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1、1 Undergraduate Experimental Economics Lecturer: Haoran He Taking a course in experimental economics is a little like going to dinner at a cannibals house. Sometimes you will be the diner, sometimes you will be part of the dinner, sometimes both. If you take a laboratory course in the physical scien
2、ces, you get to mix smelly chemicals, or monkey with pulleys, or dissect a frog, but you are always the experimenter and never the subject of the experiment. In the market experiments conducted in this class, you and your classmates will be the participants in the markets as well as the scientific o
3、bservers who try to understand the results. It is hard to imagine that a chemist can put herself in the place of a hydrogen molecule. A biologist who studies animal behaviour is not likely to know what it feels like to be a duck. You are more fortunate. You are studying the behaviour and interaction
4、s of people in economically interesting situations. And as one of these interacting economic agents, you will be able to experience the problems faced by such an agent first hand. We suspect that you will learn nearly as much about economic principles from your experience as a participant as you wil
5、l from your analysis as an observer. Bergstrom and Miller (1999)s preface Course Description: This course will provide the students with the necessary tools of experimental economics to understand various economic phenomena. Thus, it will provide a summary of recent experimental findings and details
6、 how to gather and analyze data using experimental methods. Experimental evidence in human behavior will be shown on various study topics, such as decisionmaking under uncertainty, auctions, and public goods. There is no official text book, but students are encouraged to look at the excellent books
7、of John Kagel and Alvin Roth Handbook of Experimental Economics, 1995 as well as Colin Camerer, George Loewenstein and Matthew Rabin Behavioral Economics, 2004. Office hours and Contact information: Haoran He: room 1622, main building; office hours: 13:0015:00, Tuesday or by appointment. Class Parti
8、cipation: After the initial instructor seminars and methodological discussions, each week will include actual participation in a select experiment and a discussion of relevant papers. The course will be conducted as both a teaching and research opportunity for all involved. The major emphasis will b
9、e an introduction to the tools of the trade as well as an emphasis on new questions and new experiments that could be conducted to address them. Course Outline: One caveat is that this is merely a sampling of work that has been done in a few areas of study. The field is growing fast and I desire to
10、give you a glimpse of some of the 2 manuscripts that have been published and a brief look at some working papers. I am sure that we will add to this list along the way. A more complete list can be found at Charlie Holts (U. Virginia) website. John Lists website contains a list of field experiments:
11、 The following schedule represents a rough guess of the topics we will cover. Those with * are compulsory readings; those readings without * are recommended. Introduction Harrison, G. W., and J.A. List (2004). “Field Experiments”, Journal of Economic Literature 42: 10091055. *Isaac, Mark, James Walk
12、er and Arlington Williams (2000). “Experimental Economics Methods in the Large Undergraduate Classroom: Practical Considerations”, Experimental Economics 8: 123 Roth, Alvin E. (1988). “Laboratory Experimentation in Economics: A Methodological Overview“, Economic Journal 98: 9741031. Market: Auction
13、*Bazerman, Max and William Samuelson(1983). “I Won the Auction but Dont Want the Prize,” Journal of Conflict Resolution 27 (4): 618634 Cox, James, Bruce Roberson and Vernon Smith (1982). “Theory and Behavior of Single Object Auctions,” Research in Experimental Economics 2: 143. Kagel, John and Dan L
14、evin (1986). “The Winners Curse and Public Information in Common Value Auctions,” American Economic Review 76 (5): 894920 Kagel, John, Dan Levin, Raymond Battalio and Donald Meyer (1989). “Firstprice Common Value Auctions: Bidder Behavior and the Winners Curse,” Economic Inquiry 27: 241258. Vickrey,
15、 William (1961). “Counterspeculation, Auctions, and Competitive Sealed Tenders,” Journal of Finance 16(1): 837 Market (double auction) Chamberlin, Edward H. (1948). “An Experimental Imperfect Market,” Journal of Political Economy 56 (2): 95108. Duffy, John and Eric ON. Fisher (2005). “Sunspots in the Laboratory,” American Economic Review 95 (3): 510529. *Smith, Vernon L. (1962). “An Experimental Study of Competitive Market Behavior,” Journal of Political Economy 70 (2): 111137. Smith, Vernon L. (1964). “Effect of Market Organization on Competitive Equilibrium,” Quarterly
