Morone (2017, 2022) conducted laboratory experiments to s...

Clean production, the circular economy and eco-innovation aim at supporting global resilience and sustainability. The present work examines the conceptualization of the circular economy in Italy, via publicly available social media data. Specifically, we conducted a mixed-method analysis of the mission statements of Italian firms, as published on L...

Purpose Expanding on the real-world financial market framework and considering the current market turmoil, with cryptocurrencies (where contracts for difference (CFDs) are extremely common) (Hasso et al ., 2019) displaying unprecedented volatility, the authors aim to test in an online laboratory setting whether displaying a risk warning message is...

Despite the extensive literature examining determinants of tax morale, little is still known about the relationship between the associational involvement of citizens and their willingness to pay taxes. Given the insights offered by the social capital literature regarding the role of voluntary organizations in shaping civic engagement, this study em...

“I shop therefore I am” (R. Campbell), or putting it differently, we are what we buy, and the way we make our purchases influences the future choices of economic decision-makers. Therefore, our decisions are crucial in defining the future sustainability of the whole system. Despite the plethora of initiatives introduced to enhance consumers' consci...

Recent empirical literature studied the correlation between fiscal disparities and corruption, assuming that corruption is responsible for variations in tax bases (incomes), but few studies test whether local fiscal disparities may be responsible for variations in the level of corruption. Through a laboratory experiment, this paper aims to investig...

Purpose The authors believe that comparing individuals to groups' decision making is crucial provided that many important choices in society are made by groups, i.e. committees, governing bodies, juries, business partners and families. This study aims to discuss the aforementioned topic. Design/methodology/approach The authors analyze risky decisi...

We provide experimental and empirical evidence on the role of information distribution and accuracy in solving market inefficiency and the related welfare implications. To this end, we vary both (i) the informativeness of the private signal released and (ii) the fraction of informed traders. At market level, results evidence how higher informativen...

Using data collected from an experimental double auction market, we study the dynamics of interaction among traders. Our focus is on the effect the trading network has on price dynamics and price-fundamental convergence. At the aggregate level, the network of empirical exchanges reveals properties that are dissimilar from random graphs and, in part...

This study explores whether and to what extent cryptocurrency ecosystem network connectivity predicts Bitcoin returns across quantiles of the return distribution. The facets of cryptocurrency ecosystem network connectivity we consider include connectivity between the on- and off-chain segments of the Bitcoin market, the intensity and synchronizatio...

This paper investigates the initial market reactions to the February 2022 military escalation. We provide an overview while discriminating for different investment classes, shining light on the intensity of the geopolitical risk and on potential hedging properties of specific assets (such as gold and Bitcoin). Results deliver preliminary evidence s...

The importance of preserving the environment by limiting CO2 emissions is an issue crucial to the modern era. One sector that contributes greatly to the increase in CO2 emissions is transport. In this paper, we assess the importance that consumers attach to the environment when buying a car. Cars are categorized by lifespan and associated productio...

In this paper, we discuss the attractiveness of green and sustainable assets, from an investor perspective. Inspired by the current state of the art, with researchers positively (re)considering the added value of stocks associated with the fulfilment of sustainable development goals, we analyze whether such stocks demonstrated: (1) a different and...

Thanks to policy pressure and technological progress, modern energy systems are going through an increasing decentralization and decarbonization process. Digitalization and decarbonization, in this context, represent key enablers, as they unlock new opportunities of actors across the value chain (i.e., consumers, prosumers, retailers, traders, prod...

This work aims to identify and quantify the biases behind the anomalous behavior of people when they deal with the Three Doors dilemma, which is a really simple but counterintuitive game. Carrying out an artefactual field experiment and proposing eight different treatments to isolate the anomalies, we provide new interesting experimental evidence o...

We investigate the effect of intra‐group competition and risk marginal per capita returns on subjects' cooperative behavior in a one‐shot public good game—following the well‐known approach proposed by Fischbacher, Gächter, and Fehr (2001) and extending the Colasante et al. (2018, 2019) parametrization. We study the interaction between environment a...

We studied whether professional traders’ risk attitudes varied according to social context. To this extent, we examined whether the level of wealth in the relevant group influenced traders’ risky decisions. The results showed that risk aversion decreased with increased income/wealth conditions in the group context.

European Commission aims to promote a more efficient and harmonized policy regulation framework for the market-pull of bio-based products. We conduct an artefactual field experiment in Italy, that demonstrates the existence of a “green premium”, which refers to increased consumer willingness to pay (WTP) for bio-based over conventional products, an...

We study the information aggregation process in a laboratory financial market where traders have access to costly private and free public imperfect information. The public disclosure provokes (i) a crowding-out effect on traders’ information demand, (ii) a market overreaction to the public signal, and (iii) a deterioration in price informativeness....

This paper aims to shed light on the 2017 Bitcoin bubble. Firstly, by applying the dynamic time warping algorithm, we identify among several financial instruments a subsample of five assets with similar characteristics to the cryptocurrency bubble. Interestingly, among the fluctuations characterizing these assets, the algorithm shows a close affini...

Recent literature on individual vs. group decision-making, in risky contexts, has brought about divergent results, mainly depending on the institutional rules through which groups take decisions. Some studies where group decisions relied on majority rule showed no appreciable difference between individuals and groups’ preferences, others where unan...

Purpose Our main purpose is to test the unemployment invariance hypothesis in Italy. Design/methodology/approach This paper provides an empirical investigation of the unemployment and labor force participation in Italy. Findings Cointegration analysis results strongly suggest a clear long-run relationship between unemployment and labor force part...

We conduct laboratory experiments to study whether increasing the number of independent public signals in an economy with endogenous private information is an effective measure to promote the acquisition of information and to enhance price efficiency. We observe that the release of public information crowds out the traders' demand for private infor...

It is a fact that energy saving depends not only on countries’ environmental policies but also on citizens’ ways of responding to these actions. This indicates the need to thoroughly investigate how households’ attitudes are shaped to understand the driving factors enhancing pro-environmental attitudes. However, it is also important to understand h...

This paper sheds light on the importance of considering behavioural aspects when forging energy policies. Trust in both institutions and peers improves pro-social behaviour and, as a consequence, leads to more responsible energy consumption. Data collected from the 8th round of the European Social Survey were used to build three indexes by which to...

Motivated by the debate over the economic implications of financial transaction taxes, the present study involved a thorough investigation of the impact of such taxes on a financial market of the type described by Camerer and Weigelt (J Bus 64:463–493, 1991), whereby noise traders are unaware of whether privileged information is fluctuating in the...

This paper aims to unmask the inadequacy of the review process of a sample of fee-charging journals in economics. We submitted a bait-manuscript to 104 academic economic journals to test whether there is a difference in the peer-review process between Article Processing Charges (APC) journals and Traditional journals which do not require a publicat...

The purpose of this paper is to examine the effects on welfare distribution of quality and quantity of information among traders in laboratory financial markets. Results lead us to conclude that signal accuracy matters in underpinning inequality distribution. Additionally, subjects seem to exhibits overconfidence their high quality signal that prod...

This paper provides an empirical investigation of the unemployment invariance hypothesis in Italy. Cointegration analysis results strongly suggest a clear long-run relationship between unemployment and labour force participation revealing a persistent and general added-worker effect.

The objective of this paper is to show the importance of incentivized laboratory experiments in the analysis of people’s propensity towards sustainability and in evaluating environmentally friendly investments. We discuss the application of a laboratory experiment to environmental regulation. In particular, we analyse the emission trading scheme (E...

This paper investigates systemic risk that emerges from the interplay between uncertain returns to individual actions, uncertainty on others’ behavior and all this filtered through individual attitudes toward risk. We design a finitely repeated linear public good experiment based on a voluntary contribution mechanism and analyze the effect of risky...

The study at hand investigates the performance of a continuous double auction, and a call market mechanism in an experimental asset market where the presence of insiders is neither certain nor common knowledge. Inspired by Plott and Sunder (J Political Econ 90(4):663–698, 1982) and Camerer and Weigelt (J Bus 64(4):463–493, 1991), we test whether a...

Tax evasion is undoubtedly a pervasive phenomenon likely to impact negatively on equity, social capital and social cohesion. A growing body of research has started to investigate the role of “tax morale,” as the intrinsic motivation to pay taxes, in driving individual tax compliance decisions. Given the increasing anti-immigration sentiment among I...

We experimentally investigated a three-person public good game where dynamic interdependencies (through endogenously allocated endowments) and intra-group competition (via the assignment of different MPCR factors) are simultaneously introduced. We also ran two control treatments where endogenous endowments and intra-group competition have been sepa...

Tax evasion is undoubtedly a pervasive phenomenon likely to impact negatively on equity, social capital and social cohesion. A growing body of research has started to investigate the role of "tax morale," as the intrinsic motivation to pay taxes, in driving individual tax compliance decisions. Given the increasing anti-immigration sentiment among I...

We analyze a public good game (PGG) with intragroup competition in which, generally but not always, the dominant strategy is to not contribute; therefore, free riding is the unique Nash equilibrium, not achieving Pareto efficiency. We propose a PGG setup where subjects' contributions are rewarded with different individual returns following a rank‐o...

The aim of this paper is to analyze bidders’ behavior, comparing individuals and groups’ decisions within the dollar auction framework. This game induces subjects to fall prey into the paradigm of escalation, which is driven by agents’ commitment to higher and higher bids. Whenever each participant commits himself to a bid, the lower bidder, motiva...

Environmental psychologists suggest that people feelings and emotions determine what they do and how they do it. We used the Stimulus-Organism-Response model (S-O-R) as an inspiring theoretical basis for our empirical contribution. We conducted a natural field experiment in six stores, settled in six different Italian cities, of a multinational com...

Although a basic theoretical principle in public economics assumes that individuals optimize fully with respect to the introduction of a tax, a growing body of research is proving that several heuristics are in place when people take decisions. We re‐examine the well known liability side equivalence principle in the light of the concept of salience...

We analysed dyads strategies in one-shot public goods game. By means of a laboratory experiment, using a variant of the strategy-method we found that more than a third of the dyads are conditional cooperators, whereas 18% can be categorised as free riders.

This paper presents a game theoretic morphological analysis of the strategic interactions between environmental enforcement authorities and polluting firms. The models explore the role of discretion that such authorities enjoy, either in deciding how to pursue environmental violations (investigative and prosecutorial discretion) or in judging them...

Recent theoretical research suggest that yardstick competition may be biased by the presence of fiscal disparities between local governments and that fiscal equalization may help in correcting this bias. This paper provides an empirical test of these theoretical predictions by means of a laboratory experiment.

This paper aims at providing an overview of several topics that have been addressed in the field of experimental asset markets. Rather than being exhaustive in any single topic, this review is meant to gather the several research strands, and to provide a powerful picture of the main advances in the use of experimental techniques for the study of f...

Tax incidence is one of the most fundamental issues in public economics. This paper addresses this issue from a specific angle, by looking at the contribution to this field of research of behavioral and experimental studies to the principle of tax incidence equivalence (i.e. Liability Side Equivalence Principle). Moving from the idea that subjects...

The experiment was programmed using the Z-tree software of Urs Fischbacher (1999). It was piloted at the laboratory of ESSE at the University of Bari, and the main experiment was run at the laboratory of EXEC at the University of York. Significant changes were made between the pilot and the main experiment in the way subjects were briefed. At York...

This paper provides an experimental test of the traveller's dilemma. Our investigation aims to address the research hypothesis that introducing a reference point à la Schelling (set equal to the Pareto optimal solution) might drive people away from rationality even when the size of the penalty/reward is high. Experimental findings reported in this...

The instructors of the microeconomics courses at the University Jaume I in Castellon, Spain have created a group for educational innovation in microeconomics devoted to the introduction of experiment-based learning in the economics domain. The main goals of this project are to facilitate and to enrich student learning and to provide microeconomics...

In this paper, the empirical performance of several preference functionals is assessed using individual and group experimental data. We investigate if there is a risky choice theory that fits group decisions better than alternative theories, and if there are significant differences between individual and group choices. Experimental findings reporte...

This experimental study investigates insurance decisions in low-probability, high-loss risk situations. Results indicate that subjects consider the probability of loss (loss size) when they make buying decisions (paying decisions). Most individuals are risk averse with no specific threshold probability.

This paper purports to provide some evidence on the effect of rating agencies in financial markets. By means of a laboratory experiment, we investigate the effect and interaction between private and public information. We reached two conclusions: (1) indeed, the rating agency can speed up price convergence, (2) but not always to the fundamental pri...

We provide an experimental test of the traveler's dilemma using individual and group data. Our investigation aims to assess whether individual decisions differ significantly from group decisions. Experimental findings reported in this paper show that: (1) groups are always more rational – i.e. their claims are closer to the Nash equilibrium; (2) th...

The aim of this research is to analyse the trade-off between parking space availability and cost, in terms of time savings (considering time in terms of foregone earnings). This information is pivotal when designing parking policies in terms of fares, investments and regulation. A relevant body of literature has focused on parking behaviour (e.g. t...

Previous research indicates that risky and uncertain marginal returns from the public good significantly lower contributions. This paper presents experimental results illustrating that the effects of risk and uncertainty depend on the employed parameterization. Speci?cally, if the value of the marginal per capita return under the worst state of nat...

This experimental study investigates insurance decisions in low-probability, high-loss risk situations. Results indicate that subjects consider the probability of loss (loss size) when they make buying decisions (paying decisions). Most individuals are risk averse with no specific threshold probability.

This experimental study investigates insurance decisions in low-probability, high-loss risk situations. Results indicate that subjects consider the probability of loss (loss size) when they make buying decisions (paying decisions). Most individuals are risk averse with no specific threshold probability.

This paper provides an experimental test of the traveller's dilemma using individual and group data. Our investigation aims to address three fundamental research questions, which can be summarised as follows: (i) claims are affected by the size of the penalty/reward; (ii) individual decisions differ significantly from group decisions; (iii) individ...

Different from previous experiments that used three representations of uncertain information for probabilities: best estimate, interval and sets of probabilities, we use visual display to represent different levels of uncertainty through varying amount of probabilistic information provided to subjects. Results confirm that the individuals’ willingn...

In this paper we analyse the empirical performance of several preference functionals using individual and group data. Our investigation aims to address two fundamental questions that have, until now, not been addressed in literature. Specifically, we intend to assess if there exists a risky choice theory that statistically fits group decisions sign...

In this paper we analyze the role played by the tie-breaking assumptions in Banerjee’s model of herd behavior. Changing one assumption we obtain three important results: players’ strategies are parameter dependent; an incorrect herd could be reversed; a correct herd is irreversible.