Economic Theory Commons^™

High Stakes Behavior With Low Payoffs: Inducing Preferences With Holt-Laury Gambles, John Dickhaut, Daniel Houser, Jason A. Aimone, Dorina Tila, Cathleen Johnson

ESI Working Papers

A continuing goal of experiments is to understand risky decisions when the decisions are important. Often a decision’s importance is related to the magnitude of the associated monetary stake. Khaneman and Tversky (1979) argue that risky decisions in high stakes environments can be informed using questionnaires with hypothetical choices (since subjects have no incentive to answer questions falsely.) However, results reported by Holt and Laury (2002, henceforth HL), as well as replications by Harrison (2005) suggest that decisions in “high” monetary payoff environments are not well-predicted by questionnaire responses. Thus, a potential implication of the HL results is that studying …

Generating Ambiguity In The Laboratory, Jack Douglas Stecher, Timothy W. Shields, John Dickhaut

ESI Working Papers

This article develops a method for drawing samples from which it is impossible to infer any quantile or moment of the underlying distribution. The method provides researchers with a way to give subjects the experience of ambiguity. In any experiment, learning the distribution from experience is impossible for the subjects, essentially because it is impossible for the experimenter. We describe our method mathematically, illustrate it in simulations, and then test it in a laboratory experiment. Our technique does not withhold sampling information, does not assume that the subject is incapable of making statistical inferences, is replicable across experiments, and requires …

Can Manipulators Mislead Prediction Market Observers?, Ryan Oprea, David Porter, Chris Hibbert, Robin Hanson, Dorina Tila

ESI Working Papers

We study experimental markets where privately informed traders exchange simple assets, and where uninformed third parties are asked to forecast the values of these assets, guided only by market prices. Although prices only partially aggregate information, they signicantly improve the forecasts of third parties. In a second treatment, a portion of traders are given preferences over the forecasts made by observers. Although we find evidence that these traders attempt to manipulate prices in order to influence the beliefs of observers, we find no evidence that observers make less accurate forecasts as a result.

Ape 2008 Section 1, Long Term Patterns, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Figures 2.23-2.31 and stable growth process (Harrod-Hicks) [Teaching chart packet with explanatory notes on equilibrium modes and growth]. (n.d.).
• Shaikh, A. (2008, October 22). Ch. 3: Microfoundations, emergent properties and nonlinear dynamics [Annotated chapter-draft excerpt, pp. 30-40].
• Shaikh, A. (2007, October). Structured disorder: The economic analysis of developed capitalism [Annotated book-manuscript introduction excerpt].
• Figure 1.2: U.S. real investment index, 1832-2004 (fixed private capital equipment and structures) [Data-chart printout]. (n.d.).
• Shaikh, A. (2008, Spring). The economic analysis of advanced capitalism [Economics 205 / Advanced Political Economy II syllabus and reading outline].
• Shaikh, A. (2008, Spring). The economic analysis …

Ape 205, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Figures 1.1-1.16: Advanced political economy data charts [Chart packet on industrial production, investment, output, business cycles, prices, wages, unemployment, and projected U.S. and U.K. long waves]. (n.d.).
• The New School for Social Research. (2008, Spring). GECO 6205 Advanced Political Economy 2 attendance sheet [Completed course attendance record].
• Tran, L. (2008, February 7). Attendance policy [Faculty memorandum with Student Non-Attendance Form].
• Shaikh, A. (2000, September). The economic analysis of advanced capitalism I [Annotated Economics 204 / Advanced Political Economy I syllabus and reading outline].
• Shaikh, A. (2008, Spring). The economic analysis of advanced capitalism [Annotated Economics 205 / …