Topic:General Economic Principle of Bargaining and Trade: Evidence from 2,000 Classroom Experiments
Speaker:ColinFarrellCamerer,California Institute of Technology
Place:Room 217, Guanghua Building 2
Standardized classroom economics experiments provide a treasure trove of evidence about how well results reproduce when nearly-identical methods are used. We use a sample of around 20,000 observations to test reproducibility in bargaining and trading. Ultimatum bargaining exhibits some geographical variation, and shows that equal split offers are accepted more often and more quickly than slightly unequal offers. Double auction results are highly reproducible and are close to equilibrium predictions. Our large sample shows robust, strong correlations between how individual surplus and trading order, and autocorrelation(-0.5) of successive price changes, consistent with trading dynamics based on limited rationality.
Colin Camerer is the Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology,apioneer of Behavioral Economics and prominent Neuroeconomics scholar. Professor Camerer received his B.A. at age 17, followed by a Ph.D. in behavioral decision theory from the University of Chicago in 1981 (at age 21). Camerer's research is on the interface between cognitive psychology and economics and he is widely considered a pioneer in the field of behavioral and neuro-economics. He spoke at the Nobel Centennial Symposium in 2001 on Behavioral and Experimental Economics. He is the author of "Behavioral Game Theory" published by Princeton University Press in 2003 and published over 130+ peer-reviewed articles, many in top journals. In September 2013, Camerer was named a MacArthur fellow, also known as the Genius Grant.
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