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Vyučující
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van Koten Silvester, doc. Ph.D.
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Čech Prokop, Mgr.
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Obsah předmětu
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1. Introduction: Why experiments? Aren't empirical data better? External validity, Internal validity, Specialists versus students, Script enactment, repeated trials, financial incentives, prohibition of deception, Within or between 2. Computerized games setup: Download/install/get student licence of Ztree, Otree, Python 3.8 and Pycharm 2020 3. Pitfalls: Deception, Overcomplicate, Testing wrong things (mechanisms can be tested) 4. The classic puzzles: Do economic theories apply (to reality)? Double & posted-prices auctions 5. ZTREE & OTREE 6. Forward markets: Brandts, VanKoten, Praveen Kujal, 1200-round experiments, Friedman 7. Forward markets: forward premium 8. Pivotal & DM (Brandts & Rassenti) 9. Hot versus Cold 10. Replication 11. SROs, and Using web-design tools for programming interactive experimental games
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Studijní aktivity a metody výuky
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Laborování
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Výstupy z učení
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This is a graduate-level topics course in Behavioral and Experimental Economics. The aim is to expose students to multiple potential research topics and related literature. Hands-on participation in in-class experiments will be an integral part of the course. A basic background in Microeconomic Theory and Game Theory is assumed. " Introduction: Why experiments? Experimental versus econometric data. External validity and internal validity. Specialists versus student experiment participants. Script enactment, repeated trials, financial incentives, prohibition of deception. Within or between experimental designs " Pitfalls: Deception and overcomplication. " The classic puzzles. (Vernon Smith, Supply and demand, trading in markets, double auctions & posted-prices auctions). " Economic theory is wrong? Dictator, Ultimatum & Trust games. " Well-know games of strategic interaction (traveler's dilemma, prisoners dilemma,holdup problem). " Auctions (auctions, all-pay auction, common & private values, auctions for renewables, auctions with default). " Monopoly and experiments. Price discrimination. " Decision making, Bayes and risk preferences (Monty Hall, and what does a HIV-positive test imply? " Risk preferences and Expected Utility. " Competition (Bertrand & Cournot competition, Application for regulation: concentration index, effect of number of competitors) " Forward markets (effect on competition) " Forward markets (hedging risk & forward premium) " Energy, environment, externalities & Pigovean taxes " Hot versus Cold " Replication
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Předpoklady
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nespecifikováno
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Hodnoticí metody a kritéria
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Analýza výkonů studenta
Requirements and grading: There will be no exams in this class. The course grade will predominantly be based on two term paper: a short one reviewing an experimental research article and one making a research proposal. Assessment: 90+: Excellent (1) 75-89: Very good (2) 60-74: Good (3) 0-59: Fail (4)
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Doporučená literatura
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Crosetto, P., & Filippin, A. The "bomb" risk elicitation task. Journal of Risk and Uncertainty, 47(1), 31-65.. 2013.
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Friedman, D., Cassar, A., & Selten, R. Economics lab: an intensive course in experimental economics. Psychology Press.. Psychology Press, 2004.
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Guala Guala, F. The methodology of experimental economics. Cambridge University Press.. 2005.
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Holt Holt, C. A. Markets, games, & strategic behavior. Boston: Pearson Addison Wesley.. 2007.
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Holzmeister, F., & Pfurtscheller, A. oTree: The "bomb" risk elicitation task. Journal of Behavioral and Experimental Finance, 10, 105-108..
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Ketcham, J., Smith, V. L., & Williams, A. W. A comparison of posted-offer and double-auction pricing institutions. The Review of Economic Studies, 595-614.. 1984.
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Smith, V. L. Constructivist and ecological rationality in economics. American Economic Review, 465-508. 2003.
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Smith, V. L. Rationality in economics: Constructivist and ecological forms. Cambridge University Press.. 2007.
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Weimann, J., & Brosig-Koch, J. Methods in Experimental Economics. Springer Texts in Business and Economics.. 2019.
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