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Experimental Economics - Science topic

Experimental economics is the application of experimental methods to study economic questions.
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Publications related to Experimental Economics (3,806)
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Carl Menger advanced a narrow definition of exact or theoretical economics. Theoretical economics is the study of the self-interested aspect of human efforts made to meet needs. One implication of this definition, Menger argues, is a strict demarcation between ethics and economics. Menger advances this demarcation against what he calls the “ethical...
Article
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The emergence of computer network virtual experiment teaching provides the possibility to solve the limitations of hardware equipment and time for cultivating computer talents in colleges and universities. Although the network virtual experiment teaching platform can provide learners with an autonomous learning environment, the design of these modu...
Preprint
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The present paper introduces a theoretical framework through which the degree of risk aversion with respect to uncertain prices can be measured through the context of the indirect utility function (IUF) using a lab experiment. First, the paper introduces the main elements of the duality theory (DT) in economics. Next, it proposes the context of IUF...
Article
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We examine gender differences in willingness to compete, using data from a TV game show where the winner of an elimination competition in expectation wins hundreds of thousands of euros. At several stages of this competition, contestants face a choice between continuing to compete and opting out in exchange for a comparatively modest prize. When th...
Article
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Background Adequate nutrition and regular physical activity (PA) are key elements in healthy aging. In France, behavioural interventions promoting healthy eating and PA in older adults consist mainly in collective workshops organised by pension and health insurance funds. After analyzing pre-existing workshops, we designed the co-constructed projec...
Article
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There is growing interest in collective contracts to address agri-environmental policy goals at landscape scales. Yet, little is known about farmers’ general willingness to cooperate. We developed four treatments of a linear public goods game to investigate farmers’ willingness to cooperate: (1) heterogeneous endowments, (2) leading-by-example, (3)...
Article
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The study of human behaviour has been cementing its place within economics for decades. The complexity of decisions in family farming, challenging agricultural markets, and climate change have drawn attention to human behaviour, namely risk perceptions and the decision-making process , with a focus on agricultural economics. This paper reviews curr...
Article
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This paper addresses the question of the effectiveness and permanence of temporary incentives to contribute to a public good. Using a common experimental framework, we investigate the effects of a recommendation that takes the form of an exhortative message to contribute, a monetary punishment and a non-monetary reward to sustain high levels of con...
Article
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Retail store prices are frequently set to either a just-below (e.g., $1.99) or rounded to (e.g., $2.00) integer levels. Previous studies proposed two price-perception effects that may underly such psychological pricing strategies. First, the left-digit effect (LDE) assumes consumers read prices left-to-right. Cognitive limitations let consumers ove...
Article
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The present paper introduces a theoretical framework through which the degree of risk aversion with respect to uncertain prices can be measured through the context of the indirect utility function (IUF) using a lab experiment. First, the paper introduces the main elements of the duality theory (DT) in economics. Next, it proposes the context of IUF...
Preprint
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China is planning to introduce a carbon tax policy to control the carbon emissions of country better and achieve the "3060 goals", but there is still widespread discussion about how to introduce it and how to combine it with cap and trade. China had already established a national carbon emission trading market, however, there is also disagreement o...
Preprint
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A new theory and model of the stock market that incorporates decision noise in the spirit of behavioral economics, collaboration in the spirit of experimental economics, and financial data and features in the spirit of econophysics is used to support a theory from 2005 that collusion should lower the level of decision noise. This idea is used to fi...
Article
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We study the impact of discrete versus continuous time on the behavior of agents in the context of a dynamic common pool resource game. To this purpose, we consider a linear quadratic model and conduct a lab experiment in which agents exploit a renewable resource with an infinite horizon. We use a differential game for continuous time and derive it...
Article
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When economists perform experiments, they do so typically in one of two traditions: cognitive psychology experiments in the heuristics and biases tradition (H&B-experiments) and experimental economics in the tradition of Vernon Smith. What sets these two traditions apart? In this paper, I offer a novel conceptualization of their pervasive disagreem...
Article
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Economic inequality shapes the degree to which people and different social groups are perceived in stereotypical ways. Our research sought to investigate the impact of the perception of economic inequality in an organizational setting on expectations of social diversity in the organization’s workforce, across the dimensions of gender and ethnicity....
Article
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Background Healthcare reforms in many countries have shown a movement from pure payment systems to mixed payment systems. However, there remains an insufficient understanding of how to design better mixed payment systems and how such systems, especially Diagnosis-Related-Group (DRG)-based systems, benefit patients. We therefore designed a controlle...
Thesis
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Experimental economics offers the possibility to study the behavior of economic agents in ideal conditions, as it allows for the complete control of the environment of participants. This thesis presents results from several field experiments, as well as their contributions to the literature. This manuscript is composed of five chapters. The first t...
Preprint
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We introduce a novel statistical framework to study replicability which simultaneously offers overall Type-I error control, an assessment of compatibility and a combined confidence region. The approach is based on a recently proposed reverse-Bayes method for the analysis of replication success. We show how the method can be recalibrated to obtain a...
Article
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Rural women are an integral part of the agricultural economy. Still, their exposure to environmental pollution, especially in the context of risk preference and health risk perception, has not gained much attention in the existing literature. So to explore this notion, a survey and experimental data of 714 rural Chinese women as pig breeders are ta...
Preprint
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A leading explanation for widespread replication failures is publication bias. I show in a simple model of selective publication that, contrary to common perceptions, the replication rate is unaffected by the suppression of insignificant results in the publication process. I show further that the expected replication rate falls below intended power...
Preprint
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Carl Menger advanced a narrow definition of exact or theoretical economics. Theoretical economics is the study of the self-interested aspect of human efforts made to meet needs. One implication of this definition, Menger argues, is a strict demarcation between ethics and economics. Menger advances this demarcation against what he calls the “ethical...
Article
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A growing body of literature in experimental economics examines how cognitive ability affects cooperation in social dilemma settings. We contribute to the existing literature by studying this relationship in a more complex and strategic environment when the number of partners increases in an infinitely repeated public goods game. We designed four t...
Preprint
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To illustrate that a Nash equilibrium results from a flawed attempt to solve a game, this article studies two extensions of the classic oligopoly model of Cournot. The common cost function is quadratic, and the (still linear) inverse demand functions allow of differentiated goods. The industry has a maximal-profit set that is characterised by a con...
Article
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Incentivized experiments in which individuals receive monetary rewards according to the outcomes of their decisions are regarded as the gold standard for preference elicitation in experimental economics. These task-related real payments are considered necessary to reveal subjects’ “true preferences.” Using a systematic, large-sample approach with t...
Conference Paper
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The purpose of this study is to provide an evaluation of the possible criteria used by the people of Thessaloniki for the evaluation of public goods and the investigation of the benefits of the conservation and restoration of city structures affected by carbon monoxide. These benefits are expressed in monetary units by using the Contingent Valuatio...
Article
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The debate between stick (penalties) and carrot (rewards) strategies has been widely carried out in various academic realms, including transportation. This paper seeks to compare the instantaneous and longitudinal effectiveness of a traditional penalty-based congestion pricing strategy and an innovative Incentive-Based Traffic Demand Management (IB...
Article
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We study how lines form in front of banks. In our model, depositors choose first the level of effort to arrive early at the bank and then whether or not to withdraw their deposit. We argue that the informational environment (i.e., the possibility of observing the action of others) affects the emergence of bank runs and should, therefore, influence...
Article
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Corporations have recently started incorporating employees’ prosocial preferences into their incentive schemes, including charitable donations (corporate giving). These donations are mainly discussed in conjunction with the external effects of a firm’s CSR strategy. However, this experiment examines the effect of donations on internal firm operatio...
Article
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This study used common pool resource experimental economic games to explore the effects of natural disasters on Mongolian pastoralists' common pool resource management. In this game, two anonymous players have access to a hypothetical envelope of money from which they can withdraw funds. Three versions of the game were used: a version in which the...
Article
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Priced managed lanes (MLs) offer travelers an option to choose to pay a toll to travel on the MLs for a generally faster, more reliable travel than on the adjacent, toll-free general-purpose lanes (GPLs). Recent research has shown that many travelers on freeways with MLs choose the same lane type every trip regardless of travel time savings and tol...
Article
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Based on the close relationship between real estate and capital financing, this paper specifically discusses the impact of interest rate changes in China on real estate market transactions. Housing price regulation has been a hot and focused topic of economics research. It is important to explore the effect of interest rate on real estate market tr...
Preprint
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Game dynamics structure (e.g., endogenous cycle motion) in human subjects game experiments can be predicted by game dynamics theory. However, whether the structure can be controlled by mechanism design to a desired goal is not known. Here, using the pole assignment approach in modern control theory, we demonstrate how to control the structure in tw...
Article
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It is common for researchers studying infinite horizon dynamic games in a lab experiment to pay participants in a variety of ways, including but not limited to outcomes in all rounds or for a randomly chosen round. We argue that these payment schemes typically induce different preferences over outcomes than those of the target game, which in turn w...
Article
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This study experimentally evaluates the effects of group identity primed by property rights on pro-environmental behaviors (PEB) and social norms in an urban Chinese environment. The research in this paper expands the research perspective and method of domestic waste management and provides a theoretical basis for the establishment of a long-term m...
Preprint
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Among the myriad preference elicitation methods used in experimental economics and finance, adaptive elicitation methods are a recent innovation. Here we present a ready-made and user-friendly z-tree application for the elicitation of risk-and time-preference parameters from the most prominent adaptive elicitation method, Dynamic Experiments for Es...
Article
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Net neutrality has been the most relevant and heavily debated Internet regulation policy of the last decade. Net neutrality aims to prohibit discrimination between data packages in terms of content, origin, destination, or type of equipment used. However, the Big Tech companies, sheltered by the net neutrality policy, have flourished. They now have...
Article
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We study ethical concerns of consumers in experimental markets. Consumers have monopsony power, firms set prices and wages, and workers are passive recipients of a wage payment who can be protected by a minimum wage regulation. We find that the majority of consumers occasionally deviate from their self-interest and that markets with such consumers...
Article
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Adam Smith included the human psychology factor in his book "Wealth of Nations", which is accepted as the beginning of classical economics. Adam Smith also stated in his previous book "The Theory of Moral Sentiments" that the human psychology factor is not only the field of psychology but can also be subject to other fields such as economics. Tradi...
Preprint
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This research highlights the potential of using topic modeling for managing attention to scientific publications. The research is based on the fact of overburdens of information and the ideas that 1) attention is limited to a certain class of results that we expect to see; 2) attention determines that narrow electoral area that stands out in common...
Article
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This study investigates “hypothetical bias,” defined as the difference in the willingness to pay for a product attribute between hypothetical and non-hypothetical conditions in a choice experiment, for the carbon footprint of mandarin oranges in Japan. We conducted the following four treatments: a non-hypothetical lab economic experiment, a hypothe...
Preprint
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The overall objective of this dissertation is to explore how experimental economics could be used to inform reforms of value-based pharmaceutical pricing policies. A methodological framework for experimental policy analysis is proposed. On this basis, an experimental design for the analysis of price negotiations for medicines and value-based policy...
Presentation
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Adam Smith included the human psychology factor in his book "Wealth of Nations", which is accepted as the beginning of classical economics. Adam Smith also stated in his previous book “The Theory of Moral Sentiments” that the human psychology factor is not only the field of psychology but can also be subject to other fields such as economics. Tradi...
Article
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We convey our experiences developing and implementing an online experiment to elicit subjective beliefs and economic preferences. The COVID-19 pandemic and associated closures of our laboratories required us to conduct an online experiment in order to collect beliefs and preferences associated with the pandemic in a timely manner. Since we had not...
Thesis
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La gestion optimale des ressources communes renouvelables (eaux souterraines, forêts, stocks de poissons, etc.) est au cœur des préoccupations politiques et économiques et constitue un enjeu majeur pour les décennies en cours et à venir. Pour tenir compte du caractère évolutif de ces ressources, les économistes s’appuient de plus en plus sur des mo...
Article
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To reach the “30·60” decarbonization target (where carbon emissions start declining in 2030 and reach net zero in 2060), China is restructuring its power system to a new energy-based one. Given this new situation, this paper reviews previous studies on the power market and highlights key issues for future research as we seek to adapt to the new pow...
Article
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Given the growing prevalence of catastrophic events and health epidemics, policymakers are increasingly searching for effective strategies to encourage firms to invest in resilience rather than relying on insurance or government assistance. Too often, however, resilience research focuses on decisions made by firms and emergency planners in the cont...
Thesis
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In the 21st century, two main challenges for economic research are to propose effective solutions to shape the digital transformation and mitigate human-induced climate change. Research on digital transformation is closely linked to various privacy-related issues, which mostly relate to the preferences and decisions of individuals. In contrast, cli...
Article
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Pro-social behavior is crucial to the sustainable governance of common-pool resources such as fisheries. Here, we investigate how key socioeconomic characteristics influence fishers’ pro-social and bargaining behavior in three types of experimental economic games (public goods, trust, and trade) conducted in fishing associations in Chile. Our games...
Article
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This work presents the results of framed field experiments designed to study the co-enforcement of access to common pool resources. The experiments were conducted in the field with artisanal fishers in Chile. In the experiments, members of a CPR group (called insiders) not only decided how much to harvest but also invest in monitoring to deter poac...
Article
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This paper studies the empirical properties and identification for a broad class of adaptive learning models in games (e.g., experience-weighted attraction (EWA), payoff assessment, and impulse-matching models). I first show that adding a constant c = 0 to the utility function could affect players' choices during the learning periods. This property...
Article
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Curiosity is pervasive in our everyday lives, but we know little about the factors that contribute to this drive. In the current study, we assessed whether curiosity about uncertain outcomes is modulated by the valence of the information, i.e. whether the information is good or bad news. Using a lottery task in which outcome uncertainty, expected v...
Article
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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...
Article
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In experimental economics there is a norm against using deception. But precisely what constitutes deception is unclear. While there is a consensus view that providing false information is not permitted, there are also “gray areas” with respect to practices that omit information or are misleading without an explicit lie being told. In this paper, we...
Article
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Face-to-face communication increases human trust, which is crucial for making important decisions with others. Due to technological breakthroughs and the COVID-19 pandemic, human interactions now predominantly occur online, leading to two situations: other peoples’ faces cannot be seen, but yours can, and vice versa. However, the relationships amon...
Article
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The most evident shortcoming of the international agreements on climate actions is the compliance to their prescriptions. Can John Rawls’s social contract theory help us to solve the problem? We apply the veil of ignorance decision-making setting in a sequential dictator game to study the compliance to climate change agreements and we test the mode...
Article
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Brynjolfsson et al. (2019a) have used experimental economics to measure the welfare benefits of free commodities and to define an extended measure of output, GDP‐B. In this paper, their methodological approach is generalized to measuring the benefits of new commodities which may or may not be free. Their approach leads to a new method for estimatin...
Article
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Using an incentivized experiment with statistical power, this paper explores the role of stakes in charitable giving of lottery prizes, where subjects commit to donate a fraction of the prize before they learn the outcome of the lottery. We study three stake levels: 5€ ( n = 177), 100€ ( n = 168), and 1,000€ ( n = 171). Although the donations incre...
Article
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This paper discusses how macroeconomics can and already has begun to make use of controlled experimental methods to address the assumptions and predictions of macroeconomic models as well as to evaluate the impacts of macroeconomic policy interventions. Specific issues addressed include rational expectations and alternatives, intertemporal optimiza...
Article
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Against the background of the speed-accuracy trade-off, we explored whether the Pace of Life can be used to identify heterogeneity in the strategy to place more weight on either fast or accurate accomplishments. The Pace of Life approaches an individual’s exposure to time and is an intensively studied concept in the evolutionary biology research. A...
Article
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en In order to keep pace with the evolution of the objectives and means of the EU's Common Agricultural Policy, evaluation tools also need to adapt. A set of tools that have proved highly effective in other policy fields is economic experiments. These allow the testing of a new policy before its implementation, provide evidence of its specific effe...
Article
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The moral comparison of the three venues of deception—lying, falsely implicating, and nonverbal deception—is a central, ongoing debate in the ethics of deception. To date there has been no attempt to advance in the debate through experimental philosophy. Using methods of experimental economics, we devised a strategic game to test positions in the d...
Article
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Over the last two decades, experimental economics has been gaining relevance in the research of a wide range of issues related to agriculture. In turn, the agricultural activity provides an excellent field of study within which to validate the use of instruments employed by experimental economics. The aim of this study is to analyze the dynamics of...