Selected Issues in Experimental Economics (eBook)

Proceedings of the 2015 Computational Methods in Experimental Economics (CMEE) Conference

Kesra Nermend, Małgorzata Łatuszyńska (Herausgeber)

eBook Download: PDF

2016 | 1st ed. 2016
IX, 385 Seiten
Springer International Publishing (Verlag)
978-3-319-28419-4 (ISBN)

Infos

The aim of this volume is to provide deep insights and the latest scientific developments and trends in experimental economics. Derived from the 2015 Computational Methods in Experimental Economics (CMEE) conference, this book features papers containing research and analysis of economic experiments concerning research in such areas as management science, decision theory, game theory, marketing and political science. The goal is to present possibilities for using various computer methods in the scope of experimental economics to further provide researchers with a wide variety of tools. 

The field of experimental economics is rapidly evolving. Modern use of experimental economics requires the integration of knowledge in the domains of economic sciences, computer science, psychology, and neuroscience. Recent research includes experiments conducted both in the laboratory and in the field, and the results are used for testing and a better understanding of economic theories. Researchers working in this field use mainly a set of well-established methods and computer tools that support the experiments. Methods such as artificial intelligence, computer simulation and computer graphics, however, are not represented enough in experimental economics studies and most experimenters do not consider their usage. The goal of the conference and the enclosed papers is to allow for an exchange of experiences and to promote joint initiatives to insight change in this trend.

Inhalt

Preface 6
Contents 8
Part I: Theoretical Aspects of Experimental Economics 11
Introduction 11
Chapter 1: Preface to the Theory of Experimental Economics 14
1.1 Introduction 14
1.2 Additional Remarks to Methodological Considerations 15
1.3 Features of Good Economic Experiments 17
1.4 Summary 20
References 22
Chapter 2: Origins of Experimental Economics 24
2.1 Introduction 24
2.1.1 Determinants of the Formation of Experimental Economics 25
2.1.2 Birth and Development of Experimental Economics 28
2.2 Summary 32
References 33
Chapter 3: Sorts and Types of Experiment 36
3.1 Introduction 36
3.1.1 The Essence of Experiment 36
3.1.2 Types of Economics Experiments 39
3.2 Conclusion 45
References 45
Chapter 4: Concept and Inference Based on Experiments in Economics 46
4.1 Experimentation in Economics: The Methodological and Historical Background 46
4.2 Types of Experiments in Economics 51
4.3 Experiments and Causal Inference 52
4.4 Steps of Experimentation in Economics 55
4.5 Advantages and Disadvantages of a Natural Experiment 55
4.6 Measurement of the Impact of an Intervention in Experiments 57
4.7 Propensity Score (PS) 57
4.8 Difference in Difference (DD) Estimator 58
4.8.1 10 Repeated Cross Section Case 59
4.8.2 20 Individual-Level Panel Data 59
4.9 Regression Discontinuity (RD) 60
4.10 Instrumental Variables (IV) 61
4.11 Simulation Methods in Economics 62
4.12 Threats of Experimentation in Economics 63
References 63
Chapter 5: Examples of Experiments in Macroeconomics 66
5.1 Experiments in Macroeconomics 66
5.2 Examples of Natural Experiments in Macroeconomics 67
5.2.1 Social Justice in Different Countries: The Ultimatum and Dictator Games 67
5.2.2 Bitcoin: New Money 68
5.2.3 The Gresham Law 69
5.2.4 An Institutional Order and Economic Outcomes 69
5.2.5 External Shocks and Economic Performance of Low-Income Countries 70
5.2.6 Migration Flows from CEEC After 2004 71
5.2.7 Natural Experiment in a Regional Scale: Development of Eastern Poland 74
5.3 Model-Based Experiments in Macroeconomics 76
5.3.1 Forecasting Using Model-Based Experiment 77
5.3.2 Scenarios of the Economic Development of the Polish Economy in the Long-Run 78
5.4 Conclusions 79
References 79
Part II: Methods and Tools of Experimental Economics 81
Introduction 81
Chapter 6: Basics of Statistical Research 83
6.1 Introduction 83
6.2 Operationalization, Conceptualization, Data Quality 84
6.3 Measurement, Measurement Scales 89
6.4 Description of Selected Statistical Terms 93
References 96
Chapter 7: Selected Statistical Methods in Experimental Studies 98
7.1 Introduction 98
7.2 Statistical Methods of Analysis 99
7.3 Basics of Statistical Inference 107
References 112
Chapter 8: Implicit Association Test (IAT): Using Computer-Based Methods to Measure Consumer Implicit Attitudes 114
8.1 Introduction 115
8.2 Traditional Approaches to Measuring Attitude 116
8.3 A New Way to Understand Attitude and New Way of Measuring It 117
8.4 Implicit Association Test: A Method of Studying Implicit Attitudes 119
8.5 Implicit Consumer Attitudes: Use of the IAT Method to Answer Marketing Questions (Attitudes Toward Product Categories, Bra... 122
8.6 Study 1: Implicit Consumer Ethnocentrism: Implicit Attitudes Toward Local vs. Foreign Brands 124
8.7 Study 2: Implicit Attitudes Toward Smoking Depending on Smoking Experience 126
8.8 Study 3: Implicit Attitudes Toward Erotic Advertising 127
8.9 Summary and Potential Uses of the IAT Method in Experimental Economics 129
References 129
Chapter 9: Neuroscience Techniques in Economic Experiments 132
9.1 Introduction 132
9.2 Cognitive Neuroscience: General Concept and Origin of Its Application in Economics 133
9.3 Techniques of Cognitive Neuroscience 134
9.3.1 Neuroimaging of Brain 134
9.3.2 Neurophysiological Techniques 136
9.4 Conclusion 138
References 138
Chapter 10: Reading Facial Expression to Understand Human Emotions: Micro-Expressions Training Videos (METV): The New Tool for... 141
10.1 Introduction 142
10.1.1 The Role of the Facial Expressions of Emotions in Recognizing Emotional Reactions 142
10.1.2 Micro-Expressions of Emotions: The Way to Recognize Hidden Emotions 143
10.1.3 The Role of Reading Facial Expressions in Experimental Economics 145
10.2 How to Measure Micro-Expressions 145
10.2.1 METT: Image-Based Program to Recognize Micro-Expressions of Emotions 146
10.2.2 METV: Video-Based Program to Recognize Micro-Expressions of Emotions 146
10.3 Study 1: The Relation Between Micro-Expression Recognition and Emotional Intelligence 147
10.3.1 Theoretical Background 147
10.3.2 Goals of the Study 148
10.3.3 Methodology 149
10.3.3.1 Instruments and Procedure 149
10.3.3.2 Participants 149
10.4 Results 150
10.4.1 Discussion of Results 150
10.5 Conclusions and Implications for Experimental Economics 151
References 153
Chapter 11: Experimental Research in Economics and Computer Simulation 156
11.1 The Essence of Computer Simulation 156
11.2 Computer Simulation in Economics 159
11.3 Simulation Models in Economics Experiments 161
11.4 Simulation Games 162
11.5 Virtual Simulation Environments 164
11.6 Computer Simulation Rather Than Traditional Experiment? 168
11.7 Summary 170
References 170
Chapter 12: Games Using Virtual Reality as a Tool in Economics Experiments 175
12.1 Introduction 175
12.2 Consumer Data Collection by Means of Virtual Reality Elements 178
12.3 Conclusions 182
References 183
Chapter 13: Multi-criteria Preference Vector Method as Support Tool for Decision-Making in Virtual Worlds 184
13.1 Introduction 184
13.2 Theoretical and Mathematical Description of PVM 187
13.2.1 Stage I: Selecting the Criteria 188
13.2.2 Stage II: Defining the Criterion Character 189
13.2.3 Stage III: Attributing Weights to the Criteria 190
13.2.4 Stage IV: Normalising the Criteria 191
13.2.5 Stage V: Determining the Preference Vector 191
13.2.6 Stage VI: Ranking Objects According to the Decision-Maker´s Preferences 192
13.3 Mathematical Description of Variants in the Preference Vector Method 196
13.3.1 Variant A 196
13.3.2 Variant B 197
13.4 Comparison of PVM with Some Multi-criteria Methods 197
13.5 Example of the Use of the PVM for Choosing a Car 200
13.6 Summary 203
References 204
Chapter 14: Selected Issues of Rank Reversal Problem in ANP Method 206
14.1 Introduction 206
14.2 Literature Review 207
14.3 State of the Art 209
14.4 Research Procedure 212
14.5 Research Results 212
14.5.1 Case 1: The US Economic Forecast in 1992 213
14.5.2 Case 2: Forecasting the Resurgence of the US Economy in 2001 215
14.5.3 Case 3: Forecasting the Resurgence of the US Economy in 2010 217
14.5.4 Case 4: Valuation of Urban Industrial Land 218
14.5.5 Case 5: Using the ANP in a SWOT Analysis 223
14.6 Summary 224
References 225
Chapter 15: Research on the Properties of the AHP in the Environment of Inaccurate Expert Evaluations 229
15.1 Introduction 230
15.2 Literature Review 231
15.3 State of the Art 232
15.4 Research Procedure 234
15.5 Research Results 235
15.6 Summary 242
References 242
Chapter 16: Neural Networks in Economic Problems 246
16.1 Introduction 246
16.2 Theory Preliminaries of Neural Networks 247
16.2.1 Classification Task 247
16.2.2 Regression 249
16.2.3 Time-Series Forecasting 252
16.3 Economic Case Studies 256
16.3.1 Credit Approval: Classification 257
16.3.2 Housing Values: Regression 259
16.3.3 Stock Time-Series Forecasting 260
16.4 Conclusion 265
References 265
Part III: Practical Issues: Case Studies 268
Introduction 268
Chapter 17: Is There Enough Psychology in Behavioural Economics? Personality Types and Human Propensities 271
17.1 Introduction 271
17.2 Personality Types 272
17.3 Behavioural Effects and Gender Differences in Economic Literature 274
17.4 What Is Propensity? 274
17.5 Empirical Example 276
17.6 Concluding Remarks 280
Appendix 281
References 283
Chapter 18: I Will Sell My Private Data: The Results of an Experimental Study on the Valuation of Privacy 285
18.1 Introduction 285
18.2 State of the Art (Privacy as an Economic Good) 286
18.3 Measurement of Privacy by Using an Experiment 287
18.4 Description of the Experiment 289
18.5 Summary 296
References 296
Chapter 19: The Behaviour of Inexperienced Buyers in Buy-It-Now Online Auctions 298
19.1 Introduction 299
19.2 Allegro Platform as an Environment for Field Experiments 300
19.3 Experience vs. Online Buyers´ Behaviour 301
19.4 Sellers´ Reputation in Online Auction Market 302
19.5 Experimental Procedure 304
19.6 Research Results 304
19.7 Conclusions and Recommendations 306
19.8 Limitations and Further Research 307
References 307
Chapter 20: Eye Tracking Based Experimental Evaluation of the Parameters of Online Content Affecting the Web User Behaviour 309
20.1 Introduction 309
20.2 Eye Tracking in Experimental Economics 311
20.3 Assumptions for Experimental Research 313
20.4 Empirical Results and Data Analysis 314
20.5 Summary 320
References 328
Chapter 21: The Study of Advertising Content with Application of EEG 331
21.1 Introduction 331
21.2 The Effect of Advertising on Purchasing 332
21.3 Determinants of Marketing Communication Effectiveness 335
21.4 Psychological Mechanisms of Advertising 340
21.5 The Application of EEG in the Study of Advertising Content 342
21.6 An Analysis of an Advertisement with the Use of EEG: An Example 344
21.7 Conclusion 350
References 350
Chapter 22: Neuroelectrical Indexes for the Study of the Efficacy of TV Advertising Stimuli 352
22.1 Introduction 353
22.2 The Rationale Behind the Present Chapter 354
22.3 An Overview on the EEG Technique 356
22.4 Methodology of a Typical Neuromarketing Experiment 357
22.5 Case Study: When a Laugh Can Be Dangerous (or Not) 359
22.5.1 Population Target and TV Commercial 359
22.5.2 Behavioural Results 360
22.5.3 Cerebral Indices 361
22.5.4 The Reaction of Younger and Older Adults 362
22.6 Discussion 364
References 366
Chapter 23: EEG Frontal Asymmetry Related to Pleasantness of Olfactory Stimuli in Young Subjects 369
23.1 Introduction 370
23.2 Materials and Methods 371
23.2.1 Experimental Design 371
23.2.2 EEG Signal Recording and Processing 372
23.2.3 Brain Approach/Withdrawal Index 373
23.3 Results 374
23.4 Discussion 376
23.5 Conclusions 376
References 377
Index 378

Produkt-Details

• Erscheint lt. Verlag: 24.3.2016
• Reihe/Serie: Springer Proceedings in Business and Economics
• Reihe/Serie: Springer Proceedings in Business and Economics
• Zusatzinfo: IX, 385 p. 87 illus., 46 illus. in color.
• Verlagsort: Cham
• Sprache: englisch
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Planung / Organisation
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• Schlagworte: Artificial Intelligence • Cognitive Neurosciences Methods • Computer Methods • Computer simulations • Experimental economics • Virtual Worlds
• ISBN-10: 3-319-28419-3 / 3319284193
• ISBN-13: 978-3-319-28419-4 / 9783319284194