By Pablo Branas-Garza, Antonio Cabrales
ISBN-10: 1137538198
ISBN-13: 9781137538192
ISBN-10: 1349560448
ISBN-13: 9781349560448
How do people make offerings, either whilst dealing with nature and whilst interacting with each other? Experimental Economics quantity I seeks to reply to those questions by way of analyzing individual's offerings in strategic settings and predicting offerings in keeping with experimental methodology.
Read Online or Download Experimental Economics: Volume 1: Economic Decisions PDF
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Sample text
8). The discount factor decreases notably for differences closer in time, but not as much for differences in the more distant future. 8 Hyperbolic discount factor. The value of future events is very rapidly reduced when we go further away from the present, and goes much slower in the far future Individual Decision-Making 27 A consequence of this phenomenon is excessive impatience in the short term: we show an excessive eagerness to obtain a reward immediately. The second consequence is procrastination.
12 Pablo Branas-Garza and Iván Barreda room, who the experimenter is, the color of the computer screen – almost anything can have an effect. As a general rule we should not change anything across all the sessions of an experiment (keep the light constant, do not make noises, do not change the background color of the screen). 13 7. Framing: Framing effects refer fundamentally to the fact that we must be aware of the vocabulary we use and in what context we ask subjects to make their choices. If we are running an experiment on public goods we should not (unless we want to precisely inquire about such an effect) use the word “selfish” or “cooperative,” because it can influence the behavior of the participants.
Individual Decision-Making 33 Notes 1. The expected value is the sum of the probabilities of different events multiplied by the result of each of these events. Expected Utility Theory assumes that individuals will choose the action that gives them the greatest expected utility: that is, in order to choose they do not multiply outcomes by probabilities, but the utility of these outcomes by their probabilities. See the first section of Chapter 3. 2. See Kahneman and Tversky, 1979. 3 Game Theory: Basic Concepts Penélope Hernández and Marina Pavan Introduction This chapter presents the basic concepts of game theory used in this book.
Experimental Economics: Volume 1: Economic Decisions by Pablo Branas-Garza, Antonio Cabrales
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