世界経済・社会統計 = World development indicators

Co-Planar Stereotaxic Atlas of the Human Brain—3-Dimensional Proportional System: An Approach to Cerebral Imaging, J. Talairach, P. Tournoux. Georg Thieme Verlag, New York (1988), 122 pp., 130 figs. DM 268

计量经济分析 = Econometric analysis

In 1974 an article appeared in Science magazine with the dry-sounding title “Judgment Under Uncertainty: Heuristics and Biases” by a pair of psychologists who were not well known outside their discipline of decision theory. In it Amos Tversky and Daniel Kahneman introduced the world to Prospect Theory, which mapped out how humans actually behave when faced with decisions about gains and losses, in contrast to how economists assumed that people behave. Prospect Theory turned Economics on its head by demonstrating through a series of ingenious experiments that people are much more concerned with losses than they are with gains, and that framing a choice from one perspective or the other will result in decisions that are exactly the opposite of each other, even if the outcomes are monetarily the same. Prospect Theory led cognitive psychology in a new direction that began to uncover other human biases in thinking that are probably not learned but are part of our brain’s wiring.

Thinking fast and slow.

The author systematically examines one of the important issues of information — establishing the market price. He introduces the concept of «search» — where a buyer wanting to get a better price, is forced to question sellers. The article deals with various aspects of finding the necessary information.

Economics of Information

It is generally thought that market outcomes are improved with the provision of market information. As a result, the use of repeated rounds with price feedback has become standard practice in the applied experimental auction valuation literature. We conducted two experiments to determine how rationally subjects behave with and without price feedback in a second price auction. Results from an auction for lotteries show that subjects exposed to price feedback are significantly more likely to commit preference reversals. However, this irrationality diminishes in later rounds. Results from an induced value auction indicate that price feedback caused greater deviations from the Nash equilibrium bidding strategy. Our results suggest that while bidding on the same item repeatedly improves auction outcomes, this improvement is not the result of price feedback.

Repeated Rounds with Price Feedback in Experimental Auction Valuation: An Adversarial Collaboration

Consumer sensory analysis provides consistent and accurate consumer preference rankings for experimental meat products. However, consumer valuation of product attributes has often been overlooked. Valuations provide a monetary standard for comparison among meat products and product attributes as well as across different studies, a weakness of consumer sensory rating scales. This paper discusses the use of consumer valuation in a consumer sensory panel setting focusing on an incentive compatible method where consumers have an incentive to truthfully reveal their values for a product.

Determining consumer valuation of differentiated beef steak quality attributes

Multiple price lists have emerged as a simple and popular method for eliciting risk preferences. Despite their popularity, a key downside of multiple price lists has not been widely recognized — namely that the approach is unlikely to generate sufficient information to accurately identify different dimensions of risk preferences. The most popular theories of decision making under risk posit that preferences for risk are driven by a combination of two factors: the curvature of the utility function and the extent to which probabilities are weighted non-linearly. In this paper, we show that the widely used multiple price list introduced by Holt and Laury (The American Economic Review
 92(5) 1644–1655 2002) is likely more accurate at eliciting the shape of the probability weighting function, and we construct a different multiple price list that is likely more accurate at eliciting the shape of the utility function. We show that by combining information from different multiple price lists, greater predictive performance can be achieved.

/pdf/what-can-multiple-price-lists-really-tell-us-about-risk-3ny7hclqd2.pdf

What can multiple price lists really tell us about risk preferences

Mixed logit models: accuracy and software choice

Animal welfare is emerging as one of the most controversial issues in modern livestock agriculture. Although consumers can buy free range products in niche markets, some have argued that existing markets cannot solve the animal welfare dilemma because there are individuals who care about animal well-being who do not eat animal products. This paper proposes a market-based solution to at least partially manage animal welfare externalities. After discussing the current lack of market incentives to promote farm animal well-being, a potential scheme to quantify and trade units of farm animal well-being is proposed. The potential merits and efficacy of an animal welfare market are also discussed.

/pdf/the-market-for-animal-welfare-250ueddnqa.pdf

Jayson L. Lusk

Papers

Repeated Rounds with Price Feedback in Experimental Auction Valuation: An Adversarial Collaboration

Determining consumer valuation of differentiated beef steak quality attributes

What can multiple price lists really tell us about risk preferences

Mixed logit models: accuracy and software choice

The market for animal welfare