Taisuke Imai’s research while affiliated with Japan Economic Research Institute and other places

... Our study also contributes to improving the replicability and generalizability of LLM experiments. Several studies have assessed the replicability of experimental studies with human subjects [14,15,48]. The findings indicate that experiments in economics exhibit a higher rate of replicability compared to those in psychological sciences [14], which may be attributed to the rigorous methodological standards and established norms developed over decades within experimental economics [27,14,39,68]. ...

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When Experimental Economics Meets Large Language Models: Tactics with Evidence

... Diese Verlustaversion wird durch einen Parameter in der Nutzenfunktion operationalisiert. In einigen klassischen parametrischen Modellen wirken die Verluste etwa doppelt so stark wie gleichhohe Gewinne(Brown et al., 2024). Der sogenannte Endowment Effect kann mit Verlustaversion erklärt werden: Auf individueller Ebene ist die Bereitschaft, für ein Gut zu bezahlen, meist geringer als der angegebene Mindestverkaufspreis für dieses Gut, wenn man es schon besitzt(Kahneman et al., 1991).Wirtschaftspolitisch spielen beide Aspekte eineRolle. ...

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Unsichere Zeiten: Unsicherheit und ihre ökonomischen Auswirkungen

... While GPT exhibits a high level of rationality, it is possible that its decisions are simply clustered at the corners or in certain areas. To address such concern, we examine whether GPT behavior respects the property of downwardsloping demand, a fundamental principle in the analysis of consumer behavior whereby the demand for a commodity decreases with its price (21,25,60). ...

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The emergence of economic rationality of GPT

... Thus, some intertemporal choice experiments use less-fungible rewards that will be consumed immediately like snacks (Read et al., 1998)) and real effort tasks (Augenblick et al., 2015;Carvalho et al., 2016;Augenblick, 2018;Augenblick & Rabin, 2019;Le Yaouanq & Schwardmann, 2019;Bisin & Hyndman, 2020;Breig et al., 2020;Hardisty & Weber, 2020;Fedyk, 2021;Zou, 2021)). Most papers in this literature find that subjects are present biased on average, a finding less pronounced for monetary rewards (Augenblick et al., 2015); see also meta studies by Imai et al. (2020) and Cheung et al. (2021)). Our design uses a real effort task from Augenblick et al. (2015). ...

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Task completion without commitment

... As the safe option had a lower expected value ($2.00), it would be rational to bet on every trial. However, given the known risk-averse preferences of human agents in such settings [28,29], we anticipated that participants would bet less frequently than would be rational according to this strategy. ...

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Influences of familiarity and recollection on value-based decision-making

... Many lab experiments induce an objective probability, for example those by Choi et al. (2007Choi et al. ( , 2014. There are, however, experimental designs with uncertainty, such as those by Hey & Pace (2014) and Echenique et al. (2019a). ...

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New Developments in Revealed Preference Theory: Decisions Under Risk, Uncertainty, and Intertemporal Choice

... While the experimental estimates of λ are typically in the range 1.8-2.3 (see [34] for a recent meta-analysis) and α is typically estimated to be in the neighborhood of 0.9, Table 2 reports the optimal asset allocation for a much wider range of parameters. This allows us to examine the robustness of the results to the parameter values, and to address the issue of possible heterogeneity among PT investors (as the parameter estimates are only population averages). ...

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Prospect theory, constant relative risk aversion, and the investment horizon

... This suggests that the exponential function can describe data for individual rats as well as the hyperbolic function for the majority of the rats. 49 Studies of human delay discounting have also reported that the best fitting function often differs between individuals, 42,43,[53][54][55] which led to the inclusion of the exponential function in our study. Using this dataset, we adopted three quantification methods to use in GWAS: the area under the curve (AUC), which is function-free, as well as the slope of the hyperbolic function (hyperbolic k) and the slope of the exponential function (exponential k). ...

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Genome‐wide association study of delay discounting in Heterogeneous Stock rats

... Two important mechanisms, shown in previous research on gift-exchange experiments, are trust and positive reciprocity: Principals offer wages above Nash-equilibrium wages (under money maximization; see Section 2), and agents respond with effort levels that increase in the wage offered ('gift exchange' e.g., Fehr et al., 1993Fehr et al., , 1997Hannan, Kagel & Moser, 2002; see also Cooper & Kagel, 2016). Agents may also be motivated by negative reciprocity -that is, a willingness to punish principals if the OC is unfavorable for the agent (see and also the large literature on rejections of unfair offers in ultimatum games (e.g., Güth & Kocher, 2014;Lin et al., 2020). Negative reciprocity may result in rejecting the contract or in choosing minimal effort after the contract has been accepted. ...

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Incentives crowd out voluntary cooperation: evidence from gift-exchange experiments

... The empirical literature regarding behavioral biases in energy efficiency decision-making 4 Frederick et al. (2002) includes a critical review of the history and models of time discounting including time-consistent utility discounting models as well as time preferences and (quasi-)hyperbolic discounting models. 5 See the reviews Frederick et al. (2002) and DellaVigna (2009) for empirical estimates for present bias in various circumstances and Imai et al. (2021) and Cheung et al. (2021) for recent meta studies of papers reporting present bias estimates. 6 Kang (2015) shows that improvements in the Pareto criterion are also welfare-improving from the long-run perspective. ...

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Environmental Policy Instruments for Investments in Backstop Technologies Under Present Bias - An Application to the Building Sector