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Effect of uncertainty about others’ rationality in experimental asset markets

Akiyama, Eizo; Hanaki, Nobuyuki; Ishikawa, Ryuchiro - 2012

We investigate the extent to which price deviations from fundamental values in an experimental asset market are due to the uncertainty of subjects regarding others’ rationality. We do so by comparing the price forecasts submitted by subjects in two market environments: (a) all six traders are...

Persistent link: https://www.econbiz.de/10010900239

How Do Experienced Traders Respond to Inflows of Inexperienced Traders? An Experimental Analysis

Akiyama, Eizo; Hanaki, Nobuyuki; Ishikawa, Ryuichiro - 2013

private agents are gradually learning their uncertain environment. When agents update their beliefs about the parameters that … under adaptive learning are significantly larger than under rational expectations. In our benchmark case calibrated using US … data on leverage, debt-to-GDP and land value-to-GDP ratios for 1996Q1-2008Q4, learning amplifies leverage shocks by a …

Persistent link: https://www.econbiz.de/10010900256

It is Not Just Confusion! Strategic Uncertainty in an Experimental Asset Market

Akiyama, Eizo; Hanaki, Nobuyuki; Ishikawa, Ryuichiro - 2013

To what extent is the observed mis-pricing in experimental asset markets caused by strategic uncertainty (SU) and by individual bounded rationality (IBR)? We address this question by comparing subjects initial price forecasts in two market environments – one with six human traders, and the...

Persistent link: https://www.econbiz.de/10010900263

Vertically Splitting a Firm: Promotion and Demotion in a Team Production Experiment

Neugebauer, Tibor; Cabrera, Susana; Fatas, Enrique; … - Centre de Recherche en Économie Appliquée (CREA), … - 2012

The paper reports an experimental study on a promotion-demotion mechanism to mitigate the free-rider problem in team production. The "mechanism hierarchically splits a group in two; we refer to one subgroup as" the major league and to the other as the minor league. The most cooperative subject...

Persistent link: https://www.econbiz.de/10010900733

The Takeover Game

Fllbrunn, Sascha; Haruvy, Ernan - Centre de Recherche en Économie Appliquée (CREA), … - 2011

Abstract: While shareholders direct influence on management decisions may be small, the takeover threat could serve as an indirect but effective mechanism for shareholders to influence management. We introduce the takeover game, an experimental asset market characterized by two important...

Persistent link: https://www.econbiz.de/10010900744

An Experimental Investigation of Mixed Systems of Public and Private Health Care Finance

Buckley, Neil J.; Cuff, Katherine; Hurley, Jeremiah; … - Department of Economics, McMaster University - 2012

This paper presents the results of a revealed-choice experiment testing the theoretical predictions of a model of a …

Persistent link: https://www.econbiz.de/10010692364

College Admissions in China : A Mechanism Design Perspective

Zhu, Min - Groupe d'Analyse et de Théorie Économique Lyon … - 2013

This paper justifies the evolution of the college admissions system in China from a mechanism design perspective. The sequential choice algorithm and the parallel choice algorithm used in the context of China’s college admissions system are formulated as the well-studied Boston mechanism and...

Persistent link: https://www.econbiz.de/10010692881

An experimental investigation of mixed systems of public and private health care finance

Buckley, Neil J.; Cuff, Katherine; Hurley, Jeremiah; … - In: Journal of Economic Behavior & Organization 84 (2012) 3, pp. 713-729

This paper presents the results of a revealed-choice experiment testing the theoretical predictions of a model of a …

Persistent link: https://www.econbiz.de/10010693375

Limited farsightedness in network formation

KIRCHSTEIGER, Georg; MANTOVANI, Marco; MAULEON, Ana; … - Center for Operations Research and Econometrics (CORE), … - 2013

experiment to test these extreme theories, but find evidence against both of them: the subjects are consistent with an …

Persistent link: https://www.econbiz.de/10010695722

Motivating Agents: How Much Does the Mission Matter?

Carpenter, Jeffrey P.; Gong, Erick - Institute for the Study of Labor (IZA) - 2013

real effort experiment with participants who work directly for organizations with clear missions. Weeks before the … experiment, we survey potential participants for their organizational preferences. At the experiment, we randomly assign workers …

Persistent link: https://www.econbiz.de/10010695875