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BEHAVIORAL AND EXPERIMENTAL ECONOMICS
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Behavioral and experimantal economics
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Academic year 2017/2018
- Course ID
- SEM0055
- Teacher
- Anna Maffioletti (Lecturer)
- Year
- 1st year
- Type
- Distinctive
- Credits/Recognition
- 6
- Course disciplinary sector (SSD)
- SECS-P/01 - economia politica
- Delivery
- Formal authority
- Language
- English
- Attendance
- Optional
- Type of examination
- Written
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Sommario del corso
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Course objectives
The aim of the course in Experimental Behavioural Economics is to give to students the necessary theorethical background which can make them able to interpret modern economic systemsand the knowledge methodology of Experimental Economics. By an re-examination of the theoretical assumptions in term of preferences rationality and maximisation behaviour of the economic agent embedded in the neoclassical economics, with the help of new instrument deriving from cognitive physiology and decision theory students will be given instruments and theoretical elements necessary to interpret the behaviour of the economic agent in the new complex economic system with application to public policy , communication and proper economic analysis. At the end of the course students shoul be able to design an experiment.L'obiettivo del corso di Economia del Comportamento ed Economia Sperimentale è quello di fornire agli studenti le basi teoriche e interpretative dell'economia moderna e gli strumenti metodologici dell'economia sperimentale . Riesamiando alcune delle principali tematiche della economia neoclassica e dei suoi presupposti in termini di preferenze, concetto di razionalità e scelte massimizzanti e integrando tali contributi con nuovi modelli interpretativi derivanti in modo particolare dalla teoria delle decisioni e dalla psicologia cognitiva si cercherà di fornire gli strumenti gli elementi necessari di interpretazioni del comportamento economico degli agenti che possano poi essere applicati sia nei modelli di comunicazione sia nell'analisi e nella formulazioni delle politiche pubbliche sia nella analisi economica vera e propria. Alla fine del corso gli studenti dovrebbero anche essere in grado di fare un disegno sperimentale per verificare una teoria o una nuuova interpretazione economica- Oggetto:
Results of learning outcomes
Students shoulc know the new theoretical instruments and be able to appply them to the analysis and interpretation of individual and firms decisions. Students should be able to apply the new instruments and the new methodolology in individual decisons as wel in strategic decisions. At he end of the course they are expected to be able to design an experiment.Gli studenti dovranno essere in grado di conoscere i nuovi strumenti teorici e di applicarli all'analisi del comportamento dei singoli agenti economici che siano individui ed imprese. Dovranno inoltre comprendere i nuovi modelli di razionalità applicati sia a comportamenti individuali che strategici.Dovranno inoltre essere in grado di fare il design di un esperimento
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Course delivery
Lectures, seminars, student presentations and discussion over academic papersLezioni frontali , discussione dsu articoli, elaborati degli studenti con presentazioni relative e discussione.- Oggetto:
Learning assessment methods
Attending Students ( I strongly suggest you do regurarly attend classes) are going to be evalutated throught corse work, partecitpation into class and seminars and through a final written examination (long essay) No attending students will sit for 90 minutes written exam on the entire syllabus. Questions will be either in the form of short essay or short open answersL'esame consiste per i non frequentanti in una prova scritta che comprende domande aperte e piccoli saggi su temi particolarisu l'intero syllabus senza domande a scelta. Durata 90 minuti
. I frequentanti potranno svolgere parte dell'esame con lavoro in classe come presentazioni o discussioni articolate con la produzione di una mappa concettuale o di un saggio individuale o collettivo. Durante il corso verranno anche letti e discussi articoli di Behavioral and Experimental Economics a cui gli studenti dovranno partecipare
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Program
Theory of Choice and rationality concept
Decision making under risk and uncertainty
Experimental methodology
Expeted utility and criticisms
Violation of the axioms
Endowment Effect
Preference reversal
Uncertainty
Elements of Behavioral Game theory
Ultimatum game
Public good experiments
Intertemporap preferences
Neuroeconomics.
Experiments on gender differences and cultural differences
Concetto di razionalitàFondamenti di economia delle preferenze e dell'incertezza
Economia sperimentale
Utilità attesa
Critiche al concetto di Utilità
vilazione degli assiomi delle scelte razionali
Effetto dotazione
Cambio di preferenze
Incertezza
Teorie alternative all'utilità
Teoria dei giochi
Applicazioni alla neuroeconomia, agli studi di genere e a differenze culturali
Suggested readings and bibliography
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- No text book is used References are below divided by items.
La bibliografia è divisa per temi. le letture Basic sono quelle obbligatorie. 1 Razionalità • *Heap , Hollis, Lyons Sudgen and Weale The Theory of Choice Capitolo 1 Rationa • *Elster Jon (1996) Rationality and Emotions Economic Journal n106 1386-972 Utilità Attesa • *Chris Starmer "Developments in Non Expected Utility Theory : The Hant for a Descriptive Theory of Choice under Risk" Journal of Economic Literature vol 38 June 2000 pp332 • *Machina M.(1987) " Choice under uncertainty : Problem solved and Unsolved " Economic Perspective vol 1 n. 1 121-124 • *Davis C e C.Holt Experimental Economics Charter I and Last 3 Economia sperimentale • Davis C e C.Holt Experimental Economics Charter I * and Last • Roth *On the early historiy of Experimental Economics http://kuznets.fas.harvard.edu/~aroth/history.html • Davis, Douglas and Holt, Charles (1993); Experimental Economics, Princeton University Press, Princeton, New Jersey: Chapter 1. • Falk, A. and Fehr, E. (2003); "Why labor market experiments?", Labour Economics 10, 399-406 (http://www.iew.unizh.ch/home/falk/whylabourmEx.pdf). • Roth, Alvin E. (1988); "Laboratory Experimentation in Economics: A Methodological Overview", Economic Journal, Vol. 98, 974-1031. • Smith, Vernon L. (1989); "Theory, Experiment and Economics", Journal of Economic Perspectives, Vol. 3, No. 1, 151-169. • Smith, Vernon L. (1994); "Economics in the Laboratory", Journal of Economic Perspectives, Vol. 8, No. 1, 113-131. • Smith, Vernon L. (1976); "Experimental Economics: Induced Value Theory", American Economic Review, Vol. 66, 274-279. 4 Invariance • Kahnemann D. A. Tversky (2000) "Choice Values and Frame" capitolo 1 • "Choice Values and Frame" eds Kahnemann D. A. Tversky Cambridge University Press 2000 • Kahnemann D. A. Tversky (1979)* „ Prospect Theory Econometrica 47 263-291 • Kahnemann D. A. Tversky (2002) Rational choice and framing of decisions chapter • Tversky ( 1993) *Constructive Preferences and Rational Choice atti della conferenza tenuta all'icer 5 Preference Reversal • Holt C. (1986) Preference Reversal and the Independence Axiom American Economic Review vol 76 n 3 • Tversky A. P. Slovic and D. Kahneman (1990)*" The Causes of Preference Reversal " American Economic Review vol 80 n. 1 • Loomes G. e R. Sugden "A rationale for preference Reversal" • American Economic Review June 1983 73, 428-32 6 Endowment Effect • D. Kahneman J. Kneutsch and R. Thaler (1990) Experimental Tests of the Endowment Effect and the Coarse Theorem Journal of Political Economy 98 December 1325-48 • J. Kneutsch and J Sinden (1987) „ The persistence of Evaluation Disparities "Quartely Journal of Economics 99: 691-95 • J. Kneutsch (1979) The Endowment Effects and Evidence of Non Reversible Indifferent Curves American Economic Review , 79 5: 1277-84 • *Charles R. Plott Kathryn Zeiler (2005) "The Willingness to Pay/Willingness to Accept Gap, the "Endowment Effect," Subject • Misconceptions and Experimental Procedures for Eliciting Valuations • Department of the Humanities and Social Sciences Georgetown University Law CenterCalifornia Institute of Technology Washington, D.C. 20001 • Pasadena, California 91125 Mimeo 7 Alternative theory to EU • Chris Starmer "Developments in Non Expected Utility Theory : The Hant for a Descriptive Theory of Choice under Risk" Journal of Economic Literature vol 38 June 2000 pp332 • *\Kahnemann D. A. Tversky (1979) „ Prospect Theory Econometrica 47 263-291 • Loomes G. and B. Sudgen (1982) "Regret Theory an alternative theory of Rational Choice under Ucertainty" Economic Journal December 1982 92 805-24 8 Fairness and Games • Charness, Gary, and Rabin, Matthew (2002); "Understanding Social Preferences with Simple Tests", The Quarterly Journal of Economics 117 (3), 817 - 869 • Burrows P. G. Loomes THE IMPACT OF Fairness on Bargaining Behaviour Empirical Economics 1994 (19) 201-221 • Dawes M. R. Thaler Cooperation Journal of Economic PerspectiveVol ". N. £ pp 187-197 • Fehr, E., Kirchsteiger, G., Riedl, A., 1993. Does fairness prevent market clearing? An experimental investigation. Quarterly Journal of Economics 58, 437- 460. • Armin Falk, Ernst Fehr, Christian Zehnder Fairness Perceptions and Reservation Wages-The Behavioral Effects of Minimum Wage Laws Quarterly Journal of Economics November 2006, Vol. 121, No. 4: 1347-1381. 9 Economics of Gender • Performance in Competitive Environments: Gender Differences." Uri Gneezy, Muriel Niederle and Aldo Rustichini; Quarterly Journal of Economics, 2003, 118(3), pp. 1049-74. • James Andreoni & Lise Vesterlund, 2001. "Which Is The Fair Sex? Gender Differences In Altruism," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 293-312, February. Differences in the economic decisions of men and women:experimental evidence Catherine C. Eckel Philip J. Grossman Department of Economics Virginia Technology 10 Neuro economics • Neuroeconomics: How Neuroscience Can Inform Economics Colin Camerer, George Loewenstein and Drazen Prelec The Journal of Economic Literature Vol. 43, No. 1, March 2005 • Rustichini Aldo 2005 Neuroeconomics Present and Future Games and Economic Behavioour 25 201-212
New Jersey: Chapter 1. 1 1incertezza e ignoranza comparativa *Ellsberg D. (1961) - "Risk, Ambiguity, and the Savage Axiom",Quarterly Journal of Economics, 75, 643-69.Tversky A. and Fox C. (1995) - "Ambiguity Aversion and Comparative Ignorance", Quarterly Journal of Economics, 585-603.Heath Chip and Amos Tversky (1991)"Preference and Belief: Ambiguity and Competence in Choice Under Uncertaitny , " Journal of Risk and Uncertainty, ,4, 5: 28:53-71, • Chow Chua Clare and Radesh Sarin 2001 "Comparative Ignorance and the Ellsberg Paradox "Journal of Risk and Uncertainty
Non vi sono testi consigliati. Si lavoretrà direttamente sugli articoliBibliografia
La bibliografia è divisa per temi. le letture Basic sono quelle obbligatorie. 1 Razionalità • *Heap , Hollis, Lyons Sudgen and Weale The Theory of Choice Capitolo 1 Rationa • *Elster Jon (1996) Rationality and Emotions Economic Journal n106 1386-972 Utilità Attesa • *Chris Starmer "Developments in Non Expected Utility Theory : The Hant for a Descriptive Theory of Choice under Risk" Journal of Economic Literature vol 38 June 2000 pp332 • *Machina M.(1987) " Choice under uncertainty : Problem solved and Unsolved " Economic Perspective vol 1 n. 1 121-124 • *Davis C e C.Holt Experimental Economics Charter I and Last 3 Economia sperimentale • Davis C e C.Holt Experimental Economics Charter I * and Last • Roth *On the early historiy of Experimental Economics http://kuznets.fas.harvard.edu/~aroth/history.html • Davis, Douglas and Holt, Charles (1993); Experimental Economics, Princeton University Press, Princeton, New Jersey: Chapter 1. • Falk, A. and Fehr, E. (2003); "Why labor market experiments?", Labour Economics 10, 399-406 (http://www.iew.unizh.ch/home/falk/whylabourmEx.pdf). • Roth, Alvin E. (1988); "Laboratory Experimentation in Economics: A Methodological Overview", Economic Journal, Vol. 98, 974-1031. • Smith, Vernon L. (1989); "Theory, Experiment and Economics", Journal of Economic Perspectives, Vol. 3, No. 1, 151-169. • Smith, Vernon L. (1994); "Economics in the Laboratory", Journal of Economic Perspectives, Vol. 8, No. 1, 113-131. • Smith, Vernon L. (1976); "Experimental Economics: Induced Value Theory", American Economic Review, Vol. 66, 274-279. 4 Invariance • Kahnemann D. A. Tversky (2000) "Choice Values and Frame" capitolo 1 • "Choice Values and Frame" eds Kahnemann D. A. Tversky Cambridge University Press 2000 • Kahnemann D. A. Tversky (1979)* „ Prospect Theory Econometrica 47 263-291 • Kahnemann D. A. Tversky (2002) Rational choice and framing of decisions chapter • Tversky ( 1993) *Constructive Preferences and Rational Choice atti della conferenza tenuta all'icer 5 Preference Reversal • Holt C. (1986) Preference Reversal and the Independence Axiom American Economic Review vol 76 n 3 • Tversky A. P. Slovic and D. Kahneman (1990)*" The Causes of Preference Reversal " American Economic Review vol 80 n. 1 • Loomes G. e R. Sugden "A rationale for preference Reversal" • American Economic Review June 1983 73, 428-32 6 Endowment Effect • D. Kahneman J. Kneutsch and R. Thaler (1990) Experimental Tests of the Endowment Effect and the Coarse Theorem Journal of Political Economy 98 December 1325-48 • J. Kneutsch and J Sinden (1987) „ The persistence of Evaluation Disparities "Quartely Journal of Economics 99: 691-95 • J. Kneutsch (1979) The Endowment Effects and Evidence of Non Reversible Indifferent Curves American Economic Review , 79 5: 1277-84 • *Charles R. Plott Kathryn Zeiler (2005) "The Willingness to Pay/Willingness to Accept Gap, the "Endowment Effect," Subject • Misconceptions and Experimental Procedures for Eliciting Valuations • Department of the Humanities and Social Sciences Georgetown University Law CenterCalifornia Institute of Technology Washington, D.C. 20001 • Pasadena, California 91125 Mimeo 7 Alternative theory to EU • Chris Starmer "Developments in Non Expected Utility Theory : The Hant for a Descriptive Theory of Choice under Risk" Journal of Economic Literature vol 38 June 2000 pp332 • *\Kahnemann D. A. Tversky (1979) „ Prospect Theory Econometrica 47 263-291 • Loomes G. and B. Sudgen (1982) "Regret Theory an alternative theory of Rational Choice under Ucertainty" Economic Journal December 1982 92 805-24 8 Fairness and Games • Charness, Gary, and Rabin, Matthew (2002); "Understanding Social Preferences with Simple Tests", The Quarterly Journal of Economics 117 (3), 817 - 869 • Burrows P. G. Loomes THE IMPACT OF Fairness on Bargaining Behaviour Empirical Economics 1994 (19) 201-221 • Dawes M. R. Thaler Cooperation Journal of Economic PerspectiveVol ". N. £ pp 187-197 • Fehr, E., Kirchsteiger, G., Riedl, A., 1993. Does fairness prevent market clearing? An experimental investigation. Quarterly Journal of Economics 58, 437- 460. • Armin Falk, Ernst Fehr, Christian Zehnder Fairness Perceptions and Reservation Wages-The Behavioral Effects of Minimum Wage Laws Quarterly Journal of Economics November 2006, Vol. 121, No. 4: 1347-1381. 9 Economics of Gender • Performance in Competitive Environments: Gender Differences." Uri Gneezy, Muriel Niederle and Aldo Rustichini; Quarterly Journal of Economics, 2003, 118(3), pp. 1049-74. • James Andreoni & Lise Vesterlund, 2001. "Which Is The Fair Sex? Gender Differences In Altruism," The Quarterly Journal of Economics, MIT Press, vol. 116(1), pages 293-312, February. Differences in the economic decisions of men and women:experimental evidence Catherine C. Eckel Philip J. Grossman Department of Economics Virginia Technology 10 Neuro economics • Neuroeconomics: How Neuroscience Can Inform Economics Colin Camerer, George Loewenstein and Drazen Prelec The Journal of Economic Literature Vol. 43, No. 1, March 2005 • Rustichini Aldo 2005 Neuroeconomics Present and Future Games and Economic Behavioour 25 201-212
New Jersey: Chapter 1. 1 Incertezza e ignoranza comparativa *Ellsberg D. (1961) - "Risk, Ambiguity, and the Savage Axiom",Quarterly Journal of Economics, 75, 643-69.Tversky A. and Fox C. (1995) - "Ambiguity Aversion and Comparative Ignorance", Quarterly Journal of Economics, 585-603.Heath Chip and Amos Tversky (1991)"Preference and Belief: Ambiguity and Competence in Choice Under Uncertaitny , " Journal of Risk and Uncertainty, ,4, 5: 28:53-71, • Chow Chua Clare and Radesh Sarin 2001 "Comparative Ignorance and the Ellsberg Paradox "Journal of Risk and Uncertainty
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Note
It is importat to attend regularly classes since evaluation will depend also from corseworkE' importante che gli studenti frequentino in quanto parte della valutazione è in termini di gruppi di lavoro, partecipazioni a discussioni e presentazioni da parte degli studenti- Oggetto:
