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Full Description
This volume presents papers and speeches given in the Experimental E- nomics Week in Honour of Dr Vernon L. Smith held in Okayama and Kyoto, 13-17 December 2004, which consisted of Dr Smith's public speech and the International Conference on Experiments in Economic Sciences: New - proaches to Solving Real-world Problems. Despite having a short history, experiments are now considered indispensable in economics as in other ?elds of science and engineering. As Dr Smith's Nobel Prize (2002) shows, experimental economics has now established itself in modern economics. In such an environment, researchers are expected to developthetraditionwithnewideasinnew?eldsforsolvingvariousproblems in the real world. The Experimental Economics Week, which was organised to explore new ?elds for experiments with new approaches, provided a unique opportunity for those who were engaged or interested in experiments in their ?elds to discuss experimental approaches from various standpoints. Economic experiments broaden and deepen our understanding of human - haviour, the economy and their interdependence. Some experiments are - signed to observe how people behave. Experimenters control subjects' e- nomic environment to guess their strategies, which are not always apparent in the real world. The environment may be game-theoretic (a person's gain or loss is a?ected by other persons' actions) or non-game-theoretic. In either case what is checked is subjects' behaviour. Some experiments are done to see how market or other economic systems work.
Contents
Vernon L. Smith's Speeches.- Public Speech: "Markets, Capital Markets and Globalization".- Keynote Speech: "Foundations of Experimental Economics, Economic Design and Applications".- The Past and Future of Economic Experiments.- Behavioral Decision Making at 50: Achievements, Prospects, and Challenges.- On the Weighting of Rare Events and the Economics of Small Decisions.- Trust, Fear, Reciprocity, and Altruism: Theory and Experiment.- What Have We Learned From Experimental Finance?.- Cheating in Markets: A Methodological Exploration.- Design Science: A Prelude.- Non Game-Theoretic Individual Decision Making.- Separation of Intertemporal Substitution and Time Preference Rate From Risk Aversion: Experimental Analysis With Reward Designs.- Signal Qualities, Order of Decisions, and Informational Cascades: Experimental Evidences.- WTP and WTA for Expressway Services.- Judgement in Small Decision-Making Problems.- Game-Theoretic Individual Decision Making.- The Effect of Inter-group Competition in the Prisoner's Dilemma Game.- The Mixed Effect of Voluntary Revelation: Evidence from Threshold Public Goods Game Experiments.- Trust and Reciprocity in Intergroup Relations: Differing Perspectives and Behaviors.- Frames and Games.- Combinatorial Auction Bandwidth Trading: An Experimental Study.- A Note on Peer Enforcement by Selective Exclusion: An Extended Abstract.- Performance of the System.- Recycling of Durable Goods: Modeling and Experiments.- Decision Making in Artifactual Systems With Bounded Rationality.- A Study on Virtual Market for Pareto Optimal Mediation in Economic Society.- Empirical Tests of Exchange Rate Theory.- Charting the Market: Fundamental and Chartist Strategies in a Participatory Stock Market Experiment.- Between the System and IndividualBehaviour.- Audit Credibility and the Audit Fees: A Theory and an Experimental Investigation.- When Firms Contest in Markets: An Experiment.- How to Use Private Information in a Multi-person Zero-sum Game.- A Price Competition Experiment Between Middlemen: Linear Function Case.- Does the Level of Information Matter for Traders? On the Usefulness of Information in Experimental Asset Markets.- A Laboratory Comparison of Arbitration Mechanisms: FOA and AFOA.
