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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
such policy experimentation is what I call “experimental rules,” which are rules that terminate automatically and are … “arbitrary and capricious” review is likely to compel regulators to take into account learning generated by the experiment …, thereby overcoming one of the principal obstacles to policy experimentation. Yet, it turns out that agencies rarely adopt such …
Persistent link: https://www.econbiz.de/10014161381
We introduce a model of strategic experimentation on social networks where forwardlooking agents learn from their own … own experimentation, so total information decreases with network density; we determine density thresholds below which …
Persistent link: https://www.econbiz.de/10014237255
Experimental Business Research includes papers that were presented at the First Asian Conference on Experimental Business Research held at the Hong Kong University of Science and Technology (HKUST), on December 7-10, 1999. The conference was organized by the Center for Experimental Business...
Persistent link: https://www.econbiz.de/10013522448
conducted a real effort fairness experiment where people in two of the world's richest countries, Norway and Germany, interacted … directly with people in Uganda and Tanzania, two of the world's poorest countries. In this experiment, the participants were …. First, entitlement considerations are crucial in explaining the distributive behavior of rich people in the experiment …
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When an upstream monopolist supplies several competing downstreamfirms, it may fail to monopolize the market because it is unable to commit not to behave opportunistically. We build on previous experimental studies of this well-known commitment problem by introducing communication. Allowing the...
Persistent link: https://www.econbiz.de/10011518962