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Uncertainty and Disagreement in Forecasting Inflation : Evidence from the Laboratory (Replaced by CentER DP 2012-072)

Pfajfar, Damjan; Zakelj, B. - Tilburg University, Center for Economic Research - 2011

We establish several stylized facts about the behavior of individual uncertainty and disagreement between individuals when forecasting inflation in the laboratory. Subjects correctly perceive the underlying inflation uncertainty in only 60% of cases, which can be interpreted as the...

Persistent link: https://www.econbiz.de/10011090681

Inflation Expectations and Monetary Policy Design : Evidence from the Laboratory (Replaces CentER DP 2009-007)

Pfajfar, Damjan; Zakelj, B. - Tilburg University, Center for Economic Research - 2011

Using laboratory experiments within a New Keynesian macro framework, we explore the formation of inflation expectations and its interaction with monetary policy design. The central question in this paper is how to design monetary policy in the environment characterized by heterogeneous...

Persistent link: https://www.econbiz.de/10011091246

Uncertainty and Disagreement in Forecasting Inflation : Evidence from the Laboratory (Revised version of CentER DP 2011-053)

Pfajfar, Damjan; Zakelj, B. - Tilburg University, Center for Economic Research - 2012

Abstract: This paper compares the behavior of subjects' uncertainty in different monetary policy environments when forecasting inflation in the laboratory. We find that inflation targeting produces lower uncertainty and higher accuracy of interval forecasts than inflation forecast targeting. We...

Persistent link: https://www.econbiz.de/10011091914

Paying with Self-Chosen Goals : Incentives and Gender Differences

Dalton, Patricio Santiago; Noussair, Charles; Gonzalez … - Tilburg University, Center for Economic Research - 2015

Abstract: To boost employees’ performance, firms often offer monetary bonuses when production goals are reached. However, the evidence suggests that the particular level of a goal is critical to the effectiveness of this practice. Goals must be challenging yet achievable. Computing optimal...

Persistent link: https://www.econbiz.de/10011220496

An Experimental Study in the Crowding-Out Effect of Public Transfers in a Model with Multiple Families

Potters, Jan; Güth, W.; Offerman, T.J.S.; Strobel, M.; … - Tilburg University, Center for Economic Research - 2000

We study an overlapping-generations experiment with multiple families in which redistributional transfers can take the form of support to the elderly or grants to children.Supporting the old is a purely inter-generational (intra-family) transfer, whereas grants to children also involve an...

Persistent link: https://www.econbiz.de/10011092124

Simple and Complex Gift Exchange in the Laboratory

van der Heijden, Eline; nelissen, jan; Potters, Jan; … - Tilburg University, Center for Economic Research - 1999

We examine an experimental gift exchange game in which the players can improve upon the unique no-gifts equilibrium through cooperative gift giving. The main feature of the study is that there are two different types of gift exchange, which we call simple and complex exchange, respectively....

Persistent link: https://www.econbiz.de/10011092741

A Theory of Sequential Reciprocity

Dufwenberg, M.; Kirchsteiger, G. - Tilburg University, Center for Economic Research - 1998

Many experimental studies indicate that people are motivated by reciprocity. Rabin (1993) develops techniques for … reciprocity for extensive games in which the sequential structure of a strategic situation is made explicit. We propose a new … solution concept— sequential reciprocity equilibrium—which is applicable to extensive games, and we prove a general equilibrium …

Persistent link: https://www.econbiz.de/10011090465

Employment Duration and Resistance to Wage Reductions : Experimental Evidence

Burda, M.; Güth, W.; Kirchsteiger, G.; Uhlig, H.F.H.V.S. - Tilburg University, Center for Economic Research - 1998

One of the long-standing puzzles in economics is why wages do not fall sufficiently in recessions so as to avoid increases in unemployment. Put differently, if the competitive market wage declines, why don't employers simply force their employees to accept lower wages as well? As an alternative...

Persistent link: https://www.econbiz.de/10011090402

How to Play 3x3 Games : A Strategy Method Experiment

Selten, R.; Abbink, K.; Buchta, J.; Sadrieh, A. - Tilburg University, Center for Economic Research - 2002

Using the strategy method (Selten 1967) we elicit subjects' strategies for playing any 2-person 3x3-game with integer payoffs between 0 and 99.In each of 5 tournaments, every strategy pair plays 500000 games.The frequency of pure strategy equilibrium play increases from 51% in the first to 74%...

Persistent link: https://www.econbiz.de/10011091650

Fairness, Public Good, and Emotional Aspects of Punishment Behavior

Abbink, K.; Sadrieh, A.; Zamir, S. - Tilburg University, Center for Economic Research - 2002

We report an experiment on two treatments of an ultimatum minigame.In one treatment, responders' reactions are hidden to proposers.We observe high rejection rates reflecting responders' intrinsic resistance to unfairness.In the second treatment, proposers are informed, allowing for dynamic...

Persistent link: https://www.econbiz.de/10011092134

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