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BA Seminar in Experimental Economics
BA Seminar in Experimental Economics
Alexia Gaudeul
Georg-August-Universitt
Gttingen
Summer 2016
EXPERIMENTAL ECONOMICS
A new old field in economics
Early economists were happy to take account of
irrational behaviour among economic agents, and to test
their theories experimentally or on the field.
Daniel Bernoulli and his resolution of the St Petersburg Paradox (risk
aversion)
Adam Smith: The theory of mental sentiments, emphasizing sympathy for
others, vs. The wealth of nations, emphasizing self-interest.
John Maynard Keynes and the Animal Spirits (confidence, expectations)
EXPERIMENTAL ECONOMICS
This early openness was supplanted by neo-classical
economics.
All behaviour must be maximizing some utility / profit
People have rational preferences
Equilibria takes account of all relevant information
Little testing, mainly theory.
EXPERIMENTAL ECONOMICS
Resurgence in interest in the behavioural and
experimental approach
Integrating insights from psychology, neuroscience,
decision theory.
Limits in the ability of economic agent to process
information Heuristics and biases that result.
Test with data from laboratory and field experiments.
EXPERIMENTAL ECONOMICS
CHOICE OF TOPIC
Read the introduction paragraph for each chapter
Choose a chapter that raises your interest
Read that chapter
Select a sentence or idea that you want to
investigate further
Or select a reference mentioned in the chapter
and read that reference (article mainly)
CHAPTERS
1.
2.
3.
4.
CHAPTERS
9.
PRESENTATION
1/3 of the grade
20 mn presentation + 10 mn questions and discussion
What is the economic issue, how is it modelled?
How are experiment in this field run?
What are the findings from experiments?
How do those findings compare with theory? With
reality? With other related experiments?
Whatever is well conceived is clearly said, and the words to say it flow with
ease. (Boileau, 1674)
DATES
21.04.2016: Limit date for final registration for the
seminar (FlexNow)
Send me an ordered list of your chapter preferences before
21.04.2016.
First come, first served!