This paper evaluates how different lengths of entry regulation impact market structure and market performance using a dynamic structural model. We formulate an oligopoly model in the tradition of Ericson and Pakes (1995) and allow entry costs to vary over time. Firms have the opportunity to...

The first two chapters of Haavelmo's ‘Probability Approach' provide a very rich epistemological framework for understanding what it entails to finds laws outside the laboratory. Even though these laws will be inexact, a framework was developed to specify for which conditions laws could be...

Clinical studies and economic experiments are often conducted with randomized controlled trials. In clinical studies, power calculations are carried out as a standard. But what's about economic experiments? After describing the basic idea of the calculation procedure in a brief tutorial, I...

Common sense is a dynamic concept and it is natural that our (statistical) common sense lags behind the development of statistical science. What is not so easy to understand is why common sense lags behind as much as it does. We conduct a survey among Japanese students and try to understand why...

Common sense is a dynamic concept and it is natural that our (statistical) common sense lags behind the development of statistical science. What is not so easy to understand is why common sense lags behind as much as it does. We conduct a survey among Japanese students and try to understand why...

Consumer products and services can often be described as mixtures of ingredients. Examples are the mixture of ingredients in a cocktail and the mixture of different components of waiting time (e.g., in-vehicle and out-of-vehicle travel time) in a transportation setting. Choice experiments may...

This paper reviews the recent development and new findings of the literature on learning to forecast experiments (LtFEs). In general, the stylized finding in the typical LtFEs, namely the rapid convergence to the rational expectations equilibrium (REE) in negative feedback markets and persistent...

I introduce and solve a class of information asymmetries problems in which agents have uncoordinated perspectives of objective information. I first present a new primitive of literal personal perspective frames: coordinate systems through which agents view phenomena based on their subjective...

Humans play important roles in the process of quantifying uncertainty. The participation of humans in this important exercise opens the process to behavioral biases. In this paper, we examine the different types of biases that may occur when quantifying uncertainty using a process-oriented...