Llicenciatura en Economia (3322)
Llicenciatura en Administraciķ i Direcciķ d'Empreses (3323)
Economia Experimental (11867)
Pre-requisits
En el curs s’admetrā un nombre māxim de 28 estudiants que formaran set equips de laboratori. Si el nombre de solˇlicituds excedís el de places, la selecciķ dels estudiants es faria per mčrits acadčmics. Haver cursat i aprovat cursos de decisiķ i de jocs constitueix un mčrit.
Mecānica del curs
Students in the Experimental Economics course will be instructed on the experimental method and its
applications, and will have to design, perform and analyze two experiments, one of them original.
The course will be divided in two parts. During the first part we will show you how
economists use the laboratory tools. For that purpose we will focus on some particular series of
experiments in markets and industrial organization, bargaining, public goods, coordination and
individual decision-making. Students will be grouped in teams and every team will have to
replicate and
analyze in class one classical experiment. The presentation of the experiment in class
should include a motivation, a complete description of the related literature and a careful
comparative analysis of the results obtained in class.
During the second part of the course, every team will chose, in coordination with the course
instructor, a topic to be experimentally explored. The experiment, this time an
original one, will again be run and discussed in class. A complete paper on the experiment,
with a motivated introduction, a description of the literature, results and conclusions including
an indication of further research, plus an appendix with instructions, will have to be handed in no
later than June 22nd.
We expect that this course will help you think about economics as an experimental science
and to provide you with a working knowledge of techniques for conducting laboratory experiments in
economics. Your grade will be based on your performance as an experimentalist, which means on your
class participation, on how you run your experiments, on your class presentations, and on the term
paper. Notice that there will be no exam in this course. This also means that there will be no exam
in September. If you fail to work during the course, your course grade will be: fail, June and
September.
You should be aware that I assume that you are familiar with the contents of
Experimental Methods: A Primer for Economists, by Friedman and Sunder (1994). This is a
short and basic book, very informative and easy to read. Some copies of the book are available in
the UPF library.
The following is a more detailed Program of the course lectures. The rest of the scheduled
time is devoted to your experiments and your analysis of your experiments as is described in the
accompanying timetable.
Lectures
Les regles del joc
ROTH, A. E. "Introduction to Experimental Economics". A: KAGEL, J.; ROTH, A. E.
The Handbook of Experimental Economics. Nova York: Princeton University Press, 1995. Pāg.
1-98.
SMITH, V. "Microeconomic Systems as an Experimental Science".
American Economic Review. Desembre de 1982. Pāg. 923-955.
SMITH, V. "Experimental Methods in Economics". A: EATWELL, J. i d’altres (eds).
The New Palgrave: A Dictionary of Economics. Nova York: Stockton Press, 1988.
SMITH, V. "Experimental Methods in Economics".
UPF Working Paper. Juny de 1992.
Decisiķ individual i en grup
BLINDER, A. S.; MORGAN, J. "Are Two Heads Better than One? An Experimental Analysis of Group
vs. Individual Decision Making".
NBER WP, 7909. Setembre del 2000.
HUNG, A. A.; PLOTT, C. R. "Information Cascades: Replication and an Extension to Majority
Rule and conformity Rewarding Institutions".
AER. (En premsa).
THALER, R. H.
The Winners Curse. The Free Press, 1992. Cap. 6 i 7.
Conflicte i cooperaciķ; coordinaciķ
ANDREONI, J.; MILLER, J. H. "Rational Cooperation in the Finitely Repeated Prisoner’s
Dilemma: Experimental Evidence".
Economic Journal, 103. 1993. Pāg. 570-585.
AXELROD, R.
The Evolution of Cooperation. Nova York: Basic Books, 1984.
SELTEN, R.; STOECKER, R. "End Behavior in Sequences of Finite Prisoner’s Dilemma
Supergames".
Journal of Economic Behavior and Organization, 7. 1986. Pāg. 47-70.
VAN HUYCK, J. B.; BATTALIO, R. C.; BEIL, R. O. "Tacit Coordination Games, Strategic
Uncertainty and Coordination Failure".
AER, 80. 1990. Pāg. 234-248.
Béns públics
ISAAC, R. M.; McCUE, K.; PLOTT, C. "Public Goods Provision in an Experimental Environment".
Journal of Public Economics, 26. 1985. Pāg. 51-74.
LEDYARD, John O. "Public Goods: A Survey of Experimental Research". A: KAGEL, J.; ROTH, A.
E.
The Handbook of Experimental Economics. Princeton (N. J.): Princeton, 1995. Pāg.
111-181.
Dictadors, ultimātums, altruisme i reciprocitat
CAMERER, C.; THALER, R. "Anomalies: Ultimatums, Dictators, and Manners".
Journal of Economic Perspectives, 9 (2). 1995. Pāg. 209-219.
FEHR, E.; GACHTER, S. "Fairness and Retaliation: The Economics of Reciprocity".
Journal of Economic Perspectives, 14 (3). 2000. Pāg. 159-181.
GUETH, W.; SCHMITTBERGER, R.; SCHWARZ, B. "An experimental Analysis of Ultimatum
Bargaining".
Journal of Economic Behavior and Organization, 3. 1982. Pāg. 367-388.
PRASNIKAR, V.; ROTH, A. "Considerations of Fairness and Strategy: Experimental Data from
Sequential Games".
Quarterly Journal of Economics, 1992. Pāg. 865-888.
ROTH, Alvin i d’altres. "Bargaining and Market Behavior in Jerusalem, Ljubljana,
Pittsburgh, and Tokyo: Some experimental Evidence".
AER, 81. 1991. Pāg. 1.068-1.095.
ROTH, A. E.; MURNIGHAN, J. K.; SCHOUMAKER, F. "The Deadline Effect in Bargaining: Some
Experimental Evidence".
AER, 78. 1988. Pāg. 806-823.
Organitzaciķ de mercats
GODE, D.; SUNDER, S. "Allocative Efficiency of Markets with ZI Traders".
Journal of Political Economy, 1993. Pāg. 119-137.
HOLT, Charles A.; LANGAN, L.; VILLAMIL, Anne P. "Market Power in Oral Double Auctions".
Economic Enquiry, gener de 1986. Pāg. 107-123.
HOLT, Charles A. "Industrial Organization: A Survey of Laboratory Research". A: KAGEL, J.;
ROTH, A. E.
The Handbook of Experimental Economics. Princeton (N. J.): Princeton, 1995. Pāg. 349-435.
SMITH, V. "Markets as Economizers of Information: Experimental Examination of the Hayek
Hypothesis".
Economic Inquiry, abril de 1982. Pāg. 165-179.
Mercats de valors
LEI, Vivian; NOUSSAIR, Charles N.; PLOTT, Charles R. "Non-speculative Bubbles in
Experimental Asset Markets: Lack of Common Knowledge of Rationality vs. Actual Irrationality".
Econometrica. (En premsa).
PLOTT, Charles R. "Markets as Information Gathering Tools".
Southern Economic Journal, 67 (1). 2000. Pāg. 1-15.
SMITH, Vernon L.; SUCHANEK, Gerry L.; WILLIAMS, Arlington W. "Bubbles, Crashes, and
Endogeneous expectations in Experimental Spot Asset Markets".
Econometrica, 56 (6). 1988. Pāg. 1.119-1.152.
SUNDER, Shyam. "Experimental Asset Markets: A Survey". A: KAGEL, J.; ROTH, A. E.
The Handbook of Experimental Economics. Princeton (N. J.): Princeton, 1995. Pāg.
445-495.
Subhastes
COX, J.; SMITH, V.; WALKER, J. "Theory and Individual Behavior of First Price Auctions".
Journal of Risk and Uncertainty, marį de 1988. Pāg. 61-99.
HARRISON, G. "Theory and Misbehavior in First Price Auctions".
AER, setembre de 1989. Pāg. 749-762.
KAGEL, John H.; LEVIN, Dan. "The Winner’s Curse and Public Information in Common Value
Auctions".
AER, desembre de 1986. Pāg. 894-920.
KAGEL, J. H. "Auctions: A Survey of Experimental Research". A: KAGEL, J.; ROTH, A. E.
The Handbook of Experimental Economics. Princeton (N. J.): Princeton, 1995. Pāg.
501-557.
Mercat de treball, incentius, salaris, contractes
FEHR, Ernst; GACHTER, Simon; KIRCHSTEIGER, Georg. "Reciprocity as a Contract Enforcement
Device".
Econometrica, 65 (4). 1997. Pāg. 833-860.
FEHR, Ernst; FALK, Armin. "Wage Rigidity in a Competitive Incomplete Contract Market".
Journal of Political Economy, 107. 1999. Pāg. 106-134.
FEHR, Ernst; GACHTER, Simon. "Do Incentive Contracts Crowd out Voluntary Cooperation?".
Institute for Empirical Research in Economics WP, 34. 2000.
Disseny d'institucions i mercats com a instruments de predicciķ
CASON, Timothy N.; PLOTT, Charles. "EPA New Emissions Trading Mechanism: A Laboratory
Evaluation".
Journal of Environmental Economics and Management, 30. 1996. Pāg. 133-160.
FORSYTHE, Robert i d'altres. "Anatomy of an Experimental Political Stock Market".
American Economic Review, 82 (5). 1992. Pāg. 1.142-1.161.