Mark Pingle

Mark Pingle
University of Nevada, Reno | UNR

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50
Publications
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448
Citations

Publications

Publications (50)
Article
This paper examines the hypothesis that cognitive limitations lead people to behave as if they are facing ambiguity, even when no ambiguity is apparent. We compare human subject decision behavior under total ambiguity, where no probability information is available, to behavior a case with no apparent ambiguity, where probabilities are transparently...
Preprint
A standard growth model is modified in a straightforward way to incorporate what Keynes (1936) suggests in the "essence" of his general theory. The theoretical essence is the idea that exogenous changes in investment cause changes in employment and unemployment. We implement this idea by assuming the path for capital growth rate is exogenous in the...
Chapter
Our collective rationality became more bounded on February 9, 2001. Herbert Simon emphasized we humans are cognitively constrained, and those constraints impact our decisions. Yet, Herbert Simon’s mind was less constrained than most of our minds. Because of his exceptional thinking and writing, the constraints binding many disciplines have been rel...
Article
In the developing world, kidnapping is relatively common, and a market for kidnap insurance has arisen in response. We provide a model that allows us to analyze how kidnap insurance will affect the interaction between the kidnapper and the victim’s family when both are self-interested and have complete knowledge. We find that a market for kidnap in...
Article
Full-text available
Using a subclass of the α-maximin expected-utility preference model, in which the decision maker’s degree of ambiguity and degree of pessimism are each parameterized, we present a theory of religious choice in the Pascalian decision theory tradition, one that can resolve dilemmas, address the “many Gods objection,” and address the ambiguity inheren...
Article
By introducing costly centralized exchange into a traditional search theoretic decentralized market, where money can mediate trade, we show private money can arise endogenously because it is profitable for the centralized intermediary to satisfy the demand for money that will naturally arise. Trading money to another agent for a good, rather than t...
Article
Cognitive scarcity is a fundamental economic fact, but the standard maximization assumption abstracts from this fact. Much of behavioral economics can be framed as "exploring the maximization assumption." By applying the tools of behavioral economics to explore this important assumption, we can learn why presuming maximization works, when it works,...
Article
Full-text available
Using basic decision-theory, we construct a theory of agnosticism, where agnosticism is defined as choosing not to choose a religion. The theory indicates agnosticism can be supported as a rational choice if (a) adopting agnosticism provides in-life benefits relative to any religion, (b) the perceived payoff for agnosticism after death is not too m...
Article
Full-text available
Using a relatively mild restriction on the beliefs of the MMEU-apreference functional, in which the decision maker’s degree of ambiguity and degree of pessimism are each parameterized, we present a rather general theory of religious choice in the decision theory tradition, one that can resolve dilemmas, address the many Gods objection, and address...
Article
Full-text available
We examine the implications of decision theory for religious choice and evangelism, under the assumption that people choose their religion. The application of decision theory leads us to a broad definition of religion and a particular definition of faith, each related to the uncertainty associated with what happens to a person after death. We exami...
Article
The study of economic growth provides an opportunity for students to exercise their empirical skills, reinforcing the tool building that occurs in statistics and math courses. Descriptive analysis allows lower level students to develop their ability to work with data as they examine how fast the economy has grown, ascertain the regularity versus ir...
Article
When rationality is bounded, a variety of factors may influence how far a choice is from optimal. We examine the willingness to search among alternatives. We find fixed individual differences in this temperament measure. People may be usefully typed according to how they obtain improved choices. More patient subjects obtain improvement by effective...
Article
This paper presents the results of an experiment designed to examine the extent to which a decision-maker's relative standing affects bargaining behaviour. In each session, 14 participants played a series of one-shot ultimatum bargaining games. In one treatment, the participants were made aware of only their own cumulative outcome rank as they star...
Article
Full-text available
In this evolutionary model, random shocks create differences in the rate of return on capital, while individual saving and investment behavior can reduce these differences over time. Firms with either low total factor productivity (TFP) or a low average return on capital are selected for exit, and new firms enter to take their place. As would be ex...
Article
Full-text available
This study uses agent-based computational experiments to examine the effects of a non-employment payoff on network formation and work-site behaviors among strategically interacting workers and employers participating in a sequential employment game with incomplete contracts. [NOTE: This study is reprinted here with permission. It originally appeare...
Article
Full-text available
This study uses agent-based computational experiments to examine the effects of a non-employment payoff on network formation and work-site behaviors among workers and employers participating in a sequential employment game with incomplete contracts. Workers either direct work offers to preferred employers or choose unemployment and receive the non-...
Article
We explore how a discrete change in the level of “aspiration uncertainty” affects the quality of a decision and the willingness to search for an improved decision. We find knowing what is attainable improves decision performance, especially when luck places the decision-maker near the optimal choice early in the search process. However, knowing wha...
Article
Full-text available
There is a nationally recognized shortage of pharmacists in the United States that is more pronounced in the West. This shortage will worsen with the rapid growth and aging of the population. Demand for traditional pharmaceutical care services has grown faster in the last decade than predicted and is projected to outpace the entry of pharmacists in...
Article
Full-text available
Introduction Determining the e#ects of labor institutions on macroeconomic performance is a central concern of economic policymakers. Di#erences in labor institutions have been conjectured to be a key explanation for observed crosscountry di#erences in the level and persistence of unemployment, in the distribution of income and wealth, and in growt...
Article
The First Welfare Theorem fails to hold for standard pure exchange overlapping generations economies because no agent exploits 'the profit opportunities which can arise from mediating intertemporal trade. This paper modifies the standard economy by introducing an optimizing corporate intermediary which distributes net earnings back to consumer-shar...
Article
Full-text available
This study uses an agent-based computational experiments to examine the effects of a non-employment payment on network formation and work-site behaviors among workers and employers participating in a sequential employment game with incomplete contracts. Findings are compared with those obtained for a parallel labor market experiment conducted with...
Article
Dynamic models are increasingly used in economics, especially in macroeconomics. However, the skills required for constructing and analyzing dynamic models are advanced relative to those required for static models. Consequently, dynamic models are difficult to introduce into courses where the technical skills of students are modest or substantially...
Article
Full-text available
A vast and often confusing economics literature relates competition to investment in innovation. Following Joseph Schumpeter, one view is that monopoly and large scale promote investment in research and development by allowing a firm to capture a larger fraction of its benefits and by providing a more stable platform for a firm to invest in R&D. Ot...
Article
Recent empirical work provides evidence that people take actions out of a concern for relative income standing, and recent theoretical work illustrates that more can be explained if we move beyond standard choice theory to recognize “positional income concerns”. However, because most income is derived from allocating time toward labor and away from...
Article
Full-text available
Experiments with real and computational agents are used to examine the impact of changing the level of a non-employment payoff on the evolution of cooperation between workers and employers participating in a sequential employment game with incomplete contracts. Workers either direct work offers to preferred employers or choose unemployment and rece...
Article
This paper reports the results of human subject and computational experiments designed to examine how the level of the "inactivity payments" to workers and to employers affects the evolution of cooperation among workers and employers. The related impacts to unemployment and job vacancy rates are our primary focus. However, we also examine the impac...
Article
The problem of decision making in the face of uncertainty is a ubiquitous problem in day to day economic decision making. Psychologists have found that a number of factors can influence the quality of such decision making, including ability, temperament and of course sheer luck. We report the results obtained from an experimental framework that beg...
Article
An economy is presented where trade is beneficial but not assumed. If trade is to occur, it must arise endogenously as either barter or mediated trade. The role decision costs play in the development of trade is explicitly recognized. The theoretical model is examined in an experimental setting by imbedding it in a computer trading game. The data o...
Article
Full-text available
This paper establishes that the proÞt-seeking activities of private intermediaries can ensure Pareto e¦ciency in the standard pure-exchange monetary overlapping generations economy without the need for government monetary or Þscal policy intervention. Moreover, these proÞt-seeking activities are shown to rule out all aperiodic and kperiodic cycles...
Article
This paper establishes that the profit-seeking activities of private intermediaries can ensure Pareto efficiency in the standard pure-exchange monetary overlapping generations economy without the need for government monetary or fiscal policy intervention. Moreover, these profit-seeking activities are shown to rule out all aperiodic and k-periodic c...
Article
Full-text available
Tirole (1985) constructs an overlapping generations economy that includes both private production and unsecured debt and shows that the first welfare theorem fails for this economy. This paper demonstrates that the reason for this failure is that intermediation is modelled as a purely passive coordination activity implemented by a Walrasian Auction...
Article
Full-text available
It is widely known that Walras' Law can fail for an overlapping generations economy. Here, we demonstrate that: (1) when this failure occurs, it represents an economic opportunity that can be exploited by the issuance of unsecured debt by private agents; and (2) when unsecured debt is issued, Walras' Law does not fail. JEL Classification: D92 Key W...
Article
Currently it is widely believed that government intervention is essential to ensure Pareto efficiency in the standard overlapping generations economy. This paper shows that the profit-seeking activities of private intermediaries---missing from the standard overlapping generations economy---eliminate the need for such government intervention. Contra...
Article
In 1931, Nevada legalized casino gambling, an act which allowed its "gaming industry" to develop. Because many jurisdictions outside Nevada are now embracing legalized gambling as a path to a brighter economic future and because this proliferation presents Nevada with new challenges and opportunities, it is a good time to review the Nevada experien...
Article
Decision-makers often make choices in situations where an authority (e.g., a parent, a boss, a tradition) has prescribed a choice. Submitting to an authority's prescription is advantageous in that any decision costs associated with comparing alternative choices can be avoided. However, the authority's prescription may be far from optimal, meaning a...
Article
In addition to more or less elaborate, explicity rational procedures, economic choices in reality are frequently made by trial and error, imitation, following an authority, habit, thoughtless impulse, and hunch. Presenting results from a number of experiments that explicity incorporate decision cost, this paper explores the extent to which these al...
Article
We report on a two-stage experiment in which (i) we first elicit the social network within a section of undergraduate students and (ii) we then measure their altruistic attitudes by means of a standard Dictator game. We observe that more socially integrated subjects are also more altruistic, as betweenness centrality and reciprocal degree are posit...
Article
There is scope and incentive for "stores" to endogenously arise in an exchange economy when agents possess different levels of bargaining power and coalition is costly. In the absence of stores, agents face a trading lottery where the expected outcome for an individual agent depends upon his relative bargaining strength. By setting appropriate, pre...
Article
Full-text available
The objective of this note is to show that the positively valued excess supplies which Aiyagari (JME, 1992) connects with Pareto inefficiency for overlapping generations economies represent an economic opportunity that can potentially be exploited by government or by a private financial intermediary through the issuance of unsecured debt. We demons...
Article
An experimental technique is developed and used to examine how human subjects make choices when optimization is costly. The total cost of making a choice is defined to include two parts: (1) the direct cost of making the decision, and (2) the indirect cost of making a choice that is not best among the available alternatives. The total cost of choic...
Article
Thesis (Ph. D.)--University of Southern California, 1988. Includes bibliographical references (leaves 70-71).

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