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Experimental Economics
How do humans make choices, both when facing nature and when interacting with one another? Experimental Economics Volume I seeks to answer these questions by examining individual's choices in strategic settings and predicting choices based on experimental methodology.
Experimental Economics
How do applications affect behavior? Experimental Economics Volume II seeks to answer these questions by examining the auction mechanism, imperfect competition and incentives to understand financial crises, political preferences and elections, and more.
Imperfect Perception and Stochastic Choice in Experiments
The branch of psychology that studies how physical objects are perceived by subjects is known as psychophysics. A feature of the experimental design is that the experimenter presents objectively measurable objects that are imperfectly perceived by subjects. The responses are stochastic in that a subject might respond differently in otherwise identical situations. These stochastic choices can be compared to the objectively measurable properties. This Element offers a brief introduction to the topic, explains how psychophysics insights are already present in economics, and describes experimental techniques with the goal that they are useful in the design of economics experiments. Noise is a ubiquitous feature of experimental economics and there is a large strand of economics literature that carefully considers the noise. However, the authors view the psychophysics experimental techniques as uniquely suited to helping experimental economists uncover what is hiding in the noise.
Hormones and Economic Behavior
Behavioral correlates of hormones, emphasized by psychologists, have captured the attention of economists in the past years. Behavioral economists, in particular, have investigated the possible roles of hormones on economic decision making and behavior as well as social preferences and cognitive abilities. Testosterone, oxytocin, dopamine, serotonin and stress hormones are the foremost studied ones in economic contexts. Yet, the results are mixed and the relationship between hormones and economic behavior is under-investigated to this date. Hormone levels are measurable and manipulatable (e.g. activate, de-activate, block). The fact that the behavioral economics also employs experimental met...
Economía experimental y del comportamiento
Tratar de entender cómo se comportan las personas cuando toman sus decisiones económicas sin tener en cuenta cuestiones como la envidia, la empatía, o la falta de autocontrol puede conducir a desatinos. La Economía ha estado, durante años, estudiando el comportamiento de los individuos sin tener en cuenta estos “pequeños detalles de la gente normal”. Sin embargo, en los últimos veinte años los economistas experimentales han confirmado lo que ya sabíamos, por ejemplo, que la gente es envidiosa, aunque también altruista y cooperadora, pero sobre todo han puesto en evidencia con precisión en qué circunstancias todas estas características, tan humanas, suelen tener un impacto ec...
Experimental Economics
How do applications affect behavior? Experimental Economics Volume II seeks to answer these questions by examining the auction mechanism, imperfect competition and incentives to understand financial crises, political preferences and elections, and more.
