Nikolaos Georgantzis

• PhD, EUI Florence, Italy
• Research Director at Burgundy School of Business

The parallel development of scientific knowledge and technical practices over the last five decades has had a significant impact on sensory wine quality definition and evaluation. We conduct an integrative review of the literature on wine quality evaluation to determine the role of experts in the wine market, considering the recent changes. Followi...

This paper presents the findings from a survey on factors influencing the adoption of agricultural Decision Support Systems (DSS). Our study focuses on examining the influence of behavioural, socioeconomic and farm specific characteristics on DSS adoption. Using two structural equation models, we investigate how these factors influence the willingn...

Purpose The present study seeks to assess the effect of Green Human Resource Management (GHRM) on the Sustainable Performance (SP) of wineries as well as to explore the mediating role of Green Innovation (GI) in this respect. In addition, age, size and Protected Designation of Origin (PDO) membership are incorporated as control variables to increas...

This paper presents the findings from a survey on factors influencing the adoption of agricultural Decision Support Systems (DSS). Our study focuses on examining the influence of behavioural, socioeconomic and farm specific characteristics on DSS adoption. Using two structural equation models, we investigate how these factors influence the willingn...

The objective of this research is to analyze the knowledge structure of the academic literature indexed in the Core Collection of the Web of Science (WoS) on gaining a competitive advantage through sustainability in the wine industry, from the first article registered in 2009 to 2023, in order to identify the latest trends in the topics under study...

Recent research has shown that Green Innovation (GI) may be a profitable strategy, provided that the innovating firm enjoys synergies raised by specific combinations of innovation domains. Therefore, GI decisions may depend on the firm's overall innovation portfolio. Along this line of research, this paper aims at identifying combinations of innova...

The main aim of this study is to analyze the literature pertaining to value creation in the wine industry developed in the last two decades, identifying the main contributors such as leading institutions, authors, and countries, and uncovering the main subfields developed by researchers in this area. Bibliometric methods have been used to carry out...

Pest Risk Assessments (PRAs) provide a simple evidence-based evaluation of risk posed by one or more pests to crops and can support farmers and farm advisors in developing integrated pest management strategies. By providing a structured approach to estimating the likelihood of pests infesting crops, and the hazard they present to crop production, t...

The management and governance of our surface waters is core to life and prosperity on our planet. However, monitoring data are not available to many potential users and the disparate nature of water bodies makes consistent monitoring across so many systems difficult. While satellite Earth observation (EO) offers solutions, there are numerous challe...

Purpose This paper uses the theory of planned behavior (TPB) to explain entrepreneurial intentions (EIs) among students from different South-East (SE) European countries, considering various personal and situational variables. The authors examine how the regional cultural context affects individual perceptions and beliefs about entrepreneurship, wh...

Decision-making in agriculture becomes increasingly challenging as farmers seek to meet agronomic, environmental and compliance goals. There is an increasing amount of data available to help reach these goals, and decision-making can be supported by computer-based DSSs. Unfortunately, not all DSS are adopted or contribute to efficient farming. The...

We study individual decision making in a lottery-choice task performed by three different populations: gamblers under psychological treatment (“addicts”), gamblers’ spouses (“victims”), and people who are neither gamblers or gamblers’ spouses (“normals”). We find that addicts are willing to take less risk than normals, but the difference is smaller...

Wine is a complex product, and numerous sensory evaluation methods have been tested to characterize it. Among these, new sensory analysis evaluation methods have been developed to allow consumers to describe products using their own vocabulary. Recently, Free-Comment Attack-Evolution-Finish (FC-AEF) was introduced to add the temporal aspects of tas...

This article describes a dataset providing temporal sensory descriptions and affective answers for red wines: two Bordeaux and two Riojas. The wines were tasted at home by French (FR, n=106) and Spanish (SP, n=98) consumers and in the lab by wine students (WC, n=47). Standardized information was displayed on the samples (country and region of origi...

Climate change and global warming interconnected with the new contexts created by the COVID-19 pandemic and the Russia-Ukraine conflict have brought serious challenges to national and international organizations, especially in terms of food security and agricultural planning. These circumstances are of particular concern due to the impacts on food...

In a trade experiment, groups of students were taught how to bargain over a pie generated in a transportation game. Data collection and detailed group reports of the bargaining process allowed us to identify the type of bargaining followed and its correspondence with cooperative game theory concepts. Explicit coalitions were rather scarce (17%), al...

As the environmental agenda gains momentum all over the world, enterprises face the challenge of combining economic and environmental goals. An obvious, recurrent, and yet not fully answered question is whether, and under which circumstances, an improvement in a firm's environmental performance leads to higher profits. Looking at innovation data, t...

This paper compares the standard location‐then‐pricing Hotelling duopoly with a catalog competition game in which firms simultaneously decide locations and prices. We consider a three‐location space and continuous pricing and fully characterize the unique symmetric equilibrium. In both games, firms employ mixed strategies, producing a mainstream pr...

In this paper, we study overconfidence and goal-setting in academic performance, with and without monetary incentives. Students enrolled in a microeconomics course were offered the possibility of setting their own target grade before taking part in the final exam. They were also asked to guess their grade immediately after they had taken the exam (...

The European Union Farm Accountancy Data Network (FADN) publishes data for the representative farms of several European Union (EU) farm types, regions and countries. In this database, the published data for the farm types allow us to assess several agricultural policies. In fact, the FADN publishes data for the EU farming types and there are not ma...

Trust is a central source of well-being in a society. When individuals feel that they can trust others, cooperative interactions become more likely, making a group of individuals able to enjoy better outcomes than the sum of individual stand-alone efforts would achieve. Opportunistic and dishonest behavior hinders trust by generating negative feedb...

Individual time preferences may be shaped by environmental aspects which are clustered in space. Thus, timepreferences could be spatially clustered too. We analyse the association between unobserved spatial heterogeneity intime preferences and intertemporal decisions taken by rice farmers in Ogun State Nigeria using data from a fieldexperiment and...

Social entrepreneurship is a topic studied in depth in recent years, especially due to the continuous emergence of organizations categorized within this concept during the economic crisis. However, very little research has been done on the team associated to the social entrepreneur. By looking at a case of social enterprise in the gastronomy sector...

This paper reports experimental results on the determinants of trust and reciprocity in the context of a genuinely sequential, binary Trust Game. Apart from behavior in the main experiment, subjects’ risk attitudes and inequality aversion are elicited, as well as the traits of neuroticism and agreeableness, captured through the five-factor model. T...

This paper investigates whether there is a connection between psychopathy and certain manifestations of social and economic behavior, measured in a lab-in-the-field experiment with prison inmates. In order to test this main hypothesis, we let inmates play four games that have often been used to measure prosocial and antisocial behavior in previous...

This study analyses farmers’ adoption of improved rice technology, taking into account farmers’ risk preferences; the unobserved spatial heterogeneity associated with farmers’ risk preferences; farmers’ household and farm characteristics; farm locations, farmers’ access to information, and their perceptions on the rice improved varieties (i.e., hig...

We examine a potential self‐selection bias in different samples of experimental subjects depending on the payment scheme offered in the recruiting process. We ran four field experiments in which undergraduate students in a microeconomics course were invited to voluntarily set their own goal for the final exam. They were informed that they would be...

Rice farmers’ attitudes toward risk-taking have been identified as one of the factors affecting investment decisions and wealth accumulation. While existing studies have identified the socio-economic factors driving farmers’ risk attitudes, spatial variables that may correlate with decisions are often ignored in the risk models due to difficulties...

This paper reports results from a longitudinal study on the impact of the lockdown on daily self-reported life satisfaction levels during the first wave of the COVID-19 pandemic in Spain. A stable panel (N = 1,131) of adult subjects were surveyed during 84 consecutive days (March 29–June 20, 2020). They were asked to report daily life satisfaction...

In this note we describe the S-GG risk-elicitation task. This multiple-lottery panel method allows for obtaining two factors describing a subject's risk attitude with just four choices by this same subject. We describe the implementation of the task and also provide free zTree programs (in English and Spanish) to facilitate its integration into an...

We perform meta-regressions on a single database containing 96 observations of simple ultimatum games and 144 observations of simple dictator games to disentangle the fairness hypothesis based on the degree of economic development of a country. According to the fairness hypothesis, offers in the two games should not differ if they were motivated by...

We report results from an experiment in which two firms compete for a public project by submitting offers of quality and bribery to a public official. We study the impact of audience effects (transparency) and other regarding preferences (accountability) on corruption by introducing a citizen who either observes, or is affected by the transactions,...

From experiments run in Greece, Spain and the UK, this paper studies ultimatum bargaining over the wage paid in order to have a subject perform a given real task. Compared with Greece and Spain, significantly higher wage offers and lower acceptance probabilities are found in the UK. These effects lead to higher wages in the UK Country differences i...

This study reports experimental results from a clinical sample of patients with a cocaine-related disorder and dual diagnosis: Schizophrenia and Anti-Social Personality Disorder. Both types of patients as well as a non-clinical group of students performed two incentivized decision-making tasks. In the first part of the experiment, they performed a...

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...

In a two-stage investment-effort game, we model altruistic investment in another agent’s capacity to benefit from synergies between the two agents’ efforts. We conduct the theoretical analysis of the game by assuming that agents who invest in others have no direct utility from their giving behavior, i.e., without considering other-regarding prefere...

Cet article porte sur les différences de genre dans les litiges prud’homaux en France. Nous réalisons une analyse empirique de données concernant la phase de conciliation préalable au procès et les décisions des juges lors de la phase de jugement. Pour cela, nous avons créé une nouvelle base de données à partir de documents juridiques. Les résultat...

In this article, we report the results of an experiment designed to address the effect of risk attitudes on valuations of aged wines. We find that higher risk taking in the economic domain is associated with a significantly higher willingness to pay for an old wine. Given the increasing interest of consumers and investors in old wines, our results...

Despite the economic and social significance of crime reduction and criminals' rehabilitation, research evaluating the effects of incarceration on behavior is surprisingly scarce. We conduct an experiment with 105 prison inmates and complement it with administrative data in order to explore several aspects of their social behavior. We first perform...

We present experimental data from the Heaven-Dictator Game, a generalization of the Dictator Game that investigates the overstatement of inequality reduction in the motivation of social preferences. Two players start with equal endowments and the Heaven-Dictator player, without incurring any pecuniary cost or profit, chooses among increasing, decre...

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...

Many modern organisations collect data on individuals’ personality traits as part of their human resource selection processes. We test experimentally whether revealing information on personality data impacts on pro-social behaviour as measured in a one-shot modified dictator game and a public goods game. Our focus is on the personality trait of agr...

In an experimental exchange market based on Shapley and Shubik (1977), two types of players with different preferences and endowments independently submit quantities of the goods they wish to exchange. In this context, although the Nash equilibria of the game involve zero or minimum trade, we obtain intense trade close to levels that maximize socia...

The increasing use of physiological recordings in experimental economics requires a precise timing of interesting events, such as the presentation of a set of choices, the decision-making moment and the reception of feedback through the display of a decision outcome. In this note we provide a simple, accurate and inexpensive solution based on the u...

We analyze the results from three different risk attitude elicitation methods. First, the broadly used test by Holt and Laury (2002), HL, second, the lottery-panel task by Sabater-Grande and Georgantzis (2002), SG, and third, responses to a survey question on self-assessment of general attitude towards risk (Dohmen et al. 2011). The first and the s...

Este artículo examina un experimento internacional basado en el juego de la confianza entre participantes marroquíes, franceses y españoles. Antes de tomar decisiones, los participantes conocían la nacionalidad de su pareja. Nuestros resultados muestran que, en promedio, los sujetos de Marruecos presentan un mayor nivel de confianza. Además, confía...

Considering the complications of collecting empirical data on community participation, this study proposes a new methodological approach that departs from the current literature. For the first time, an experimental procedure is adopted to conduct a direct comparison between participatory and non-participatory decision-making in the context of herit...

Due to a variety of reasons, people see themselves differently from how they see others. This basic asymmetry has broad consequences. It leads people to judge themselves and their own behavior differently from how they judge others and others’ behavior. This research, first, studies the perceptions and attitudes of Greek Public Sector employees tow...

STATA Data file. (DTA)

We analyze the impact on consumer prices of some information characteristics of price-comparison search platforms. An equilibrium model where vendors compete in prices and consumers do not observe prices, but can obtain price information through a search platform, is developed. The model generates several predictions about the impact on the price d...

We focus on the comparison of risk attitudes elicited through three different procedures with the goal to analyse the consistency of risk attitudes. Rank correlations are utilized to measure the degree of association of the subjects’ choices and principal component analysis is employed to find the main factors describing the specific characteristic...

We study the association among different sources of individual differences such as personality, cognitive ability and risk attitudes with trust and reciprocate behavior in an incentivized experimental binary trust game in a sample of 220 (138 females) undergraduate students. The game involves two players, player 1 (P1) and player 2 (P2). In the fir...

We analyze a realistic simulation of a complex electricity network. We obtain the data with a series of experimental sessions designed to closely replicate the Spanish electricity market. In the experiments reported here we compare the status quo with two alternative regulatory market structures. In one of them, labeled as vertical separation, we i...

In this article, we focus on bargaining within male–female pairs, the most pervasive partnership in humankind. We analyse data from an ultimatum game played by Greek participants. Parallel to this, we introduce a one-way communication protocol according to which the responders can send short messages to the receivers, after making their decisions....

This paper aims to shed light on the impacts of imposing co-payment on public services, a strategy increasingly employed in the realm of publicly provided healthcare. We analyze the effect of imposing a charge for the individual appropriation of common resources. In our design, withdrawing the maximum amount is the dominant strategy for every playe...

This study draws on literature at the intersection of servitization, digital business models and supply chain management. Work empirically explores how digital disruption has affected Business-to-Business (B2B) interdependencies. Dematerialization of physical products is transforming the way firms are positioned in the supply chain due to a reducti...

The term promotional effort refers to all strategies aimed at broadening a firms? market scope through the establishment if a larger and more loyal consumer basis. Advertising, public relations, sales promotion, personal selling as well as price-related strategies affecting a firm?s sales potential are addressed. Both positive and normative approac...

Given the ongoing debate on managerial compensation schemes, our paper offers empirical insights on the strategic choice of firms’ owners over the terms of a managerial compensation contract, as a commitment device aiming at gaining competitive advantage in the product market. In a quantity setting duopoly we experimentally test whether firms’ owne...

This paper reviews literature on alternative convenience food choices and analyses the findings from consumer behaviour and manufacturing/retailing perspective. As consumers' demand for easy prepared and healthier food products has gradually increased, so has the related research activity. This address provides a synopsis of 60 relevant peer-review...

This paper reviews literature on alternative convenience food choices and analyses the findings from consumer behaviour and manufacturing/retailing perspective. As consumers' demand for easy prepared and healthier food products has gradually increased, so has the related research activity. This address provides a synopsis of 60 relevant peer-review...

Several treatments that could be implemented in the home environment are evaluated with the objective of reaching a more rational and efficient use of energy. We feel that detailed knowledge of energy-consuming behavior is paramount for the development and implementation of new technologies, services, and even policies that could result in more rat...

A market is not competitive when the agents acting in such a market have the power to influence the price, directly or indirectly, something that does not occur under perfect competition. Generally, these agents have market power because they are few in number, have access to relevant information and can foresee the interdependence between their st...

We propose a bargaining process supergame over the strategies to play in a non-cooperative game. The agreement reached by players at the end of the bargaining process is the strategy profile that they will play in the original non-cooperative game. We analyze the subgame perfect equilibria of this supergame, and its implications on the original gam...

We present results from experimental price-setting oligopolies in which green firms undertake different levels of energy-saving investments motivated by public subsidies and demand-side advantages. We find that consumers reveal higher willingness to pay for greener sellers’ products. This observation in conjunction to the fact that greener sellers...

We analyze the interaction between university professors' teaching quality and their research and administrative activities. Our sample is a high-quality individual panel data set from a medium size public Spanish university that allows us to avoid several types of biases frequently encountered in the literature. Although researchers teach roughly...

We study the behavior and emotional arousal of the participants in an experimental auction, leading to an asymmetric social dilemma involving an auctioneer and two bidders. An antisocial transfer (bribe) which is beneficial for the auctioneer (official) is paid, if promised, by the winner of the auction. Some pro-social behavior on both the auction...

We study, both theoretically and experimentally, the relation between preferred majority thresholds and behavioral traits such as the degree of risk aversion and the subjective confidence on others preferences over the alternative to vote. The main theoretical findings are supported by experimental data. The majority threshold chosen by a subject i...

This study examines the evolution of prices in markets with Internet price-comparison search engines. The empirical study analyzes laboratory data of prices available to informed consumers, for two industry sizes and two conditions on the sample (complete and incomplete). Distributions are typically bimodal. One of the two modes of distribution, co...

An online national survey among the Spanish population (n = 602) was conducted to examine the factors underlying a person’s support for commitments to global climate change reductions. Multiple hierarchical regression analysis was conducted in four steps and a structural equations model was tested. A survey tool designed by the Yale Project on Clim...

We model monopolistic competition in product lines, assuming that consumer heterogeneity is the result rather than the cause of product variety. Our results contradict some well-known policy implications yielded by the standard monopolistic competition framework.

This article tests whether workers are indifferent between risky and safe jobs provided that, in labor market equilibrium, wages should serve as a utility equalizing device. Workers' preferences are elicited through a partial measure of overall job satisfaction: satisfaction with job-related risk. Given that selectivity turns out to be important, w...

The increasing use of physiological recordings in experimental economics requires a precise timing of interesting events, such as the presentation of a set of choices, the decision-making moment and the reception of feedback through the display of a decision outcome. In this note we provide a simple, accurate and inexpensive solution based on the u...

In a discrete location and pricing version of the Hotelling game we address some neglected behavioral aspects of the famous product dif-ferentiation model. The minimum differentiation result gains ground under specific behavioral assumptions. Alternatively, both maximum and intermediate differentiation may emerge.

We apply an alternating proposals protocol with a confirmation stage as a way of solving a Prisoner’s Dilemma game. We interpret players’ proposals and (no) confirmation of outcomes of the game as a tacit communication device. The protocol leads to unprecedented high levels of cooperation in the laboratory. Assigning the power of confirmation to on...

In a symmetric differentiated experimental duopoly we test the ability of Price Guarantees (PGs) to raise prices above the competitive levels. Different types of PGs (‘aggressive’ and ‘soft’ price-beating and price-matching) are implemented either as an exogenously imposed market rule or as a business strategy. Our results show that PGs may lead cl...

This paper studies the economical behavior of agents, who make decisions regarding the sustainability of Common Pool Resources (CPR). For this purpose, economical experiments are applied to simulate the yield of a CPR taking into account the influence of economical training on the learning process of individuals regarding their decisions for sustai...

This article explores the reasons that affect the decisions of managers of firms to adopt management practices in order to green their supply chain management. Under the context of environmental policy, the relationship between policy instruments (‘command and control’, market-based, and self-regulated) and the decisions of managers to adopt green...

Inspired by the ongoing debate regarding the liberalization of the Spanish railway network, we use real-world information on the features of passenger transportation demand and the existing network infrastructure to build a complex experimental setting. We test the efficiency of alternative service provision obligations imposed to railway companies...

We experimentally test how a private monopoly, a duopoly and a public utility allocate water of differing qualities to households and farmers. Most of our results are in line with the theoretical predictions. Overexploitation of the resources is observed independently of the market structure. Stock depletion for the public utility is the fastest, f...

We analyze the interaction between university professors’ teaching quality and their research and administrative activities. Our sample is a high-quality individual panel data set from a medium size public Spanish university. Although, researchers teach roughly 20% more than non-researchers, their teaching quality is also 20% higher. Over much of t...

We analyze experimental data obtained from an ultimatum game framed as a situation of employee–employer negotiation over salaries. Parallel to this, we elicit subjects’ risk attitudes. In the existing literature, it has often been conjectured that gender differences in strategic environments are partly due to differences in risky decision making. O...

In this paper, we propose a simple task for eliciting attitudes toward risky choice, the Sabater-Grande and Georgantzís (SGG) lottery-panel task, which consists in a series of lotteries constructed to compensate riskier options with higher risk-return trade-offs. Using Principal Component Analysis technique, we show that the SGG lotterypanel task i...

This note presents the special issue on Experimental and Behavioral Economics. The volume includes some recent contributions from these correlated disciplines –empirical the former and theoretical the latter– and their potential contribution to the intersection of Economics with Psychology and Sociology. The project “ El papel de la comparación soc...