2010 JEBO, On the Methodology of Experimental Economics

J. Barkley Rosser, Catherine Eckel,
Introduction to JEBO special issue on “Issues in the Methodology of Experimental Economics”,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 1-2,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.07.017.
(http://www.sciencedirect.com/science/article/pii/S0167268109002790)

William S. Neilson,
Lessons from a behavioral economics success story: Comment on theory and experiment: What are the questions?,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 62-64,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.10.016.
(http://www.sciencedirect.com/science/article/pii/S0167268109002686)

Daniel Houser, Erte Xiao,
Understanding context effects,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 58-61,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.01.006.
(http://www.sciencedirect.com/science/article/pii/S0167268109002674)

Ken Binmore, Avner Shaked,
Experimental economics: Where next?,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 87-100,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.10.019.
(http://www.sciencedirect.com/science/article/pii/S0167268109002820)
Abstract: Where should experimental economics go next? This paper uses the literature on inequity aversion as a case study in suggesting that we could profit from tightening up our act.

Jörg Oechssler,
Searching beyond the lamppost: Let’s focus on economically relevant questions,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 65-67,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.10.017.
(http://www.sciencedirect.com/science/article/pii/S0167268109002698)
Abstract: Experimental economics is in danger of behaving like the famous drunk who searches for his keys under the light even though he lost them in some dark corner. It is argued that we are wasting our time (and endangering the respect that other economists have for experimentalists) by playing too much with some of our favorite toys, like the dictator game, rather than focus on new and economically relevant designs.
Keywords: Economic experiments; Methodology; Dictator game; Bubbles

Glenn W. Harrison,
The behavioral counter-revolution,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 49-57,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.11.007.
(http://www.sciencedirect.com/science/article/pii/S0167268109002662)

Gary Bolton,
Testing models and internalizing context: A comment on “Theory and Experiment: What are the questions?”,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 16-20,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.11.002.
(http://www.sciencedirect.com/science/article/pii/S0167268109002595)

Werner Güth, Hartmut Kliemt,
Comments on Vernon Smith’s—“Theory and experiment: What are the Questions?”,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 44-48,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.10.015.
(http://www.sciencedirect.com/science/article/pii/S0167268109002650)
Abstract: When commenting on Vernon Smith’s inspiring paper, we first argue that game theory in its “reasoning about knowledge” tradition is not truly behavioral and try to categorize different approaches. We then go on by considering specific topics, discussed by Vernon Smith, before concluding with some methodological reflections.
Keywords: Game theory; Behavioral economics; Game and auction experiments; Entitlement; Institutional or mechanism design

Mark Pingle,
Looking under the hood: Exploring assumptions and finding behavioral economics,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 73-76,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.10.018.
(http://www.sciencedirect.com/science/article/pii/S0167268109002716)
Abstract: Cognitive scarcity is a fundamental economic fact, but the standard maximization assumption abstracts from this fact. Much of behavioral economics can be framed as “exploring the maximization assumption.” By applying the tools of behavioral economics to explore this important assumption, we can learn why presuming maximization works, when it works, even when we know the assumption is not accurately descriptive. We can also learn why theory fails when the assumption does not proximately hold.
Keywords: Bounded rationality, Cognitive scarcity, Deliberation cost, Transactions cost, Assumptions

Vernon L. Smith,
What would Adam Smith think?,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 83-86,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.02.020.
(http://www.sciencedirect.com/science/article/pii/S016726810900273X)

David M. Grether,
Comment on Vernon Smith “Theory and experiment: What are the questions?”,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 41-43,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.11.006.
(http://www.sciencedirect.com/science/article/pii/S0167268109002649)

Elinor Ostrom,
Revising theory in light of experimental findings,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 68-72,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.11.008.
(http://www.sciencedirect.com/science/article/pii/S0167268109002704)

Bart J. Wilson,
Social preferences aren’t preferences,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 77-82,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.09.013.
(http://www.sciencedirect.com/science/article/pii/S0167268109002728)
Abstract: Experimental economists robustly observe that people in the laboratory regularly make choices that result in lower payoffs for themselves. When faced with this paradox of preferences, economists posit that there must be two meanings of preferences: preferences for the self and preferences for the social. In this paper I argue that this is an example of economists forcing ordinary human behavior to fit their models. The force of my argument is to confute the notion that an individual’s expression of so-called social preferences as an action can be represented as a set of separable and private utilitarian “preferences” within him.
Keywords: Experimental economics; Semantics of economics; Rhetoric of economics

James C. Cox,
Some issues of methods, theories, and experimental designs,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 24-28,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.01.014.
(http://www.sciencedirect.com/science/article/pii/S0167268109002613)

Ernst Fehr, Klaus M. Schmidt,
On inequity aversion: A reply to Binmore and Shaked,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 101-108,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.12.001.
(http://www.sciencedirect.com/science/article/pii/S0167268109002844)
Abstract: In this paper we reply to Binmore and Shaked’s criticism of the Fehr–Schmidt model of inequity aversion. We put the theory and their arguments into perspective and show that their criticism is not substantiated. Finally, we briefly comment on the main challenges for future research on social preferences.
Keywords: Experiments; Other-regarding preferences; Inequity aversion

Gary Charness,
Laboratory experiments: Challenges and promise: A review of “Theory and Experiment: What are the Questions?” by Vernon Smith,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 21-23,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.11.005.
(http://www.sciencedirect.com/science/article/pii/S0167268109002601)

Ken Binmore, Avner Shaked,
Experimental Economics: Where Next? Rejoinder,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 120-121,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.11.008.
(http://www.sciencedirect.com/science/article/pii/S0167268109002832)

Herbert Gintis,
Towards a renaissance of economic theory,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 34-40,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.09.012.
(http://www.sciencedirect.com/science/article/pii/S0167268109002637)

Rachel Croson, Simon Gächter,
The science of experimental economics,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 122-131,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.09.008.
(http://www.sciencedirect.com/science/article/pii/S0167268109002339)
Abstract: In this paper we present the views of two practicing experimental economists on the role of economic experiments in the science of economics, and in particular on the interaction between economic theory and experimental design and data.
Keywords: Methodology; Experiments; Philosophy of science

Vernon L. Smith,
Theory and experiment: What are the questions?,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 3-15,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.02.008. [PDF]
(http://www.sciencedirect.com/science/article/pii/S016726810900033X)
Abstract: This paper deals generally with testing questions that arise both when experimental observations are in accord with the actions we predict, and when they are not. In both cases the inference of truth from observation is inherently ambiguous, and we face the daunting challenge of using our experimental skills and imagination to reduce this ambiguity. Primarily and most difficult of all we have to constantly reevaluate everything, including ourselves, especially in examining how we talk about and interpret our data. Although I will be drawing on examples and experience from laboratory experiments, the issues I consider apply just as meaningfully to other empirical studies whether from field experiments or observations from past records of socioeconomic processes.
Keywords: Experimental economics; Game theory; Methodology of science

Daniel Friedman,
Preferences, beliefs and equilibrium: What have experiments taught us?,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 29-33,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2008.09.011.
(http://www.sciencedirect.com/science/article/pii/S0167268109002625)

Catherine Eckel, Herbert Gintis,
Blaming the messenger: Notes on the current state of experimental economics,
Journal of Economic Behavior & Organization,
Volume 73, Issue 1,
2010,
Pages 109-119,
ISSN 0167-2681,
https://doi.org/10.1016/j.jebo.2009.03.026.
(http://www.sciencedirect.com/science/article/pii/S0167268109002819)
Abstract: Binmore and Shaked (this issue) criticize Fehr and Schmidt’s (1999) model of inequality aversion. We present a considerable body of experimental research supporting the inequality aversion motive. Binmore and Shaked also urge experimentalists to adopt “a more skeptical attitude when far-reaching claims about human behavior are extrapolated from very slender data.” It is true that experimental findings indicate that the standard neoclassical model fails to predict a considerable range of strategic behaviors widely observed in the laboratory, particularly under conditions where normative behavior is prevalent in every-day social life. This is indeed a “far-reaching claim,” but one amply justified by an impressive and constantly growing body of evidence from experiments.
Keywords: Inequality aversion; Neoclassical theory; Experimental

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2010 JEBO Special Issue: Experimental Methods in Entrepreneurship Research

[link to elsevier]

  1. On experiments in entrepreneurship research

    Pages 1-2
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  2. Entrepreneurship and occupational choice: Genetic and environmental influences

    Pages 3-14
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  3. Pages 15-29
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  4. Holding on for too long? An experimental study on inertia in entrepreneurs’ and non-entrepreneurs’ disinvestment choices

    Pages 30-44
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  5. The impact of risk attitudes on entrepreneurial survival

    Pages 45-63
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  6. The good, the bad, and the talented: Entrepreneurial talent and selfish behavior

    Pages 64-81
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  7. Risk attitudes, wealth and sources of entrepreneurial start-up capital

    Pages 82-89
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  8. The effects of entrepreneurship education

    Pages 90-112
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  9. On the evolution of professional consulting

    Pages 113-126
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  10. Enhancing the internal validity of entrepreneurship experiments by assessing treatment effects at multiple levels across multiple trials

    Pages 127-140
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IREE:2010 Special issue: Experimental Economics in the Classroom

International Review of Economics Education

(IREE), Volume 9, Issue 2, 2010

Editorial
Mike Watts and Ross Guest

Discovering Economics in the Classroom with Experimental Economics and the Scottish Enlightenment
Taylor Jaworski, Vernon Smith and Bart Wilson

Teaching Opportunity Cost in an Emissions Permit Experiment
Charles Holt, Erica Myers, Markus Wrake, Dallas Burtraw and Svante Mandell

Do Classroom Experiments Affect the Number of Economics Enrollments and Majors?
Tisha Emerson and Beck Taylor

Experiential Learning with Experiments
Henrik Egbert and Vanessa Mertins

Patents and R&D: a Classroom Experiment
Amy Diduch

To Work or Not to Work … That is the Question: Labour Market Decisions in the Classroom
Arlene Garces-Ozanne and Phyll Esplin

Using Economic Classroom Experiments
Todd R. Kaplan and Dieter Balkenborg

New Zealand Economic Papers: Special Issue: Economic Psychology and Experimental Economics

New Zealand Economic Papers: Special Issue: Economic Psychology and Experimental Economics, 2011, Volume 45, Issue 1 & 2, 1-207.

Introduction

Psychology and economics: An introduction to the special issue
Simon Kemp; Gabrielle Wall
Pages 1 – 4
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Research articles

From anecdotes to novels: Reflective inputs for behavioural economics
Peter E. Earl
Pages 5 – 22
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Aspiration formation and satisficing in search with(out) competition
Werner Güth; Torsten Weiland
Pages 23 – 45
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Are conditional cooperators willing to forgo efficiency gains? Evidence from a public goods experiment
M. Vittoria Levati; Matteo Ploner; Stefan Traub
Pages 47 – 57
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Who makes the pie bigger? An experimental study on co-opetition
Juan A. Lacomba; Francisco Lagos; Tibor Neugebauer
Pages 59 – 68
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An experimental examination of the effect of potential revelation of identity on satisfying obligations
Lucy F. Ackert; Bryan K. Church; Shawn Davis
Pages 69 – 80
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Gender differences in trust and reciprocity in repeated gift exchange games
Ananish Chaudhuri; Erwann Sbai
Pages 81 – 95
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Do separation rules matter? An experimental study of commitment
Filip Vesely; Vivian Lei; Scott Drewianka
Pages 97 – 117
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Overcapitalization and cost escalation in housing renovation
Ti-Ching Peng
Pages 119 – 138
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Over-indebtedness and the interplay of factual and mental money management: An interview study
Bernadette Kamleitner; Bianca Hornung; Erich Kirchler
Pages 139 – 160
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Coherence and bidirectional reasoning in complex and risky decision-making tasks
C. Gustav Lundberg
Pages 161 – 181
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Outwit, outplay, outcast? Sex discrimination in voting behaviour in the reality television show Survivor
Gabrielle Wall
Pages 183 – 193
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Ambiguity, the certainty illusion, and the natural frequency approach to reasoning with inverse probabilities
John Fountain; Philip Gunby
Pages 195 – 207
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New Zealand Economic Papers. Special Issue: Laboratory Experiments in Economics, Finance and Political Science

New Zealand Economic Papers. Special Issue: Laboratory Experiments in Economics, Finance and Political Science, 43(2),87-225.

Editorial

Laboratory experiments in economics, finance and political science
Charles Noussair; Maroš Servátka; Steven Tucker
Pages 87 – 88
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Research articles

Trust and reciprocity: implications of game triads and social contexts
James C. Cox
Pages 89 – 104
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Bargaining under large risk – an experimental analysis
Werner Güth; Sabine Kröger; Ernst Maug
Pages 105 – 129
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Anonymity deters collusion in hard-close auctions: experimental evidence
Sascha Füllbrunn; Tibor Neugebauer
Pages 131 – 148
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Prices in experimental asset markets under uncertainty
Carmela Di Mauro
Pages 149 – 163
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The disciplining role of repeated elections: some experimental evidence
Sugato Dasgupta
Pages 165 – 190
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Experimental evidence on advertising and price competition
Ninghua Du
Pages 191 – 202
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Potential competition in the presence of sunk entry costs: an experiment
Utteeyo Dasgupta
Pages 203 – 225
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