Similar Search Results

From self-fulfilling mistakes to behavioral learning equilibria

Hommes, Cars H. - 2017

This essay links some of my own work on expectations, learning and bounded rationality to the inspiring ideas of Jean …-Michel Grandmont. In particular, my work on consistent expectations and behavioral learning equilibria may be seen as formalizations of … JMG's ideas of self-fulfilling mistakes. Some of our learning-to-forecast laboratory experiments with human subjects have …

Persistent link: https://www.econbiz.de/10011590425

Behavioral and experimental macroeconomics and policy analysis : a complex systems approach

Hommes, Cars H. - 2018

This survey discusses behavioral and experimental macroeconomics emphasizing a complex systems perspective. The economy consists of boundedly rational heterogeneous agents who do not fully understand their complex environment and use simple decision heuristics. Central to our survey is the...

Persistent link: https://www.econbiz.de/10011929804

Can we manage first impressions in cooperation problems? : an experimental study on "Broken (and Fixed) Windows"

Engel, Christoph; Kube, Sebastian; Kurschilgen, Michael - 2011

Cooperation problems are at the heart of many everyday situations. In this paper, we propose a very simple and light-handed mechanism to sustain cooperation and test its performance in a rich laboratory environment. The mechanism moderates cooperation by controlling experiences, more...

Persistent link: https://www.econbiz.de/10009007141

Interacting agents in finance

Hommes, Cars H. - 2006

Interacting agents in finance represent a behavioral, agent-based approach in which financial markets are viewed as complex adaptive systems consisting of many boundedly rational agents interacting through simple heterogeneous investment strategies, constantly adapting their behavior in response...

Persistent link: https://www.econbiz.de/10011348701

Serving consumers in an uncertain world: A credence goods experiment

Balafoutas, Loukas; Fornwagner, Helena; Kerschbamer, Rudolf - 2023

Credence goods markets are prone to fraudulent behavior and market inefficiencies due to informational asymmetries between sellers and customers. We examine experimentally the effects of diagnostic uncertainty and insurance coverage on the information acquisition and provision decisions by...

Persistent link: https://www.econbiz.de/10014471682

Serving consumers in an uncertain world: A credence goods experiment

Balafoutas, Loukas; Fornwagner, Helena; Kerschbamer, Rudolf - 2023

Persistent link: https://www.econbiz.de/10014475806

Serving consumers in an uncertain world: A credence goods experiment

Balafoutas, Loukas; Fornwagner, Helena; Kerschbamer, Rudolf - 2023

Persistent link: https://www.econbiz.de/10014476303

The economics of credence goods: on the role of liability, verifiability, reputation and competition

Dulleck, Uwe; Kerschbamer, Rudolf; Sutter, Matthias - 2009

Credence goods markets are characterized by asymmetric information between sellers and consumers that may give rise to inefficiencies, such as under- and overtreatment or market break-down. We study in a large experiment with 936 participants the determinants for efficiency in credence goods...

Persistent link: https://www.econbiz.de/10010271236

Car Mechanics in the Lab - Investigating the Behavior of Real Experts on Experimental Markets for Credence Goods

Beck, Adrian; Kerschbamer, Rudolf; Qiu, Jianying; … - 2009

We compare the behavior of car mechanics and college students as sellers in experimental credence goods markets. Finding largely similar behavior, we note much more overtreatment by car mechanics, probably due to decision heuristics they learned in their professional training.

Persistent link: https://www.econbiz.de/10010294779

The Economics of Credence Goods: On the Role of Liability, Verifiability, Reputation and Competition

Dulleck, Uwe; Kerschbamer, Rudolf; Sutter, Matthias - 2009

Persistent link: https://www.econbiz.de/10010294835