Journal ArticleDOI
A Surprise-Quiz View of Learning in Economic Experiments
Antonio Merlo,Andrew Schotter +1 more
TLDR
This article used experimental data to investigate what subjects have learned after participating in an economic experiment for many periods and found that depending on the manner in which subjects are paid, they attempt to learn different aspects of the experimental task and perform differently.About:
This article is published in Games and Economic Behavior.The article was published on 1999-07-01. It has received 48 citations till now. The article focuses on the topics: Surprise & Task (project management).read more
Citations
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Book ChapterDOI
The Effects of Financial Incentives in Experiments: A Review and Capital-Labor-Production Framework
TL;DR: In this paper, the authors review 74 experiments with no, low, or high performance-based financial incentives and find that the modal result has no effect on mean performance, and that higher incentive does improve performance often, typically judgment tasks that are responsive to better effort.
Experimental practices in economics: A methodological challenge for psychologists?-Open Peer Commentary-Theory-testing experiments in the economics laboratory
TL;DR: There is a call for more research on the consequences of methodological preferences, such as the use on monetary payments, and a “do-it-both-ways” rule regarding the enactment of scripts, repetition of trials, and performance-based monetary payments.
Journal ArticleDOI
The strategy versus the direct-response method: a first survey of experimental comparisons
Jordi Brandts,Gary Charness +1 more
TL;DR: A first survey of the literature regarding whether the strategy method, in which a responder makes conditional decisions for each possible information set, leads to different experimental results than does the more standard direct-response method is presented.
DatasetDOI
Experimental practices in economics: A methodological challenge for psychologists?
Ralph Hertwig,Andreas Ortmann +1 more
TL;DR: In this article, the authors consider four features of ex- perimentation in economics, namely, script enactment, repeated trials, performance-based monetary payments and the proscription against deception, and compare them to experimental practices in psychology, primarily in the area of behavioral decision making.
Journal ArticleDOI
Neuroeconomics: cross-currents in research on decision-making
TL;DR: The field of neuroeconomics has recently emerged as an inter-disciplinary effort to bridge the gap between psychology and neuroscience, and offers exciting potential for the construction of more accurate models of decision-making.
References
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Journal ArticleDOI
A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity
TL;DR: In this article, a parameter covariance matrix estimator which is consistent even when the disturbances of a linear regression model are heteroskedastic is presented, which does not depend on a formal model of the structure of the heteroSkewedness.
ReportDOI
Rank-Order Tournaments as Optimum Labor Contracts
Edward P. Lazear,Sherwin Rosen +1 more
TL;DR: The authors analyzes compensation schemes which pay according to an individual's ordinal rank in an organization rather than his output level and shows that wages based upon rank induce the same efficient allocation of resources as an incentive reward scheme based on individual output levels.
Journal ArticleDOI
Tournaments and Piece Rates: An Experimental Study
TL;DR: In this article, the authors present an experimental examination of rank-order tournaments and piece rates and find that the mean effort levels chosen by subjects converged to their theoretical equilibrium levels in both the piece rate and symmetric tournament experiments.
Journal ArticleDOI
Asymmetric Tournaments, Equal Opportunity Laws, and Affirmative Action: Some Experimental Results
Andrew Schotter,Keith Weigelt +1 more
TL;DR: The authors assesses whether affirmative action programs and equal opportunity laws affect the output of economic agents and find that affirmative action always benefit disadvantaged groups and that equal-opportunity laws also increase the effort levels of all subjects and hence the profits of the tournament administrator (usually the firm).
Journal ArticleDOI
Adaptive and sophisticated learning in normal form games
Paul Milgrom,John D. Roberts +1 more
TL;DR: In this article, the Arrow-Debreu model with gross substitutes was used to show that a sequence of prices converges to the competitive equilibrium if and only if the sequence is consistent with adaptive learning by price-setting market makers for the individual goods.