Journal articles on the topic 'Economics – Experiments – Methodology'
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1
Nowbutsing, Baboo M. "Experiments in International Economics." Journal of Economics and Behavioral Studies 4, no. 2 (February 15, 2012): 75–86. http://dx.doi.org/10.22610/jebs.v4i2.305.
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For many decades, economists have lamented the constraints on performing experiments in economics. However, with the birth of experimental economics this perception has changed. This field has developed considerably over the years. Now results from experiments are taken seriously. The experimental literature evolved in three directions: market experiments, game experiments and individual-decision making experiments. Over the years however, experimental methodology has been applied to more complex environments investigating macroeconomic issues and international economics. This paper provides a review of the experimental economics, its ingredients, its promises and skepticism. Further, we provide a review of the experiments that has been carried out in international economics.
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Rosenzweig, Mark R., and Kenneth I. Wolpin. "Natural “Natural Experiments” in Economics." Journal of Economic Literature 38, no. 4 (December 1, 2000): 827–74. http://dx.doi.org/10.1257/jel.38.4.827.
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The recent literature exploiting natural events as “natural experiment” instruments is reviewed to assess to what extent it has advanced empirical knowledge. A weakness of the studies that adopt this approach is that the necessary set of behavioral, market, and technological assumptions made by the authors in justifying their interpretations of the estimates is often absent. The methodology and findings from twenty studies are summarized and simple economic models are used to elucidate the implicit assumptions made by the authors and to demonstrate the sensitivity of the interpretations of the findings to the relaxation of some of these assumptions.
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McDermott, Rose. "Experimental Methodology in Political Science." Political Analysis 10, no. 4 (2002): 325–42. http://dx.doi.org/10.1093/pan/10.4.325.
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Experiments offer a useful methodological tool to examine issues of importance to political scientists. The historical and cultural differences between experiments in behavioral economics and social psychology are discussed. Issues of central concern to experimentalists are covered, including impact versus control, mundane versus experimental realism, internal versus external validity, deception, and laboratory versus field experiments. Advantages and disadvantages of experimentation are summarized.
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Dufwenberg, Martin. "Banking on experiments?" Journal of Economic Studies 42, no. 6 (November 9, 2015): 943–71. http://dx.doi.org/10.1108/jes-08-2015-0145.
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Purpose – How can laboratory experiments help us understand banking crises, including the usefulness of various policy responses? After giving a concise introduction to the field of experimental economics more generally, the author attempts to provide answers. The paper aims to discuss this issue. Design/methodology/approach – The author discusses methodology and surveys relevant work. Findings – History is often too complicated to be meaningfully revamped or modified in the lab, for purposes of insight-by-analogy. But as people argue about how to understand financial history, they bring ideas to the table. It is possible and useful to test the empirical relevance of these ideas in lab experiments. Originality/value – The paper pioneers broad discussion of how lab experiments may shed light on banking crises.
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Heinemann, Frank, and Charles Noussair. "Macroeconomic experiments." Journal of Economic Studies 42, no. 6 (November 9, 2015): 930–42. http://dx.doi.org/10.1108/jes-09-2015-0171.
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Purpose – The purpose of this paper is to introduce the upcoming symposium on experimental macroeconomics in the November issue. Design/methodology/approach – Experimental, survey of articles in the symposium. Findings – The paper describes how experiments can be used in macroeconomics. Originality/value – The paper discusses the rationale for using behavioral experiments in macroeconomics, and summarizes the papers in the symposium.
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Ross, Don. "Methodology for experiments should be determined empirically, not philosophically." Journal of Economic Methodology 18, no. 2 (June 2011): 189–93. http://dx.doi.org/10.1080/1350178x.2011.580132.
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Guala, Francesco. "THE ROLE OF EXPERIMENTS IN ECONOMICS: REPLY TO JONES." Economics and Philosophy 30, no. 3 (June 26, 2014): 503–11. http://dx.doi.org/10.1017/s0266267114000273.
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Martin Jones has criticized my account of the methodology of experimental economics on three points: the impossibility of testing external validity claims in the laboratory, my reconstruction of external validity inferences as analogical arguments, and the distinction between laboratory and non-laboratory sciences. I defend my account here and try to eliminate some misunderstandings that may have prompted Jones’s criticism.
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LIST, JOHN A., ANYA SAMEK, and DANA L. SUSKIND. "Combining behavioral economics and field experiments to reimagine early childhood education." Behavioural Public Policy 2, no. 1 (January 8, 2018): 1–21. http://dx.doi.org/10.1017/bpp.2017.6.
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AbstractBehavioral economics and field experiments within the social sciences have advanced well beyond academic curiosum. Governments around the globe as well as the most powerful firms in modern economies employ staffs of behavioralists and experimentalists to advance and test best practices. In this study, we combine behavioral economics with field experiments to reimagine a new model of early childhood education. Our approach has three distinct features. First, by focusing public policy dollars on prevention rather than remediation, we call for much earlier educational programs than currently conceived. Second, our approach has parents at the center of the education production function rather than at its periphery. Third, we advocate attacking the macro education problem using a public health methodology, rather than focusing on piecemeal advances.
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Huertas-Garcia, Rubén, Juan Carlos Gázquez-Abad, Francisco J. Martínez-López, and Irene Esteban-Millat. "Using Response Surface Methodology to Optimise Factors in Conjoint Experiments." International Journal of Market Research 55, no. 2 (March 2013): 267–88. http://dx.doi.org/10.2501/ijmr-2013-023.
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Identifying relevant attributes or variables is the first objective of conjoint analysis in market research. As a result of technological development, today it is common for researchers to use sequential experimental methods for adjusting design factors in successive phases. In particular, in the field of consumer behaviour these models are used predominantly for assessing subjective perceptions relating to the attributes of different products with high sensorial components (e.g. food, drinks and personal care products). This paper illustrates the use of response surface methodology in conjoint experiments, allowing sequential research in which the evaluation of a choice set determines the weight of factors in the next choice set and continues until the optimum combination is achieved. To this end we have carried out a computer simulation to determine the optimal combination of ingredients for a sauce. The simulation shows that the model needs only a few steps to reach the optimal combination of ingredients. This result indicates that response surface methodology can be considered a useful tool in the field of market research and, in particular, in studies on consumer behaviour.
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Nagatsu, Michiru, and Judith Favereau. "Two Strands of Field Experiments in Economics: A Historical-Methodological Analysis." Philosophy of the Social Sciences 50, no. 1 (December 10, 2019): 45–77. http://dx.doi.org/10.1177/0048393119890393.
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While the history and methodology of laboratory experiments in economics have been extensively studied by philosophers, those of field experiments have not attracted much attention until recently. What is the historical context in which field experiments have been advocated? And what are the methodological rationales for conducting experiments in the field as opposed to in the lab? This article addresses these questions by combining historical and methodological perspectives. In terms of history, we show that the movement toward field experiments in economics has two distinct roots. One is the general orientation of medical and social sciences to evidence-based policy evaluation, which gave rise to randomized field experiments in economics (e.g., behavioral public policy, poverty alleviation policy). The other is an awareness of several methodological limitations of lab experiments in economics, which required practitioners to get out of the lab and into the field. In these senses, the movement is a consequence of influences from both outside and inside economics: the general evidence-based trend in policy science and an internal methodological development of experimental economics. In terms of methodology, we show that these two roots resulted in two somewhat different notions of “external validity” as methodological rationales of field experiment. Finally, we suggest that analysis of experiments as exhibits highlights a methodological strategy in which both strands complement each other.
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Sonin, K. I. "Instead of laboratory: Analyzing data from natural experiments <i>(Nobel Memorial Prize in Economic Sciences 2021)</i>." Voprosy Ekonomiki, no. 1 (January 13, 2022): 5–22. http://dx.doi.org/10.32609/0042-8736-2022-1-5-22.
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The 2021 Nobel Prize in Economic Sciences was awarded to David Card, Joshua Angrist, and Guido Imbens for advancing methodology to establish casual relationships in economics. Their approach brought the notion of the natural experiment, situations in which heterogeneous reactions of different groups of people to chance shocks or policy changes allows to elicit causal effects, to the forefront of empirical analysis, and spearheaded a revolution in development of statistical methods needed to analyze the data. After the initial contributions in labor economics and economics of education, the new approach has become a new standard in economic sciences.
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Horak, Sven. "From Cross-Cultural Economic Experiments to Experimental Indigenous Management Research – A Suggestion." Management and Organization Review 14, no. 4 (December 2018): 651–91. http://dx.doi.org/10.1017/mor.2018.39.
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ABSTRACTThis study provides an overview, categorization, and integration of what has been achieved in the niche of cross-culture experimental economics (CCEE) so far, aiming to inspire indigenous management researchers to extend their methodological toolbox by including experimental methods. As a result of the review, I find that most of the early studies lack depth and contextualization as well as detailed explanation aboutwhyhuman behavior differs. Hence, a better understanding about the influence of culture on economic decision-making is rather limited if it cannot be explained in more detail. In contrast, deep contextualization is a principle in indigenous management research (IMR). Both have so far not benefited from each other in the study of how culture affects human behavior, as both currently develop in parallel. Following the call for high-quality IMR (Tsui, 2004), this paper argues that an experimental methodology can make a contribution to IMR in the future by drawing on the strengths of both IMR (i.e., contextualization) and CCEE (i.e., methodology).
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Jones, Martin K. "EXTERNAL VALIDITY AND LIBRARIES OF PHENOMENA: A CRITIQUE OF GUALA'S METHODOLOGY OF EXPERIMENTAL ECONOMICS." Economics and Philosophy 27, no. 3 (November 2011): 247–71. http://dx.doi.org/10.1017/s0266267111000204.
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Francesco Guala has developed some novel and radical ideas on the problem of external validity, a topic that has not received much attention in the experimental economics literature. In this paper I argue that his views on external validity are not justified and the conclusions which he draws from these views, if widely adopted, could substantially undermine the experimental economics enterprise. In rejecting the justification of these views, the paper reaffirms the importance of experiments in economics.
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Leathers, Charles G., J. Patrick Raines, and Heather R. Richardson-Bono. "Natural experiments and debt-driven financial crises: mortgage finance booms in the 1920s and 2000s." International Journal of Social Economics 42, no. 4 (April 13, 2015): 340–55. http://dx.doi.org/10.1108/ijse-12-2013-0282.
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Purpose – The role of debt in episodes of financial stability is a topic of increasing important as the global economy struggles to recover from the worst crisis since the Great Depression of the 1930s. The purpose of this paper is to examine the mortgage finance booms of the 1920s and 2000s as natural experiments, new insights into debt-driven financial crises are gained. Design/methodology/approach – The general methodology is interpreting anomalous historical events as natural experiments. The specific methodology is the approach to natural experiments provided by Joseph A. Schumpeter and Milton Friedman. The hypothesis tested is that laxity in lending standards was the prime contributor to the mortgage debt booms. In each case, we explain why factors other than laxity in lending standards would be secondary factors, with the pre-boom and post-boom lending standards providing the control groups of natural experiments. The two episodes of mortgage debt booms occurring under very different general economic and financial conditions provide an especially strong test of the hypothesized functional relationship. Findings – The results of the two natural experiments support the hypothesis that lax lending standards were the prime contributors to the two episodes of debt-driven financial crisis. Originality/value – From a social economics perspective, the insights gained are important because a major social goal has been to encourage greater opportunities for home ownership. The results of these natural experiments provide guidance for policymakers in the search for a viable balance between achieving that social goal and maintaining financial stability.
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Noriega, Alejandro, and Alex Pentland. "Representativity and Networked Interference in Data-Rich Field Experiments: A Large-Scale RCT in Rural Mexico." World Bank Economic Review 34, Supplement_1 (December 24, 2019): S35—S39. http://dx.doi.org/10.1093/wber/lhz038.
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Abstract Modern availability of rich geospatial datasets and analysis tools can provide insight germane to the design of field experiments. Design of field experiments, and in particular the choice of sampling strategy, requires careful consideration of its consequences on the external representativity and interference (SUTVA violations) of the experimental sample. This paper presents a methodology for a) modeling the geospatial and social interaction factors that drive interference in rural field experiments; and b) eliciting a set of nondominated sample options that approximate the Pareto-optimal tradeoff between interference and external representativity, as functions of sample choice. The study develops and tests the methodology in the context of a large-scale health experiment in rural Mexico, involving more than 3,000 pregnant women and 600 health clinics across 5 states. Relevant for the practitioner, the methodology is computationally tractable and can be implemented leveraging open sourced geo-spatial data and software tools.
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Boncinelli, Fabio, Caterina Contini, Francesca Gerini, Caterina Romano, Gabriele Scozzafava, and Leonardo Casini. "The Role of Context Definition in Choice Experiments: a Methodological Proposal Based on Customized Scenarios." Wine Economics and Policy 9, no. 2 (November 23, 2020): 49–62. http://dx.doi.org/10.36253/web-7978.
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One of the most critical points for the validity of Discrete Choice Experiments lies in their capability to render the experiment as close to actual market conditions as possible. In particular, when dealing with products characterized by a large number of attributes, the construction of the experiment poses the issue of how to express the choice question providing sufficient information. Our study verifies the role of scenario definition in choice experiments and proposes a methodology to build customized scenarios by eliciting responses from interviewees on the main choice criteria, which makes it possible to render the conditions of the experiment more realistic. This methodology is applied to the case study of wine and is introduced by a systematic review of the Discrete Choice Experiments conducted on wine. The findings show that customized scenarios result in different preference estimates compared to the conventional approach. In particular, we found a significant decline in the importance of the price attribute, which could be attributed to a better definition of the product being evaluated. Moreover, the methodology is capable of gathering information on the decision-making process that would otherwise remain unobserved and that can be used for a better segmentation analysis.
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Johnson, Garrett A., Randall A. Lewis, and Elmar I. Nubbemeyer. "Ghost Ads: Improving the Economics of Measuring Online Ad Effectiveness." Journal of Marketing Research 54, no. 6 (December 2017): 867–84. http://dx.doi.org/10.1509/jmr.15.0297.
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To measure the effects of advertising, marketers must know how consumers would behave had they not seen the ads. The authors develop a methodology they call “ghost ads,” which facilitates this comparison by identifying the control group counterparts of the exposed consumers in a randomized experiment. The authors show that, relative to public service announcement and intent-to-treat A/B tests, ghost ads can reduce the cost of experimentation, improve measurement precision, deliver the relevant strategic baseline, and work with modern ad platforms that optimize ad delivery in real time. The authors also describe a variant, “predicted ghost ad” methodology, which is compatible with online display advertising platforms; their implementation records more than 100 million predicted ghost ads per day. The authors demonstrate the methodology with an online retailer's display retargeting campaign. They show novel evidence that retargeting can work: the ads lifted website visits by 17.2% and purchases by 10.5%. Compared with intent-to-treat and public service announcement experiments, advertisers can measure ad lift just as precisely while spending at least an order of magnitude less.
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McDermott, Rose. "Research Transparency and Data Archiving for Experiments." PS: Political Science & Politics 47, no. 01 (December 29, 2013): 67–71. http://dx.doi.org/10.1017/s1049096513001741.
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Although still more common in medical studies and some other areas of social science such as psychology and behavioral economics, experimental work has become an increasingly important methodology in political science. Experimental work differs from other kinds of research because it systematically administers a specific treatment to part of a population while withholding that manipulation from the rest of a subject pool. The best studies strive to keep all other aspects of the experiment similar, so that any emergent difference between the treatment and control group that emerge provide unparalleled traction in determining causal inference. Many other valuable forms of social research use observation of the natural world, rather than depending on intervention to advance understanding. Because experimentalists can create the environment or process they want to study, this strategy of intervention and manipulation constitutes the main distinction between experimental work and other forms of social observation.
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Hamermesh, Daniel S. "Six Decades of Top Economics Publishing: Who and How?" Journal of Economic Literature 51, no. 1 (March 1, 2013): 162–72. http://dx.doi.org/10.1257/jel.51.1.162.
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Presenting data on all full-length articles in the three top general economics journals for one year in each decade 1960s–2010s, I analyze changes in patterns of coauthorship, age structure and methodology, and their possible causes. The distribution of number of authors has shifted steadily rightward. In the last two decades, the fraction of older authors has almost quadrupled. Top journals are publishing many fewer papers that represent pure theory, regardless of subfield, somewhat less empirical work based on publicly available data sets, and many more empirical studies based on data collected by the author(s) or on laboratory or field experiments. (JEL A14)
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Battigalli, Pierpaolo, and Martin Dufwenberg. "Belief-Dependent Motivations and Psychological Game Theory." Journal of Economic Literature 60, no. 3 (September 1, 2022): 833–82. http://dx.doi.org/10.1257/jel.20201378.
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The mathematical framework of psychological game theory is useful for describing many forms of motivation where preferences depend directly on one’s own or others’ beliefs. It allows for incorporating, for example, emotions, reciprocity, image concerns, and self-esteem in economic analysis. We explain how and why, discussing basic theory, experiments, applied work, and methodology. (JEL C70, D83, D91)
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Butera, Luigi, Robert Metcalfe, William Morrison, and Dmitry Taubinsky. "Measuring the Welfare Effects of Shame and Pride." American Economic Review 112, no. 1 (January 1, 2022): 122–68. http://dx.doi.org/10.1257/aer.20190433.
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Public recognition is frequently used to motivate desirable behavior, yet its welfare effects—such as costs of shame or gains from pride— are rarely measured. We develop a portable empirical methodology for measuring and monetizing social image utility, and we deploy it in experiments on exercise and charitable behavior. In all experiments, public recognition motivates desirable behavior but creates highly unequal image payoffs. High-performing individuals enjoy significant utility gains, while low-performing individuals incur significant utility losses. We estimate structural models of social signaling, and we use the models to explore the social efficiency of public recognition policies. (JEL C93, D64, D82, D91)
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Gampa, Anup, Jessica V. Linley, Brian Roe, and Keith L. Warren. "Generosity, fairness, trust and time: the performance of therapeutic community residents in economics experiments." Therapeutic Communities: The International Journal of Therapeutic Communities 39, no. 2 (June 11, 2018): 98–107. http://dx.doi.org/10.1108/tc-06-2017-0017.
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Purpose Therapeutic communities (TCs) assume that residents are capable of working together to overcome substance abuse and criminal behavior. Economic games allow us to study the potential of cooperative behavior in TC residents. The paper aims to discuss this issue. Design/methodology/approach The authors analyze results from a sample of 85 corrections-based TC residents and a comparison group of 45 individuals drawn from the general population who participated in five well-known economic experiments – the dictator game, the ultimatum game, the trust game, risk attitude elicitation and time preference elicitation. Findings TC residents keep less money in the dictator game and return more in the trust game, and prefer short-term rewards in the time preference elicitation. In the ultimatum game, nearly half of all residents refuse offers that are either too low or too high. Research limitations/implications While the study involves a sample from one TC and a comparison group, the results suggest that residents are at least comparable to the general public in generosity and appear willing on average to repay trust. A substantial minority may have difficulty accepting help. Practical implications Rapid peer feedback is of value. Residents will be willing to offer help to peers. The TC environment may explain residents’ tendency to return money in the trust game. Residents who refuse to accept offers that are either too low or too high in the ultimatum game may also have difficulty in accepting help from peers. Social implications Economic games may help to clarify guidelines for TC clinical practice. Originality/value This is the first use of economic games with TC residents.
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Nihonsugi, Tsuyoshi. "The difference between Partners and Strangers designs in public goods experiments." International Journal of Social Economics 43, no. 6 (June 13, 2016): 554–72. http://dx.doi.org/10.1108/ijse-09-2014-0188.
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Purpose – The purpose of this paper is to focus on conditional cooperation and investigate whether the difference in contributions between Partners and Strangers designs in linear public goods experiments can be explained by differences in beliefs. Design/methodology/approach – The author conducted linear public goods experiments by using Partners and Strangers designs with belief eliciting their group member’s contributions. Findings – The author shows that the difference in the magnitude of the responsiveness of contribution to belief (i.e. the marginal contribution to belief) creates different contribution levels in Partners and Strangers designs. Research limitations/implications – The presented results imply that having a strategic motive increases contributions by increasing the magnitude of the responsiveness of contribution to belief rather than by raising belief level. Originality/value – The main claim of this paper is that “marginal contribution to belief” rather than “belief level” causes the difference in contribution levels between Partners and Strangers. This is the first proven evidence of a difference in belief between Partners and Strangers.
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Song, Won-Yong. "Researches on blended words in Korean and psycholinguistic experiments: Focused on how to use lexical decision tasks." Morphology 24, no. 1 (May 31, 2022): 1–50. http://dx.doi.org/10.51157/kmor.2022.24.1.1.
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This paper introduces the method of morphology research using psycholinguistic experiments that started to support 'vocabulary-inference-based morphology' as an empirical method, focusing on research cases on Korean hybrid languages, and thus morphology using psycholinguistic experiments. We would like to share the prospects of research methodology. ‘Vocabulary-Inference-based Morphology’ is a study of morphology from a constructivist perspective, and can be said to be an aspect of functionalist morphology. By understanding all Korean words as observable linguistic phenomena, we tried to study the 'content and organization of the psychological lexicon', and not only tried to explain word formation as a universal cognitive process based on 'analogy', but also This is because it attempts to capture the situation and context in which the stored words are used in the communication process by including them in the function of the lexicon of 'vocabulary access and lexical information retrieval'. Most of the research up to now using psycholinguistic methods has attempted to verify the psychological reality of grammatical units that exist in various layers of morphological research by using a psychological experiment called a lexical judgment task and a statistical test for the results of the experiment. This paper intends to lay a stepping stone to help expand the basis of constructivist and functionalist morphology research by introducing such a research methodology comprehensively and concretely.
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Carter, Michael, Ghada Elabed, and Elena Serfilippi. "Behavioral economic insights on index insurance design." Agricultural Finance Review 75, no. 1 (May 5, 2015): 8–18. http://dx.doi.org/10.1108/afr-03-2015-0013.
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Purpose – While behavioral economic experiments have uncovered a wealth of insights concerning how people decide in the face of risk and uncertainty, the implications of these insights for the demand for agricultural insurance are under-explored. The purpose of this paper is to report on results from two recent field experiments that measure the extent to which farmer behavior departs from the predictions of expected utility theory and derives the implications of these departures for insurance demand. Design/methodology/approach – Framed behavioral field experiments were played with random samples of West African Cotton farmers who lived in areas that were being incorporated into a cotton insurance pilot program. Findings – Substantial numbers of farmers depart from expected utility behavior in ways that predict excess sensitivity to uncovered basis risk in insurance contracts; and, the fact that insurance premiums are typically framed as certain and unavoidable, while benefits are unknown and stochastic. Originality/value – Using novel field experimental methods, the work summarized here indicates that more careful design of index insurance contracts in conformity with the findings of behavioral economics could result in larger contract uptake and, ultimately, larger development impacts.
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Becker, Otwin, and Ulrike Leopold-Wildburger. "Optimal dynamic control of predator–prey models." Central European Journal of Operations Research 28, no. 2 (November 2, 2019): 425–40. http://dx.doi.org/10.1007/s10100-019-00656-7.
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Abstract This paper combines work to use a decision support tool for sustainable economic development, while acknowledging interdependent dynamics of population density, and interferences from outside. We get new insights derived from experimental approaches: analytical models (optimal dynamic control of predator–prey models) provide optimal dynamic strategies and interventions, depending on different objective functions. Our economic experiments are able to test the applicability of these strategies, and in how far decision-makers can learn to improve decision-making by repeated applications. We aim to analyse a sustainable environment with diametrical goals to harvest as much as possible while allowing optimal population growth. We find interesting insights from those who manage the dynamic system. With the methodology of experimental economics, the experiment at hand is developed to analyse the capability of individual persons to handle a complex system, and to find an economic, stable equilibrium in a neutral setting. We have developed a most interesting simulation model, where it will turn out that prices play a less important role than availability of the goods. This aspect could become a new important aspect in economics in general and in sustainable environments especially.
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García, Rubén Huertas, and Carolina Consolación Segura. "A Framework for Designing New Products and Services." International Journal of Market Research 51, no. 6 (January 2009): 1–17. http://dx.doi.org/10.1177/147078530905100601.
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Customer satisfaction is an important objective in all areas of business and services. A key issue in today's design activities is to achieve customer satisfaction in an economical way by finding the attributes that are most valuable to customers. In this paper we propose a formal and efficient methodology to design a new service, which is an improvement on a platform service. We propose a methodology to link two tools - the statistical design of experiments (SDE), for data collection, and quality function deployment (QFD), for the development of conceptual alternatives. The focus is only on functional dimensions, but it can be used in symbolic and aesthetic dimensions. The study uses a recent survey on the development of an operations management course curriculum to illustrate the conjoint methodology.
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Arango, Santiago, Erik R. Larsen, and Ann van Ackere. "Self-organizing behavior in collective choice models: laboratory experiments." Management Decision 54, no. 2 (March 21, 2016): 288–303. http://dx.doi.org/10.1108/md-07-2014-0451.
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Purpose – The purpose of this paper is to consider queuing systems where captive repeat customers select a service facility each period. Are people in such a distributed system, with limited information diffusion, able to approach optimal system performance? How are queues formed? How do people decide which queue to join based on past experience? The authors explore these questions, investigating the effect of information availability, as well as the effect of heterogeneous facility sizes, at the macro (system) and micro (individual performance) levels. Design/methodology/approach – Experimental economics, using a queuing experiment. Findings – The authors find little behavioural difference at the aggregate level, but observe significant variations at the individual level. This leads the authors to the conclusion that it is not sufficient to evaluate system performance by observing average customer allocation and sojourn times at the different facilities; one also needs to consider the individuals’ performance to understand how well the chosen design works. The authors also observe that better information diffusion does not necessarily improve system performance. Practical/implications – Evaluating system performance based on aggregate behaviour can be misleading; however, this is how many systems are evaluated in practice, when only aggregate performance measures are available. This can lead to suboptimal system designs. Originality/value – There has been little theoretical or empirical work on queuing systems with captive repeat customers. This study contributes to the understanding of decision making in such systems, using laboratory experiments based on the cellular automata approach, but with all agents replaced by humans.
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Feshchenko, Vladimir. "R. Jakobson as Mediator of Cultural Transfer between Linguistics and Literary Experiments." Przegląd Wschodnioeuropejski 9, no. 2 (November 30, 2018): 309–17. http://dx.doi.org/10.31648/pw.3217.
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The article analyzes one of the forms of nomadism in the intellectual world, which is called cultural transfers. One of the directions in the study of cultural transfers is the migration of concepts and notions between scientific knowledge (in this case linguistic) and literary experience (mainly experimental). The article is devoted to one of such migration trajectory from the perspective of interdiscourse methodology. We discuss the works of one of the agents of cultural transfer in the field of linguistics – R. Jakobson. The task of the article is to draw a trajectory according to which the linguistic concepts of Jakobson intertwine with parallel processes in literary (mainly poetic) experiments. The analysis concludes that precisely in connection with close contexts and transfers between poetry and linguistics, the Russian science of language represented by Jakobson develops a view of literature as a special language and a special communicative system. This trend is not typical for the Anglo-American linguistic tradition of the twentieth century, the quintessence of which in the middle of the century was represented in the theories of N. Chomsky and his circle.
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Rosenbaum, Stephen Mark, Stephan Billinger, Daniel Kwabena Twerefou, and Wakeel Atanda Isola. "Income inequality and cooperative propensities in developing economies." International Journal of Social Economics 43, no. 12 (December 5, 2016): 1460–80. http://dx.doi.org/10.1108/ijse-04-2015-0109.
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Purpose The purpose of this paper is to examine the influence of income inequality on cooperative propensities, and thus the ability of individuals to resolve collective action dilemmas. Design/methodology/approach The paper presents a meta-study of 32 developing country lab experiments correlating cooperative behaviour with prevailing Gini coefficients. Furthermore, the paper conducts standard dictator- and public goods game (PGG) experiments with culturally and demographically similar subject pools in two West African countries characterized by high and persistent variation in national income inequality. Findings The meta-study findings of a significant negative relationship between income inequality and contribution levels in the PGG are corroborated by the own laboratory experimental findings that participants in more unequal Nigeria are significantly less altruistic and exhibit significantly lower propensities to cooperate than their more egalitarian Ghanaian counterparts. Moreover, the latter findings are robust when controlling for personal income levels. Practical implications The findings have nontrivial implications for collective action theorists and practitioners seeking to elicit tacit cooperation in developing countries. Originality/value The major contributions of this paper are the novel meta-analysis and the first attempt to examine the influence of personal income levels on cooperative behaviour in societies characterized by differential levels of income inequality.
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Chari, A. V. "Identifying the Aggregate Productivity Effects of Entry and Size Restrictions: An Empirical Analysis of License Reform in India." American Economic Journal: Economic Policy 3, no. 2 (May 1, 2011): 66–96. http://dx.doi.org/10.1257/pol.3.2.66.
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Distortions in the allocation of resources between heterogeneous producers have the potential to generate large reductions in aggregate productivity, a point that has been stressed by recent studies. There is, however, little direct empirical evidence from actual policy experiments on the magnitude of these effects. This paper proposes a simple methodology that empirically identifies the separate effects of entry and size restrictions on aggregate productivity, and uses it to analyse the impact of a policy reform in India. (JEL L11, L24, O14, O47)
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Paz, Alexander, Kul Shrestha, Cristian Arteaga, and Douglas Baker. "Calibration of Microscopic Traffic Flow Simulation Models considering Subsets of Links and Parameters." Journal of Advanced Transportation 2020 (October 31, 2020): 1–18. http://dx.doi.org/10.1155/2020/8897141.
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This study proposes a methodology for the calibration of microscopic traffic flow simulation models by enabling simultaneous selection of traffic links and associated parameters. The analyst selects any number and combination of links and model parameters for calibration. Most calibration methods consider the entire network and use ad hoc approaches without enabling a specific selection of location and associated parameters. In practice, only a subset of links and parameters is used for calibration based on several factors such as expert knowledge of the system or constraints imposed by local governance. In this study, the calibration problem for the simultaneous selection of links and parameters was formulated using a mathematical programming approach. The proposed methodology is capable of calibrating model parameters considering multiple time periods and performance measures simultaneously. Traffic volume and speed are the performance measures used in this study, and the methodology is developed without considering the characteristics of a specific traffic flow model. A genetic algorithm was implemented to find a solution to the proposed mathematical program. In the experiments, two traffic models were calibrated: the first set of experiments included selection of links only, while all associated parameters were considered for calibration. The second set of experiments considered simultaneous selection of links and parameters. The implications of these experiments indicate that the models were calibrated successfully subject to selection of a minimum number of links. As expected, the more links and parameters that are used for calibration, the more time it takes to find a solution, but the overall results are better. All parameter values were reasonable and within constraints after successful calibration.
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Sharma, Dipasha. "Nexus between financial inclusion and economic growth." Journal of Financial Economic Policy 8, no. 1 (April 4, 2016): 13–36. http://dx.doi.org/10.1108/jfep-01-2015-0004.
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Purpose The purpose of this study is to assess the nexus between the vast dimensions of financial inclusion and economic development of the emerging Indian economy. Design/methodology/approach In this study, vector auto-regression (VAR) models and Granger causality test were followed to test the main research question in Indian context. The data were collected on various dimensions of financial inclusion and economic development for the period 2004-2013. Findings Empirical results and discussion suggest that there is a positive association between economic growth and various dimensions of financial inclusion, specifically banking penetration, availability of banking services and usage of banking services in terms of deposits. Granger causality analysis reveals a bi-directional causality between geographic outreach and economic development and a unidirectional causality between the number of deposits/loan accounts and gross domestic product. The results obtained favor social banking experiments in India with a deepening of banking institutions. Research limitations/implications This study is limited to the banking institutions and specifically to the emerging and developing economies. Practical implications This study analyzes the quantitative value of social banking experiments and governments’ efforts to enhance financial inclusion in terms of economic growth. Social implications Financial inclusion plays a key role in developing a strong and an efficient financial infrastructure, which facilitates the growth of an economy. The findings of the study reveal that there is a strong association between banking penetration and growth. The discussion leads in the favor of deepening of the banking institutions, and therefore, policymakers can look forward to these findings to maintain a sustainable-inclusive-developed economic system in an emerging economy like India. Originality/value This study is original in nature and includes recent evidence and efforts to promote financial inclusion in the Indian economy. The findings of this study will be of value to banks and policymakers.
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Granda Carvajal, Catalina. "Informality and macroeconomic volatility: do credit constraints matter?" Journal of Economic Studies 42, no. 6 (November 9, 2015): 1095–111. http://dx.doi.org/10.1108/jes-03-2014-0043.
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Purpose – The purpose of this paper is to study the implications of borrowing constraints characterizing the informal sector for macroeconomic volatility. Design/methodology/approach – To this end, the author develops a simple dynamic stochastic general equilibrium model wherein registered activity not only is the basis to determine tax liabilities, but also serves as collateral for securing debts. Such a framework allows for computational experiments to analyze the effect of informality on aggregate fluctuations. Findings – The experiments show that the credit-constrained informal sector does exert a significant influence on the cyclical volatility of consumption and investment. Originality/value – There are not many studies addressing the implications of informal economic activities for macroeconomic fluctuations. This paper contributes to the literature by developing a theoretical model showing that credit constraints characterizing these activities might play a non-negligible role in explaining the cyclical volatility of some important aggregates.
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Jahangard, Mahdi, Mahyar Madarshahian, Hadi Sabur, Reza Rezvani, Abolfazl Mohammadzadeh Moghaddam, and Nathan Huynh. "Illegal Maneuver Effect on Traffic Operations at Signalized Intersections: An Observational Simulation-Based Before-After Study Using Response Surface Methodology." Journal of Advanced Transportation 2023 (January 11, 2023): 1–19. http://dx.doi.org/10.1155/2023/2038167.
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This study investigates three illegal maneuvers at signalized intersections: pedestrians jaywalking at signalized crosswalks (JSC), vehicles stopping near the intersections (SNI), and vehicles occupying the through lane instead of the left-turn lane to make a left turn (OTL). Traffic microsimulation models of four intersections were developed using Aimsun, and data were collected by a drone over a 3-hour period. The car-following model (Gibbs model) implemented in Aimsun was calibrated for each of the intersections and validated at the 95% confidence level. The validated Aimsun models were used to perform 13 experiments designed to investigate the interaction effects of decreasing two or more illegal maneuvers on travel time and fuel consumption. These 13 experiments were identified using the design of experiments D-optimality criterion. To investigate the main and interaction effects of decreasing two or more illegal maneuvers on travel time and fuel consumption, the response surface methodology (RSM) was used. Using RSM, the statistical model that was found to best fit the simulation results was a quadratic form. The results showed that the dependent variables “travel time ratio” and “fuel consumption ratio” are affected not only by a decrease in violations ratio but also by the volume of traffic as the exogenous variable. It was found that decreasing two of the violations, namely, JSC and SNI, improves travel time and fuel consumption but decreasing OTL has the opposite effect, resulting from the inadequate design of left-turning lane length/capacity and/or inadequate signal timing to accommodate left-turning volume.
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Lo, Ming Chien, and Eric Zivot. "THRESHOLD COINTEGRATION AND NONLINEAR ADJUSTMENT TO THE LAW OF ONE PRICE." Macroeconomic Dynamics 5, no. 4 (September 2001): 533–76. http://dx.doi.org/10.1017/s1365100501023057.
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Previous studies investigating threshold behavior in real-exchange-rate and price difference data have used rather ad hoc statistical methods and have focused on univariate threshold models for relative prices. We utilize a general multivariate threshold cointegration model and develop a systematic testing and estimation strategy for this model, building on the work of others. Using Monte Carlo experiments, we systematically compare the use of univariate and multivariate techniques for testing threshold cointegration, estimating various threshold models, and testing specifications. We apply our methodology to a large set of U.S. disaggregated CPI data. We find evidence of threshold cointegration mainly for tradable goods. However, the type of threshold nonlinearity that we find generally does not support the transaction-cost view of commodity arbitrage.
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Yin, Shijiu, Mo Chen, Yingjun Xu, and Yusheng Chen. "Chinese consumers’ willingness-to-pay for safety label on tomato: evidence from choice experiments." China Agricultural Economic Review 9, no. 1 (February 6, 2017): 141–55. http://dx.doi.org/10.1108/caer-11-2015-0147.
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Purpose Unlike some developed countries, Chinese food safety certification system is multi-level including organic/green/hazard-free certifications. The purpose of this paper is to assess consumers’ preferences for tomatoes carrying these different labels. Design/methodology/approach Data used in this study came from choice experiments (CEs) conducted in Shandong province, China. Based on experiment data, a random parameter logit model was established to analyze consumers’ willingness-to-pay (WTP). Findings Consumers’ WTP for organic tomatoes was higher than that for hazard-free and green-certified tomatoes. Furthermore, consumers’ WTP for the European Union (EU) organic label was higher than that for the Chinese organic label, whereas a non-significant difference existed between the levels of consumers’ WTP for hazard-free and green-certified tomatoes. Consumers with different food safety risk perception (FSRP) had large differences in WTP, whereas those with varying environmental awareness (ENAW) had similar levels of WTP. Originality/value This contribution is the first research which focuses on consumers’ WTP for EU organic label, Chinese organic label, green label, or hazard-free label on tomato through CEs in China. Furthermore, the influence of consumers’ FSRP and ENAW on their preference was analyzed through a random parameter logit model.
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Carreira, Pedro, and Carlos Gomes da Silva. "Assessing the omission of records from a data set using Benford’s law." Journal of Financial Crime 23, no. 4 (October 3, 2016): 798–805. http://dx.doi.org/10.1108/jfc-10-2015-0060.
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Purpose The purpose of this paper is to propose a methodology to estimate the number of records that were omitted from a data set, and to assess its effectiveness. Design/methodology/approach The procedure to estimate the number of records that were omitted from a data set is based on Benford’s law. Empirical experiments are performed to illustrate the application of the procedure. In detail, two simulated Benford-conforming data sets are distorted and the procedure is then used to recover the original patterns of the data sets. Findings The effectiveness of the procedure seems to increase with the degree of conformity of the original data set with Benford’s law. Practical implications This work can be useful in auditing and economic crime detection, namely in identifying tax evasion. Originality/value This work is the first to propose Benford’s law as a tool to detect data evasion.
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Endress, Tobias. "An e-Delphi experiment of quality of equity predictions in online groups." Qualitative Research in Financial Markets 7, no. 2 (May 5, 2015): 136–58. http://dx.doi.org/10.1108/qrfm-05-2014-0014.
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Purpose – This paper aims to present the results of experiments with groups making online group stock price predictions and include the research process and a summary of the preliminary results. The overall objectives of the study are to assess the effect of individual and remote group decision-making approaches to stock price predictions, to assess whether a learning effect exists through the feedback loop of an e-Delphi process and to identify the underlying key mechanisms of the individual and of the group that influence the decision-making process. Design/methodology/approach – The experiments consist of a pilot and a main run. The main run was performed with three lay groups (totaling 49 participants) and two expert groups (totaling ten financial analysts and other stock market professionals). The groups were benchmarked with actual market prices as well as with each other, over ten e-Delphi cycles (ten weeks). Each participant in the experiment was asked to provide an estimation of the movement (up or down) for one-week, one-month and three-month future periods for each share, as well as to enter a stock price prediction for a three-month period. Findings – Although the pilot run has provided some indications that in certain situations and with careful group design, stock price predictions can be superior to the predictions of experts, the main experiment indicated a more differentiated picture and provided some information about the underlying decision-making process. Originality/value – The paper presents influence factors and measures the impact of the group decision-making process of Internet communities focusing on stock trading, based on predicting share prices.
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Cornand, Camille, and Frank Heinemann. "Limited higher order beliefs and the welfare effects of public information." Journal of Economic Studies 42, no. 6 (November 9, 2015): 1005–28. http://dx.doi.org/10.1108/jes-08-2015-0142.
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Purpose – In games with strategic complementarities, public information about the state of the world has a larger impact on equilibrium actions than private information of the same precision, because the former is more informative about the likely behavior of others. This may lead to welfare-reducing “overreactions” to public signals as shown by Morris and Shin (2002). Recent experiments on games with strategic complementarities show that subjects attach a lower weight to public signals than theoretically predicted. The purpose of this paper is to reconsider the welfare effects of public signals accounting for the weights observed in experiments. Design/methodology/approach – Aggregate behavior observed in experiments on games with strategic complementarities can be explained by a cognitive hierarchy model where subjects employ limited levels of reasoning. They respond in a rational way to the non-strategic part of a game and they account for other players responding rationally, but they neglect that other players also account for others’ rationality. This paper analyzes the welfare effects of public information under such limited levels of reasoning. Findings – In the model by Morris and Shin (2002) public information is always welfare improving if strategies are derived from such low reasoning levels. The optimal degree of publicity is decreasing in the levels of reasoning. For the observed average level of reasoning, full transparency is optimal, if public information is more precise than private information. If the policy maker has instruments that are perfect substitutes to private actions, the government should secretly respond to its information without disclosing or signaling it to the private sector independent of the degree of private agents’ rationality. Originality/value – This paper takes experimental evidence back to theory and shows that the main result obtained by the theory under rational behavior breaks down if theory accounts for the bounded rationality observed in experiments.
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Abbas, Syed Muslim, Ambreen Usmani, and Maroosha Imran. "Willingness To Pay And Its Role In Health Economics." Journal of Bahria University Medical and Dental College 09, no. 01 (December 27, 2018): 62–66. http://dx.doi.org/10.51985/jbumdc2018120.
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A stated preference which refers to the valuation of benefits in monetary terms to the health-related commodities or services are loosely termed as willingness to pay (WTP). Studies in health economics which are derived by surveys or experiments have been conducted addressing this issue. However, most economists have the view that stated preference or willingness to pay is an acceptable method if inclined with the aims of economic analysis. There has been a rapid growth of the health industry in the last few decades to meet the healthcare needs of an ever-growing population of the world with varying patterns of burden of disease and health related issues. This has escalated healthcare costs significantly putting pressure on governments to allocate additional finances in the health sector. In developing nations and some developed countries health services are mostly purchased privately as the governmental annual health budgets struggle to meet the healthcare demand of the communities. Its relevance is increased in countries where people are expected to contribute significantly towards the costs of healthcare. Similarly, the strength of preference of health-related commodities is an important indicator for making prudent choices in deciding between competing health program which may be publicly funded. Moreover, other advantages of using WTP as outcome measure include; demand for information, process utility, option value and altruistic value. Demand for information encompasses the utility gained by individuals from the information included in the WTP survey. To conclude willingness to pay methodology is a useful tool in health economics to capture the preference of individuals who are the direct beneficiaries of the proposed health services.
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Davidson, Russell. "Testing for Restricted Stochastic Dominance: Some Further Results." Review of Economic Analysis 1, no. 1 (November 22, 2009): 34–59. http://dx.doi.org/10.15353/rea.v1i1.1478.
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Extensions are presented to the results of Davidson and Duclos (2007), whereby the null
hypothesis of restricted stochastic non dominance can be tested by both asymptotic and
bootstrap tests, the latter having considerably better properties as regards both size and
power. In this paper, the methodology is extended to tests of higher-order stochastic dominance.
It is seen that, unlike the first-order case, a numerical nonlinear optimisation problem
has to be solved in order to construct the bootstrap DGP. Conditions are provided for a
solution to exist for this problem, and efficient numerical algorithms are laid out. The empirically
important case in which the samples to be compared are correlated is also treated,
both for first-order and for higher-order dominance. For all of these extensions, the bootstrap
algorithm is presented. Simulation experiments show that the bootstrap tests perform
considerably better than asymptotic tests, and yield reliable inference in moderately sized
samples.
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Plott, Charles R., and Kathryn Zeiler. "The Willingness to Pay–Willingness to Accept Gap, the “Endowment Effect,” Subject Misconceptions, and Experimental Procedures for Eliciting Valuations." American Economic Review 95, no. 3 (May 1, 2005): 530–45. http://dx.doi.org/10.1257/0002828054201387.
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We conduct experiments to explore the possibility that subject misconceptions, as opposed to a particular theory of preferences referred to as the “endowment effect,” account for reported gaps between willingness to pay (“WTP”) and willingness to accept (“WTA”). The literature reveals two important facts. First, there is no consensus regarding the nature or robustness of WTP-WTA gaps. Second, while experimenters are careful to control for subject misconceptions, there is no consensus about the fundamental properties of misconceptions or how to avoid them. Instead, by implementing different types of experimental controls, experimenters have revealed notions of how misconceptions arise. Experimenters have applied these controls separately or in different combinations. Such controls include ensuring subject anonymity, using incentive-compatible elicitation mechanisms, and providing subjects with practice and training on the elicitation mechanism before employing it to measure valuations. The pattern of results reported in the literature suggests that the widely differing reports of WTP-WTA gaps could be due to an incomplete science regarding subject misconceptions. We implement a “revealed theory” methodology to compensate for the lack of a theory of misconceptions. Theories implicit in experimental procedures found in the literature are at the heart of our experimental design. Thus, our approach to addressing subject misconceptions reflects an attempt to control simultaneously for all dimensions of concern over possible subject misconceptions found in the literature. To this end, our procedures modify the Becker-DeGroot-Marschak mechanism used in previous studies to elicit values. In addition, our procedures supplement commonly used procedures by providing extensive training on the elicitation mechanism before subjects provide WTP and WTA responses. Experiments were conducted using both lotteries and mugs, goods frequently used in endowment effect experiments. Using the modified procedures, we observe no gap between WTA and WTP. Therefore, our results call into question the interpretation of observed gaps as evidence of loss aversion or prospect theory. Further evidence is required before convincing interpretations of observed gaps can be advanced.
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Obaidullah, Mohammed. "Enhancing food security with Islamic microfinance: insights from some recent experiments." Agricultural Finance Review 75, no. 2 (July 6, 2015): 142–68. http://dx.doi.org/10.1108/afr-11-2014-0033.
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Purpose – Islamic microfinance institutions (IsMFIs) have used diverse models and tools, as they seek to provide financial and non-financial support to the farming communities. A majortity of IsMFIs focus on provision of micro-credit to farmers alone as a means to enhance food security, following an approach similar to that of the conventional microfinance institutions. Others adopt a “finance-plus” approach and provide support in a multitude of areas other than finance, such as, technology, production, marketing, business development, capacity building, and thus, ultimately steering the project to success. The purpose of this paper is to examine the models and tools of Islamic agricultural finance for the rural poor that display major variations and draw lessons from a policy perspective. Design/methodology/approach – The study undertakes a comprehensive review of the principles, modes and models of Islamic agricultural finance targeted at small-holder farmers. It uses a case study method to review several winning initiatives by IsMFIs across the globe. It highlights the various risks and challenges confronting the projects and how the same are sought to be mitigated. Findings – Islamic agricultural finance for the rural poor involves a range of modes, mechanisms and institutional structures. Credit-based and sharing-based modes work well under specific conditions and there is no one-size-fits-all solution for financing the rural poor. Case studies of successful initiatives reveal that composite models involving the integration of philanthropy-based, not-for-profit as well as for-profit components may provide ideal solutions. Additional factors critical for success include provision of safety nets, involvement of community, non-financial support in a multitude of areas other than finance, such as, technology, procurement, production, marketing, business development and institutional capacity building. Originality/value – The paper addresses a fundamental issue in financing the poor farmers in Muslim societies – whether to opt for a credit-based approach that would ensure greater outreach or to go for a holistic intervention involving financing of the entire value chain. The findings are based on personal interaction of the author with professionals directly involved in the projects.
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Choi, Jae Young, Jungwoo Shin, and Jongsu Lee. "Strategic Management of New Products: Ex-Ante Simulation and Market Segmentation." International Journal of Market Research 55, no. 2 (March 2013): 289–314. http://dx.doi.org/10.2501/ijmr-2013-024.
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Among various methodologies for demand forecasting of new products, the random-coefficient discrete-choice model using stated preference data is considered to be effective because it reflects heterogeneity in consumer preference and enables the design of experiments in the absence of revealedpreference data. Based on estimates drawn from consumer preference data by structural hierarchical Bayesian logit models, this study develops the overall, strategic, demand-side management for new products by combining market share simulation and a rigorous clustering methodology, the Gaussian mixture model. It then applies the process to the empirical case of electronic payment instruments.
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Bhave, Nikhil A., Prasanna S. Mahankar, Yogesh Dandekar, and Mahesh Shukla. "Research Directions for Homogenous Charge Combustion Ignition Engine." SAMRIDDHI : A Journal of Physical Sciences, Engineering and Technology 14, no. 01 SPL (June 30, 2022): 123–28. http://dx.doi.org/10.18090/samriddhi.v14spli01.22.
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Homogenous Charge Combustion Ignition Engine (HCCI) technology is an advanced engine technology developed in 1989. Several attempts are being made for the performance improvement and field applications of HCCI engines. Simulation models and laboratory experiments confirm that the HCCI technology is superior to the conventional Internal Combustion engines. However, the HCCI research is in nascent stage today. Focused research is required to bring this technology in commercial use. This paper aims to investigate the future directions for study of Homogenous Charge Compression Ignition engines. Review articles from last ten years were studied in detail. The conclusions and future directions suggested by all papers are critically examined, tabulated and analyzed. Common conclusions are separately presented and the specific conclusions of the papers are compared so as to develop a methodology to carry out further research in the field of Internal Combustion engines.
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O'Donnell, Ed, and Joseph J. Schultz. "The Halo Effect in Business Risk Audits: Can Strategic Risk Assessment Bias Auditor Judgment about Accounting Details?" Accounting Review 80, no. 3 (July 1, 2005): 921–39. http://dx.doi.org/10.2308/accr.2005.80.3.921.
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Many auditors use an audit methodology that requires a strategic risk assessment of their client's business model as a first step for assessing audit risks. This study examines whether the holistic perspective that auditors acquire in making a strategic risk assessment influences the extent to which they adjust account-level risk assessments when they encounter changes in accounts that are inconsistent with information about client operations. Based on halo theory from the performance evaluation literature, we hypothesize that auditors who (1) perform (do not perform) strategic assessment, and (2) develop favorable (unfavorable) strategic risk assessments, are less (more) likely to adjust account-level risk assessments for inconsistent fluctuations. Data from two laboratory experiments using experienced auditors support both hypotheses. Findings suggest that the halo effect generated during strategic assessment influences judgment by altering auditor tolerance for inconsistent fluctuations.
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Christie, Angelina, and Daniel Houser. "Financing and signaling decisions under asymmetric information: an experimental study." Review of Behavioral Finance 11, no. 2 (June 28, 2019): 102–27. http://dx.doi.org/10.1108/rbf-06-2017-0055.
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Purpose The purpose of this paper is to test whether underpricing can serve as a signal of quality in a financing-investment environment and to compare it under the two institutions for financing offers that are commonly observed in corporate financial markets: take-it-or-leave-it offer (TLO) and the competitive bidding offer (CBO). Design/methodology/approach The research paper uses experimental economics methodology and laboratory experiments to investigate the research question. Findings The results suggest that underpricing can serve as a signal of quality but not sustainable as a repeat strategy. Over time, the high-quality firms converge to a pooling strategy rather than bearing the cost of signaling. Additionally, underpricing is lower under CBO than under TLO institution due to competitive bidding. Signaling under CBO institution may be less salient due to possible mimicking by the low-quality firms. Originality/value This paper presents a first experimental investigation of the underpricing-signaling hypothesis in a financing-investment environment under asymmetric information. The choice of institution in a financing environment produces qualitatively and strategically different behavior among firms and investors.
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Rudrapati, Ramesh, and Arun Patil. "Optimization of Cutting Conditions for Surface Roughness in VMC 5-Axis." Materials Science Forum 969 (August 2019): 631–36. http://dx.doi.org/10.4028/www.scientific.net/msf.969.631.
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Vertical machining center (VMC) five-axis is advanced metal cutting process which used tomachine advanced materials for creating parts for industries like die, automotive, aerospace, machinerydesign, etc. Input parameters selection very important in VMC-five axis to obtain better surface finishon milled part and enhanced machining economics. In the present work, experimental analysis has beenplanned to study the significances of milling parameters on quality response, surface roughness (Ra) ofD3 steel. The experiments have been planned on D3 steel in VMC five axis as per Box-Behnken designof response surface methodology (RSM). Modeling and optimization have been done by hybrid RSMand Jaya optimization algorithm. The factor effects on Ra has been studied by analysis of signal-tonoise ratio. The concluding remarks has been drawn from the study
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McCannon, Bryan C., and John Stevens. "Role of personality style on bargaining outcomes." International Journal of Social Economics 44, no. 9 (September 11, 2017): 1166–96. http://dx.doi.org/10.1108/ijse-01-2015-0008.
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Purpose The purpose of this paper is to identify whether personality traits can help explain the outcomes that arise in bargaining outcomes. Design/methodology/approach Experiments with subjects playing the alternating-offers bargaining game are considered. Both full information and asymmetric information treatments are considered. Subjects also complete standardized Myers-Briggs Type Indicator assessments. Findings Personality type measurements are shown to help explain the opening offers, rejections, and resulting wealth in the negotiations. It is shown that interactions between the personality dimensions are important and that the interaction between personality and information play a key role in bargaining outcomes. Research limitations/implications The research utilizes laboratory experiments to generate data. This expands our understanding of individual-level behavior, but suffers from the limitation of not replicating realistic bargaining situations. Practical implications The work should serve as a guide to organizations to identify traits of effective negotiators. Social implications Bargaining is a central economic activity. Being able to identify the root of differences in outcomes from negotiations should be able to inform institutional design issues. Originality/value Little work has been done connecting the rich literature in social psychology and management on personality to economic outcomes. The research on bargaining neglects to incorporate individual-level traits into the process. This research begins to bridge this gap and informs both bargaining theory as well as emphasizes on the importance of personality in application.