Experimental Economics

John Hey (University of York)

University of Economics, Ho Chi Minh City

July and August 2022.

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APPOINTMENTS TO TALK WITH ME.

I find Doodle too complicated to add to, and anyhow unnecessary: I am happy to see anyone at any time for as long as is necessary. My only commitments during the working day are the lectures that I am giving in this course. So feel free: either send me an email to book a time, or just come to my office. Do take into account that I am leaving Ho Chi Minh City on the 17th of August. We will still be able to communicate (with email, Skype, Zoom, Meet, etc.) when I am back home, but it is better face-to-face.

REFERENCES

Professor Nam Pham has asked me to give you some references to guide you. Much depends on your field of interest, so there is not much point in giving you details on, for example, game experiments if you are not interested in games. I have already given you a general overview, and another is provided here and a third here. Indeed, if you Google "Experimental Economics" you will find a whole host of references. You can also find recent research in New Economics Papers.

There are two journals devoted to experimental economics, both published by the Economic Science Association (a rather grandiose - but accurate - name for the association of experimental economists): Experimental Economics and the Journal of the Economic Science Association

Several of you have asked about experiments in accounting. As I understand it, accounting is a mechanical practice and that there is no role for human behaviour. However, I have discovered to my surprise that this field is quite active. an old review of experiments in accounting (PDF , 1,171kb) can be found here. There are references to experiments in accounting in this article and you may be interested to follow them up. An old example is this.

**I suppose that Auditing is quite different as human behaviour may well influence the outcome of an audit. There is an interesting discussion of audit experiments here.**

If any of you are interested in applications in other areas ,please let me know. You can always fix an appointment with me.

I should note that, if you are planning to run your first experiment, it does not have to be computerised. I am sorry if I have given that impression.

Lecture Schedule

All lectures will last one-and-a-half hours and start at 14.00.

Session 1, Thursday the 21st of July 2022, Lecture Room B1-1001: Lecture 1 (MS PowerPoint , 1,430kb).

Session 2, Friday the 22nd of July 2022, Lecture Room B1-1001:: Lecture 2 (MS PowerPoint , 80kb) "The Main Principles", and Lecture 3 (MS PowerPoint , 72kb), "The initial stages: choosing a topic and designing an experiment".

Session 3 Wednesday the 27th of July 2022. Computer Room B2-103 and I plan to play the recording for the experiment on "Learning Under Ambiguity" and then let you experience the experiment on "Learning Under Ambiguity".

Session 4 Thursday the 28th of July 2022, Lecture Room B1-1001: Lecture 4 (MS PowerPoint , 86kb), on Calibrating the experiment and Choosing Parameters, Lecture 5 (MS PowerPoint , 297kb) on Software and Lecture 6 (MS PowerPoint , 75kb) on Running the Experiment. If we have time, we will have a discussion of Task 1 (PDF , 481kb).

Session 5 Friday the 29th of July 2022. Computer Room B2-103 You will experience the experiment of Carbone, Hey and Neugebauer. Please read in advancce the Instructions for Asset Market Concave (MS Word , 61kb) and listen to the video on the Trading Rules in Asset Market ( 20,990kb download)

Session 6: Wednesday the 3rd of August, In view of the network problems we had last Friday, we will try again to experience the experiment of Carbone, Hey and Neugebauer. The video of the Instructions for Asset Market Concave (MS Word , 61kb) can be found here.

Session 7: Thursday the 4th of August 2022, Lecture Room B1-1001: Lecture 7 (MS PowerPoint , 98kb), Analysing the Data, Lecture 8 (MS PowerPoint , 67kb), Writing up the Experiment and Submitting it for Publication. If we have time, we will discusss your reports on Task 1.

Session 8: Friday the 5th of August 2022: Lecture Room B1-1001: Static Individual Decision Making under Risk and Ambiguity: Lecture 11 (MS PowerPoint , 6,722kb). For the material on Ambiguity, you may be interested in the Bingo Blower: with a small number of balls (low ambiguity) Bingo Blower 1 ( 13,788kb download); with a large number of balls (high ambiguity) Bingo Blower 2 ( 14,231kb download)

Session 9: Thursday the 11th of August 2022: Lecture Room B1-1001: Dynamic Individual Decision Makinge. The Hey and Panaccione software is on my USB stick as is the Hey and Knoll software; I cannot put them on the site. The Hey and Lotito software ( 104kb download) is here.

Session 10: Friday the 12th of August 2022: Lecture Room B1-1001:The Future . Lecture 13 (MS PowerPoint , 1,371kb)