Keynote: Laboratory Experiments

16 11 2011

Image of red starSpeaker: Charles Noussair, Tilburg University

Full title: Trends in Academic Publishing in Experimental Economics

Image of Charles NoussairYou can watch Prof. Noussair’s keynote now below.

Alongside this keynote lecture, we are also releasing a virtual issue of journal articles on the subject of experimental economics. You can access the free papers on experimental economics here. Two more virtual issues will be published, one each on Thursday and on Friday.

We are also very pleased to be publishing two invited commentaries that respond to Prof. Noussair’s keynote, by Ananish Chaudhuri, The University of Auckland, and Nick Feltovich, University of Aberdeen. Take a look at their commentaries for an initial response to the keynote.

Please post your response to the keynote and commentaries in the comments box below; you can also respond directly to comments left by others by clicking on “Reply” underneath a previous comment. We very much encourage and welcome considered, substantive contributions to the discussion. Please note that all responses will be moderated.

Watch Now – click on the “play” button

If you are accessing this post on a mobile device, please follow this link instead: http://www.slideshare.net/mobile/Charlies1000/laboratory-experiments

You can also download Prof. Noussair’s presentation slides by clicking here.


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23 responses

16 11 2011
Today’s sessions – Wednesday « Wiley Economics Online Conference

[…] Online economics conference starts this week Keynote: Laboratory Experiments […]

16 11 2011
Bun Hold

Whether those conclusions is only valid for European in general and Netherlands in specific, or may be applied in the world?

16 11 2011
Charles Noussair

Experiments have been conducted in many parts of the world. Usually, cultural differences between countries in economic experiments tend to be modest, but can be statistically significant in come paradigms. A good example is Oosterbeek et al. (2004)’s metastudy of the ultimatum bargaining game that appeared in Experimental Economics in 2004. It is available (to subscribers) at:

https://springerlink3.metapress.com/content/n6310213572k2478/resource-secured/?target=fulltext.pdf&sid=fsudjph0sg3nl115i5u0ifsk&sh=www.springerlink.com

My opinion is that it is likely that there are cultural influences that make people in different parts of the world respond differently in the same situation, but the monetary incentives in experiments tend to reduce such differences.

16 11 2011
Anton Viesel

You can read the abstract of the 2004 Oosterbek et al. article here, even without a subscription.

16 11 2011
Muhammad Anees

An application of experimental economics, then, could be to evaluate the effect of cultural differences on the responses of the units. The study assumes the cost of such studies is not a limiting factor across the world, even if it is evidently clear from the statistic that most experimental research in economics has been conducted in Rich countries.

16 11 2011
Bun Hold (@bun_hold)

How about business publishing in experimental economics?

16 11 2011
subbalakshmi

presentation is informative.

16 11 2011
Donald A R George

Economics experiments usually involve paying the participants. and it’s often argued that they take the exercise more seriously the more they are rewarded. Do we have evidence on the relationship between the likelihood of a paper’s success (publication, citation etc.) and the size of rewards to participants? If large rewards (and hence large research grants) are needed, this may be a barrier to entry to the field.

16 11 2011
Charles Noussair

WIthin the field of experimental economics, there is a strong consensus that participants should be rewarded, and that the structure of rewards should reflect the incentives that exist in the theoretical model or field situation that the experiment is trying to capture. Unfortunately, this does create a barrier to entry into this field. However, the good news is that given that incentives are strong enough to motivate participants to try to make good decisions, the level of monetary payments does not seem to affect the likelihood of publication or citation. Paying an average of 1.5 times what the typical participant would earn in the same length of time working outside the laboratory, with at least a 50% increase for very good decision making and a 50% decrease for very poor performance, is generally sufficient. This means that in developing countries, subject payments can typically be considerably lower than in developed nations.

16 11 2011
Muhammad Anees

The experimental economics involved ” paying the participants” as George stated, and in my opinion it is one of the main reason for less publication in the area from the developing countries. If it can be made more cheaper, then the seriousness of the participants is affecting which affects at the end the experiments and hence results.

16 11 2011
Levi Pérez (@perezlevi)

Don’t believe so much in experimental economics. I agree that it may be the only way to analyze individual’s behavior in some cases, but I think individuals don’t act the same when they know they are doing just an experiment.

16 11 2011
CSousa

Do you know any paper that uses this approach to study entrepreneurship?

16 11 2011
16 11 2011
Muhammad Anees

The presentation provides very informative insignts about experimental economics and publications in the area over time and across regions. One important conclusion that can be considered as valuable is the subjective categories of the publication across regions as the interest of many affecting the future scholarly publication in the area, especially the interested PhD candidates. Also the contribution of these publication towards social and economic welfare of the masses should have been provided a short space so interest of others could be developed.

16 11 2011
Muawya Ahmed Hussein

I think the topic is very interesting, but it is limited to Europ and North America. If other areas are included it may give more interesting results.

One of the most ineresting results is the topics dominate the field – we can observe that life of people and their economic activities are around these 4 topcs.

16 11 2011
Edgar Aroutiounian

Greetings,

Thank you for the presentation.

Do you think it is possible that EE could be used as Experimental Philosophy has been insofar as it is a tool to discover where our intuitions lead. What I mean to ask is whether EE is a tool that can update theory rather than necessarily challenge traditional theory. Clearly an experiment can inform a science, but could these EE experiments actually drive new theory rather than just be side-show attractions without a coherent structure behind them.

Thank you.

16 11 2011
Charles Noussair

Yes, there are examples of newer theories that originate, at least in part, as attempts to account for laboratory experimental data that older theories could not explain. Prospect theory is a well-known example, It accounts for experiments where individuals exhibit different behavior when payoffs are in the domain of gains vs. losses relative to a reference point, and for experiments where people seem to distort the probabilities of different events. Another example are models of social preferences, which try to account for experiments in which individuals are willing to give up some their own money to increase or decrease the payoff of other players.

16 11 2011
Edgar Aroutiounian

Professor,

Would the full formalization of these findings into micro necessarily require an even greater amount of mathematical acumen?

I’m already studying analysis… would these behavioral assumptions by virtue of having a more complicated story than the basic assumptions in Mas-Colell mean even greater formal requirements?

16 11 2011
Thembinkosi

Research quite informative and would love if these research are also applied in the world perspective specifically Africa.

16 11 2011
The Wrap – Day 1 « Wiley Economics Online Conference

[…] Keynote – Noussair, Laboratory Experiments […]

17 11 2011
E-bike

Nice article. It does shed some light on the issue. By the for those interested in binary options can get an exclusive binary options bonus.

17 11 2011
Muhammad Anees

Dr. Noussair has done a tremendous job to motivate my to use Experimental Economic techniques in my teaching and research of Economics and Business Decision Making. I hope to have such opportunities in the future again. Thank you Dr. Noussair and Thank you Wiley.

17 11 2011
NAKELSE Tebila

More insight has been given by Dr.Noussair presentation. It contributes to strengthen a new economics thinking way and comfort the idea that decision should be based on theoretical but more on empirical evidences. We know they are more to do to ensure the experimented result of the policy or treatment in the real world but it can be done because challenges in developing countries .

Thank you Dr. Noussair and to Wiley




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