AJAE 農經貢獻之回顧文獻

==noted by yinung==

2010年, vol. 92, 2, AJAE 回顧了過去百年以來農經學者的貢獻, 方向含括:

生產與農場管理、農產市場、農業政策、農產貿易、農業發展、自然資源與保育、環境經濟、食品與消費經濟、鄉村發展、農企業經濟與管理、計量方法之發展。值得細閱了解。

農企業研究含食品鏈的水平和垂直參與者之協調 (agribusiness economics)、與食品鏈內的決策 (agribusiness management)

1950s 出現的研究主題:on cooperatives, farm supply markets, industrial organization, vertical integration, market power of food processing and farm supply firms,antitrust decisions, and bargaining

1960s 中: marketing structure’ of the food industry, efficiency; services to consumers; market power; regulatory activities; services such as market news;and the effects of imports; Key papers on cooperative theory and agricultural finance also appeared during the 1960s
1970-80: teaching program serving the needs of the rapidly growing nonfarm segments of the food system. Work on food system structure and performance.
===有關供應鏈===
價格傳遞機能 Wohlgenant (1989, AJAE) 或者是食品供應鏈管理和制度設計、風險移轉分擔、契約設計、體系之收入成本利潤在供應鏈成員間之分配等 ,特別供應鏈體系面臨外部需求成長及風險變動增加下的相關議題 Hendrikse and Bijman (2002, AJAE)

==AJAE 該期相關目錄如下==

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廣告

Myopic loss aversion: Information feedback vs. investment flexibility

Charles Bellemare, Michaela Krausee, Sabine Krfgerf,Chendi Zhang (2005) “Myopic loss aversion: Information feedback vs. investment flexibility“. Economics Letters, vol., 87, pp.319 – 324. *****

==notes by yinung==

主要結論:

只要資訊頻率降低, 即可讓投資風險資產意願提高.

主要實驗設計:

在於資訊迴饋頻率 frequent/infrequent, 其 treatment 有三種:

H: 投資期間1期, 資訊迴饋頻率每1期
M: 投資期間3期, 資訊迴饋頻率每1期
L: 投資期間3期, 資訊迴饋頻率每3期

Bellemare et al. (2005) 實驗結果是: 投資額度 L~M>H

Results

  • We confirm the works by Gneezy and Potters (1997) and others building on it, and furthermore find that experimentally induced myopia in combination with loss aversion remained to affect investment behavior systematically even when flexibility in adjusting investment was no longer varied. MLA is driven by information feedback.

image

Abstract

We experimentally disentangle the effect of information feedback from the effect of investment flexibility on the investment behavior of a myopically loss averse investor. Our findings show that varying the information condition alone suffices to induce behavior that is in line with the hypothesis of Myopic Loss Aversion.

實驗相關文獻 in 管理科學 Management Science

http://maaw.info/ManagementJournals/ManagementScience.htm
有人整理了專門發表在 Management Science 的文章,哇,沒想到有這麼多…, 以下列出一些我較有興趣、近期的實驗相關文獻

Abdellaoui, M., E. Diecidue and A. Öncüler. 2011. Risk preferences at different time periods: An experimental investigation. Management Science (May): 975-987.

Abdellaoui, M., F. Vossmann and M. Weber. 2005. Choice-based elicitation and decomposition of decision weights for gains and losses under uncertainty. Management Science (September): 1384-1399. (JSTOR link).

Abedellaoui, M., O. L’Haridon and C. Paraschiv. 2011. Experience vs. described uncertainty: Do we need two prospect theory specifications? Management Science (October): 1879-1895.

Allon, G. and A. Bassamboo. 2011. Buying from the babbling retailer? The impact of availability information on customer behavior. Management Science (April): 713-726.

Amaldoss, W. and S. Jain. 2005. Conspicuous consumption and sophisticated thinking. Management Science (October): 1449-1466. (JSTOR link).

這篇是理論, 但也有 Laboratory test

Aral, S. and D. Walker. 2011. Creating social contagion through viral product design: A randomized trial of peer influence in networks. Management Science (September): 1623-1639.

Budescu, D. V. and B. Maciejovsky. 2005. The effect of payoff feedback and information pooling on reasoning errors: Evidence from experimental markets. Management Science (December): 1829-1843. (JSTOR link).

Cason, T. N., K. N. Kannan and R. Siebert. 2011. An experimental study of information revelation policies in sequential auctions. Management Science (April): 667-688.

Chen, H., S. H. Ham and N. Lim. 2011. Designing multiperson tournaments with asymmetric contestants: An experimental study. Management Science (May): 864-883.

Chen-Ritzo, C., T. P. Harrison, A. M. Kwasnica and D. J. Thomas. 2005. Better, faster, cheaper: An experimental analysis of a multiattribute reverse auction mechanism with restricted information feedback. Management Science (December): 1753-1762. (JSTOR link).

Ding, M., J. Eliashberg, J. Huber and R. Saini. 2005. Emotional bidders: An analytical and experimental examination of consumers’ behavior in a priceline-like reverse auction. Management Science (March): 352-364. (JSTOR link).

Harbaugh, R., J. W. Maxwell and B. Roussillon. 2011. Label confusion: The Groucho effect of uncertain standards. Management Science (September): 1512-1527.

Harbring, C. and B. Irlenbusch. 2011. Sabotage in tournaments: Evidence from a laboratory experiment. Management Science (April): 611-627.

Kalkanci, B., Y. Chen and F. Erhun. 2011. Contract complexity and performance under asymmetric demand information: An experimental evaluation. Management Science (April): 689-704.

Katok, E. and E. Siemsen. 2011. Why genius leads to adversity: Experimental evidence on the reputational effects of task difficulty choices. Management Science (June): 1042-1054.

Oiu, J. and E. Steiger. 2011. Understanding the tow components of risk attitudes: An experimental analysis. Management Science (January): 193-199.

Stecher, J., T. Shields and J. Dickhaut. 2011. Generating ambiguity in the laboratory. Management Science (April): 705-712.

Handbook of Experimental Economics Results

source: Handbook of Experimental Economics Results

由 Charles R. Plott & Vernon L. Smith 主編, 回顧各種實驗之結果, 出版於 2008年, ISBN: 9780444826428

Description

Handbook of Experimental Economics Results, 1st Edition,Charles Plott,Vernon Smith,ISBN9780444826428Experimental methods in economics respond to circumstances that are not completely dictated by accepted theory or outstanding problems. While the field of economics makes sharp distinctions and produces precise theory, the work of experimental economics sometimes appear blurred and may produce results that vary from strong support to little or partial support of the relevant theory.
At a recent conference, a question was asked about where experimental methods might be more useful than field methods. Although many cannot be answered by experimental methods, there are questions that can only be answered by experiments. Much of the progress of experimental methods involves the posing of old or new questions in a way that experimental methods can be applied.
The title of the book reflects the spirit of adventure that experimentalists share and focuses on experiments in general rather than forcing an organization into traditional categories that do not fit. The emphasis reflects the fact that the results do not necessarily demonstrate a consistent theme, but instead reflect bits and pieces of progress as opportunities to pose questions become recognized.
This book is a result of an invitation sent from the editors to a broad range of experimenters asking them to write brief notes describing specific experimental results. The challenge was to produce pictures and tables that were self-contained so the reader could understand quickly the essential nature of the experiments and the results.

Table of Contents

1. MARKETS
2. MARKET ECONOMICS OF UNCERTAINTY AND INFORMATION
3. GENERAL EQUILIBRIUM AND THE ECONOMICS OF MULTIPLE MARKET SYSTEMS
4. GAMES
5. MECHANISM DESIGN AND POLICY APPLICATIONS
6. NON MARKET AND ORGANIZATIONAL RESEARCH
7. INDIVIDUAL CHOICE, BELIEFS AND BEHAVIOR
8. METHODS

注意 ch7. 中的這篇, 是有關報酬效果和風險偏好
Susan K. Laury and Charles A. Holt, “Payoff Scale Effects and Risk Preference Under Real and Hypothetical Conditions"

注意 ch 8. 其中的這一篇是有關有 lottery 程序控制風險偏好
Joyce E. Berg, Jhon W.Dickhaut and Thomas A.Rietz, “On the Performance of the Lottery Procedure for Controlling Risk Perferences"

Economics in the Laboratory

Vernon L. Smith (1994) “Economics in the Laboratory." Journal of Economic Perspectives ,Vol. 8, No. 1, Winter, 1994 , pp. 113-131. (link to JSTOR http://www.jstor.org/stable/2138154)

==Summary by yinung==

Smith 在此文回顧了實證經濟學的重要貢獻 (其題為 “為何經濟學家要做實驗?" (why do economists conduct experiments?)), 他列舉以下 7 大理由,其實就是經濟實驗的主要功能:

經濟實驗的主要功能

1. Test a theory,or discriminate between theories

2. Explore the causes of a theory’sfailure.

3. Establish empirical regularities as a basis for new theory

4. Compare environments.

5. Compare institutions

6. Evaluate policy proposals.

7. The laboratory as a testing ground for institutional design.

經濟實驗的主要貢獻

Smith 並總結了經濟實驗多年來所發現之重要結論 (基於 制度 (institutions)、環境 (environments)、與行為 (behaviors) 之架構; 不過我認為還要加上「資訊」(information) 和 「預期之形成」(expectations formation) ):

1. Institutions Matter

2. Unconscious Optimization in Market Interactions

3. Information: Less Can Be Better

4. Common Information is Not Sufficient to Yield Common Expectations or “Knowledge"

5. Dominated Strategies Are for Playing, Not Eliminating

6. Efficiency and Underrevelation Are Compatible

7. The Endowment Effect

8. Fairness: Taste or Expectation?

實驗法在研究方法論之辨證

水星運行之軌道未遵循牛頓運動定律之預測,並沒有讓科學家認為該運動定律是錯誤的,反而是斷定水星和太陽中間,必定有一個未知的行星 (甚至被命名為火神星 (Vulcan) [註 1] ) 干擾了水星應該運行之路徑… (Smith, 1994, p.127)

Smith 指出,任何對理論的驗證 (test),都避免不了必要的輔助假設 (auxiliary hypotheses),如此才能將觀察的結果解釋為對該理論的驗證結果。這些「輔助假設」常有很多不同的名詞,諸如: 啟始條件 (initial conditions) 、其它條件相同 (ceteris paribus clauses)、背景資訊 (background information)、… 等。

因此可以說,所有對理論的驗證,都隱含是一種聯合檢定 (joint tests) ; 亦即,對理論的驗證皆是條件式檢定,其皆建立在輔助假設 (auxiliary hypotheses) 成立的前提之下。

這就為何實驗文獻之發現,常被批評的原因, 如同「杜恩─奎因論題」(Duhem-Quine Thesis) 所述之「指任何理論儘管出現推翻它的證據,我們只要在我們的信念網絡中作一點改變,便可以繼續接受該理論」 (see 淺談「杜咸-奎因論旨」與非充分決定性論證)

Smith 在此文並對一些對實驗經濟研究法之批評,提出反駁。例如 Harrison (1992) 認為經濟實驗所得到的錯誤觀是因為受試者的實驗報酬之機會成本太低,所以才會偏離理論之預測。Smith and Walker (1993) 的 近 30 年文獻回顧說明了受試者所獲之「貨幣報酬的確可以改善受試者之表現 (在某些條件之下)」,但其它除了「受試者報酬」之條件也同樣重要,因為增加受試者報酬並沒有讓那些偏離理論所預測的觀察消失 (many anomalies do not disappear by escalating payoffs, p.127)

… 未完成, 待續…

==References==

Smith, Vernon L., and James M. Walker, “Monetary Rewards and Decision Cost in Experimental Economics," Economic Inquiry,April 1993, 31, 245-61.

註 1: 水星偏離軌道 (水星的軌道偏離正圓程度很大,近日點距太陽僅四千六百萬千米,遠日點卻有7千萬千米,在軌道的近日點它以十分緩慢的速度按歲差圍繞太陽向前運行, see 背景資料:神秘的水星) 的真正原因,普遍相信可以由爱因斯坦所提出的广义相对论所解釋,即由于太阳质量较大,水星受它的引力作用也较大,在其附近的空间发生了较大的“弯曲” 所致。

Networks in Economics

Date: 2012-06
By: Zenou, Yves
URL: http://d.repec.org/n?u=RePEc:cpr:ceprdp:9021&r=net
We provide an overview on networks in economics. We first look at the theoretical aspects of network economics using a game-theoretical approach. We derive some results on games on networks and network formation. We also study what happens when agents choose both links and actions. We then examine how these models can be used to address some applied and empirical-relevant questions by mainly focusing on labor-market networks and crime networks. We provide some empirical evidence on these two types of networks and address some policy implications of the models.
Keywords: criminal networks; games on networks; labor networks; network formation; Social networks
JEL: A14

Does commitment or feedback influence myopic loss aversion? An experimental analysis

Thomas Langer, Martin Weber, (2008),Does commitment or feedback influence myopic loss aversion? An experimental analysis, Journal of Economic Behavior & Organization, 67, 810–819. LINK TO JEBO

Notes by yinung

這篇將投資期間長/短 , 和資訊迴饋頻率 (frequent/infrequent) 兩種因素進行交叉實驗, 實驗結果和 Bellemare et al. (2005) 的並不十分一致; Bellemare et al. (2005) 主要實驗設計在於資訊迴饋頻率 frequent/infrequent, 其 treatment 有三種:

H: 投資期間1期, 資訊迴饋頻率每1期
M: 投資期間3期, 資訊迴饋頻率每1期
L: 投資期間3期, 資訊迴饋頻率每3期

Bellemare et al. (2005) 實驗結果是: 投資額度 L~M>H

本文有 3 個主要結論:

  • 定期定額 (binding decisions, 連續3期) 可降低短視現象 (myopic, 對風險資產投資比例較高), 且這個現象不會隨著時間增長而改變
p.811
First, binding decisions cause people to be less myopic, perhaps because they must think through the implications of a longer time horizon.
  • 提供較低頻率報酬結果迴饋資訊, 有助於降低短視現象, 即隨著時間增長, 可使持有/投資風險資產比例升高
Second, providing less frequent feedback seems to help people learn over time that it is better to go with the risky prospect (i.e. to be less myopic).
  • 定期定額和資訊迴饋頻率之間似乎有複雜的混合效果 (mixed treatment effects):
    • 最強效果 (應該指的是投資風險資產比例最高) 出現在 “定期定額和高資訊迴饋頻率"
    • 「定期定額和資訊迴饋頻率」 下之投資風險資產比例 > 「定期定額和資訊迴饋頻率」 下之投資風險資產比例
Third, there is no simple main effect from combining commitment and feedback, but an interaction between these two variables.
作者對此現象之詮釋

It seems that if people are committed to their decisions, more frequent feedback is helpful because over time it becomes more salient that occasional losses are outweighed by ultimate gains.

文獻比較

只要資訊頻率降低, 即可讓投資風險資產意願提高…
Our findings show that varying the information condition alone suffices to induce behavior that is in line with the hypothesis of Myopic Loss Aversion.
In this paper, we argue that the relation between myopia and the attractiveness of a lottery sequence is less general than previously suggested in the literature.
主要 hypotheses

imageimage

Hypothesis 3

. For all treatments, the proportion of wealth α(t) invested in the risky asset increases over time.

image

實驗結果 (圖、表)

image image image image image image

Abstract

Empirical research has demonstrated that a lower feedback frequency combined with a longer period of commitment decreases myopia and thereby increases the willingness to invest in a risky asset. In an experimental study, we disentangle the intertwined manipulation of feedback frequency and commitment to analyze how each individual variable contributes to the change in myopia and how they interact. We find that the period of commitment exerts a substantial impact and the feedback frequency a far less pronounced impact. There is a strong interaction between both variables. The results have significant implications for real world intertemporal decision making.

相關文獻

Managing Dynamic Competition

Tracy R. Lewis and Huseyin Yildirim (2002) “Managing Dynamic Competition." The American Economic Review, Vol. 92, No. 4 (Sep., 2002) (pp. 779-797). (In JSTOR: Page Scan PDF Summary)

notes by yinung

聽過一種說法: 大廠在向供應商採購時, 會故意隔幾年向另向一個競爭廠下大量訂單, 以讓這些廠商形成具有經濟規模的競爭者… 這一篇看起來好像在講這個故事

Original abstract

In many important high-technology markets, including software development, data processing, communications, aeronautics, and defense, suppliers learn through experience how to provide better service at lower cost. This paper examines how a buyer designs dynamic competition among rival suppliers to exploit learning economies while minimizing the costs of becoming locked in to one producer. Strategies for controlling dynamic competition include the handicapping of more efficient suppliers in procurement competitions, the protection and allocation of intellectual property, and the sharing of information among rival suppliers.

References

  • Bergemann, Dirk and Valimaki, Juuso. “Learn- ing and Strategic Pricing." Econometrica, September 1996, 64(5), pp. 1125-5.
  • Cabral, Luis M. B. and Riordan, Michael H. “The Learning Curve, Market Dominance, and Predatory Pricing." Econometrica, September 1994, 62(5), pp. 1115-40.
  • Demski, Joel S.; Sappington, David E. M. and Spiller, Pablo T. “Managing Supplier Switch- ing." RAND Journal of Economics, Spring 1987, 18(1), pp. 77-97.
  • Gruber, Harald. “Learning by Doing and Spillovers: Further Evidence for the Semi- conductor Industry." Review of Industrial Organization, December 1998, 13(6), pp. 697-711.
  • Keller, Godfrey and Rady, Sven. “Optimal Ex- perimentation in a Changing Environment." Review of Economic Studies, July 1999, 66(3), pp. 475-507.
  • Laffont, Jean J. and Tirole, Jean. “Auctioning Incentive Contracts." Journal of nolitical Economy, October 1987, 95(5), pp. 921-37.
  • Laffont, Jean J. and Tirole, Jean. “Repeated Actions of Incentive Con- tracts, Investment, and Bidding Parity with an Application to Takeovers." RAND Journal of Economics, Winter 1988, 19(4), pp. 516- 37.
  • Lewis, Tracy R. “Preemption, Divestiture, and Forward Contracting in a Market Dominated by a Single Firm." American Economic Review, December 1983, 73(5), pp. 1092-1101.
  • McAfee, Preston R. and McMillan John. “Com- petition for Agency Contracts." RAND Jour- nal of Economics, Summer 1987, 18(2), pp. 296-307.
  • Nye, William W. “Firm-Specific Learning by Doing in Semiconductor Production: Some Evidence from the 1986 Trade Agreement." Review of Industrial Organization, June 1996, 11(3), pp. 383-94.
  • Spence, Michael A. “The Learning Curve and Competition." Bell Journal of Economics, Spring 1981, 12(1), pp. 49-70.
  • Stobaugh, Robert B. and Townsend, Patrick L. “Price Forecasting and Strategic Planning: The Case of Petrochemicals." Journal of Marketing Research, 1975, 12, pp. 19-29.

Items Citing this Item

2 item(s) in JSTOR cite this item

發表在 MIS Quarterly 的實驗類型文獻

Interactive Decision Aids for Consumer Decision Making in E-Commerce: The Influence of Perceived Strategy Restrictiveness

Author: Weiquan Wang and Izak Benbasat
Year: 2009 / Volume: 33 / Issue: 2

Using an Attribute-Based Decision Support System for User-Customized Products Online: An Experimental Investigation

Author: Arnold Kamis, Marios Koufaris, and Tziporah Stern
Year: 2008 / Volume: 32 / Issue: 1

Dressing Your Online Auction Business for Success: An Experiment Comparing Two eBay Businesses

Author: Dawn G. Gregg and Steven Walczak
Year: 2008 / Volume: 32 / Issue: 3

The Effects of Presentation Formats and Task Complexity on Online Consumers’ Product Understanding

Author: Zhenhui (Jack) Jiang and Izak Benbasat
Year: 2007 / Volume: 31 / Issue: 3

Incorporating Software Agents into Supply Chains: Experimental Investigation with a Procurement Task

Author: Mark E. Nissen and Kishore Sengupta
Year: 2006 / Volume: 30 / Issue: 1

The Impact of Goals on Software Project Management: An Experimental Investigation

Author: Tarek K. Abdel-Hamid, Kishore Sengupta and Clint Swett
Year: 1999 / Volume: 23 / Issue: 4

The Use of Information in Decision Making: An Experimental Investigation of the Impact of Computer-Based Decision Aids

MIS Quarterly, Vol. 16, No. 3 (Sep., 1992), pp. 373-393.
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Powers-of-Ten Information Biases

MIS Quarterly, Vol. 14, No. 1 (Mar., 1990), pp. 63-77

The Effects of Anonymity on GDSS Group Process with an Idea-Generating Task

MIS Quarterly, Vol. 14, No. 3 (Sep., 1990), pp. 313-321

Computer-Based Support for Group Problem-Finding: An Experimental Investigation

MIS Quarterly, Vol. 12, No. 2 (Jun., 1988), pp. 277-296

A Study of Influence in Computer-Mediated Group Decision Making

MIS Quarterly, Vol. 12, No. 4 (Dec., 1988), pp. 625-644

An Experimental Validation of the Gorry and Scott Morton Framework

MIS Quarterly, Vol. 13, No. 2 (Jun., 1989), pp. 183-197

Critical Factors in the User Environment: An Experimental Study of Users, Organizations and Tasks

MIS Quarterly, Vol. 12, No. 1 (Mar., 1988), pp. 75-88

The Influence of Computer Graphics on the Recall of Information

MIS Quarterly, Vol. 7, No. 1 (Mar., 1983), pp. 45-53

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Year:
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Hidden Information, Bargaining Power, And Efficiency: An Experiment

Hidden Information, Bargaining Power, And Efficiency: An Experiment

 

Date: 2011
By: Antonio Cabrales (Departamento de Economía – Universidad Carlos III de Madrid)
Gary Charness (Department of Economics, University of California – University of California, Santa Barbara)
Marie-Claire Villeval (GATE Lyon Saint-Etienne – Groupe d’analyse et de théorie économique – CNRS : UMR5824 – Université Lumière – Lyon II – École Normale Supérieure de Lyon)
URL: http://d.repec.org/n?u=RePEc:hal:journl:halshs-00614472&r=net
We devise an experiment to explore the effect of different degrees of bargaining power on the design and the selection of contracts in a hidden-information context. In our benchmark case, each principal is matched with one agent of unknown type. In our second treatment, a principal can select one of three agents, while in a third treatment an agent may choose between the contract menus offered by two principals. We first show theoretically how different ratios of principals and agents affect outcomes and efficiency. Informational asymmetries generate inefficiency. In an environment where principals compete against each other to hire agents, these inefficiencies may disappear, but they are insensitive to the number of principals. In contrast, when agents compete to be hired, efficiency improves dramatically, and it increases in the relative number of agents because competition reduces the agents’ informational monopoly power. However, this environment also generates a high inequality level and is characterized by multiple equilibria. In general, there is a fairly high degree of correspondence between the theoretical predictions and the contract menus actually chosen in each treatment. There is, however, a tendency to choose more ‘generous’ (and more efficient) contract menus over time. We find that competition leads to a substantially higher probability of trade, and that, overall, competition between agents generates the most efficient outcomes.
Keywords: experiment; hidden information; bargaining power; competition; efficiency