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  • 1
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    Frederiksberg: Copenhagen Business School (CBS), Department of Economics
    Publication Date: 2019-12-11
    Keywords: G10 ; ddc:330
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Berlin: Wissenschaftszentrum Berlin für Sozialforschung (WZB)
    Publication Date: 2018-09-10
    Description: This paper presents an experimental investigation of optimal learning in repeated coordination games. We find evidence for such learning when we limit both the cognitive demands on players and the information available to them. We also find that uniqueness of the optimal strategy is no guarantee for it to be used. Optimal learning can be impeded by both irrelevant information and the complexity of the coordination task.
    Description: In diesem Beitrag wird eine experimentelle Untersuchung des optimalen Lernens in wiederholten Koordinationsspielen vorgestellt. Derartiges Lernen wird beobachtet, wenn kognitive Anforderungen an die Spieler und die ihnen zur Verfügung stehende Information begrenzt sind. Es zeigt sich aber auch, daß die Einzigartigkeit der optimalen Strategie keine Garantie dafür ist, daß sie angewendet wird. Optimales Lernen kann sowohl durch irrelevante Informationen als auch durch die Komplexität der Koordinationsaufgabe behindert werden.
    Keywords: ddc:330
    Language: English
    Type: doc-type:workingPaper
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  • 3
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    Stockholm: Research Institute of Industrial Economics (IFN)
    Publication Date: 2019-01-24
    Description: We report the results of a randomized controlled trial testing whether incentivizing physical exercise improves the academic performance of college students. As expected, the intervention increases physical activity. The main result is that it generates a strong and significant improvement in academic performance, particularly for students who struggled at the baseline in terms of lifestyle habits. We also provide evidence on the underlying mechanisms: Students who were incentivized to exercise have a healthier life style and improved self-control. Overall, the study demonstrates that incentivizing students to exercise can be an important tool in improving educational achievements.
    Keywords: C93 ; I12 ; I18 ; I21 ; Z20 ; ddc:330 ; Economics of education ; Human capital formation ; Behavior change ; Field experiment ; Sport ; Bildungsniveau ; Studierende ; Experiment ; Norwegen
    Language: English
    Type: doc-type:workingPaper
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  • 4
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    Frederiksberg: Copenhagen Business School (CBS), Department of Economics
    Publication Date: 2019-12-11
    Description: The canonical bargaining game in economics is the ultimatum game, played by tens of thousands of students around the world over the past three decades. In the ultimatum game, first studied by Werner Guth, Rolf Schmittberger, and Bernd Schwarze (1982), the “proposer” proposes how to split a pie between herself and a “responder.” Then the responder decides whether to accept or reject this proposal. If the responder accepts, then the proposal is implemented; otherwise, both players receive nothing. For players motivated purely by monetary considerations, the standard subgame-perfect equilibrium solution implies that the proposer receives almost all of the money. In this manner, the ultimatum game represents a stylized glimpse into the underpinnings of decision-making at the heart of economics. For instance, a monopolist setting a price, a monopsonist setting a wage, or more generally any bargaining situation that has a take it or leave it element.
    Keywords: C70 ; D40 ; ddc:330 ; game theory ; decision-making ; price theory
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Berlin: Wissenschaftszentrum Berlin für Sozialforschung (WZB)
    Publication Date: 2016-05-09
    Description: It is estimated that a trillion dollars are annually exchanged in bribes, distorting justice and economic efficiency. In a novel experiment, we investigate the drivers of bribery. Two participants compete for a prize; a referee picks the winner. Participants can bribe the referee. When the referee can keep only the winner's bribe, bribes distort her judgment. When the referee keeps the bribes regardless of the winner, bribes no longer influence her judgment. An extra-laboratory experiment in an Indian market confirms these results. Hence, our participants are influenced by bribes out of greed, and not because of a desire to reciprocate.
    Keywords: D73 ; C91 ; K42 ; ddc:330 ; Bribery ; Reciprocity ; Laboratory Experiment ; Extra-Laboratory experiment
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Boston, MA: Federal Reserve Bank of Boston
    Publication Date: 2018-07-03
    Description: The authors use a labor supply; relative pay; experimental economics laboratory experiment to examine the impact of relative wages on labor supply. They test the hypothesis that, ceteris paribus, making a given wage high (low) relative to other wage levels will lead to an increase (decrease) in labor supply. They find that labor supply does respond significantly to relative pay, and in the expected direction. However, when a strong enough reason is given for the relative low pay, this difference disappears.
    Keywords: J22 ; J31 ; D03 ; ddc:330 ; labor supply ; relative pay ; experimental economics
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Uppsala: Uppsala University, Department of Economics
    Publication Date: 2018-06-27
    Description: The classical price competition model (named after Bertrand), prescribes that in equilibrium prices are equal to marginal costs. Moreover, prices do not depend on the number of competitors. Since this outcome is not in line with real-life observations, it is known as the Bertrand Paradox. Many theoretical problems with the original model have been considered as an explanation of the paradox in the literature. In this paper we experimentally investigate a model which is immune to the theoretical critique of the original model. We find, nevertheless, that the outcome does depend on the number of competitors: the Bertrand solution does not predict well when the number of competitors is two, but after some opportunities for learning are provided it tends to predict well when the number of competitors is three or four. A bounded rationality explanation of this is suggested.
    Keywords: C90 ; D43 ; ddc:330 ; Price competition ; Bertrand model ; market concentration ; experiment ; learning
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    Ramat-Gan: Bar-Ilan University, Department of Economics
    Publication Date: 2018-07-03
    Description: We present a field study of social learning. The setting is a pair of adjacent fast food restaurants serving very similar cuisine whose main clientele are the students at a nearby major university. We observed whether an uninformed customer's choice of restaurant depends on the relative queue lengths at the two restaurants. Observations were made at two separate observation periods, the start of the academic year, when a significant proportion of customers had little or no experience with either restaurant, and the middle of the year, when most customers already had previous experience with the restaurants. It is found, consistent with the social learning hypothesis, that relative queue length has a significant effect at the first period but not at the second.
    Keywords: ddc:330 ; Lernen ; Soziales Verhalten ; Rationales Verhalten ; Schnellgastronomie ; Israel ; Test
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Boston, MA: Federal Reserve Bank of Boston
    Publication Date: 2018-07-03
    Description: Most upper-management and sales force personnel, as well as workers in many other jobs, are paid based on performance, which is widely perceived as motivating effort and enhancing productivity relative to non-contingent pay schemes. However, psychological research suggests that excessive rewards can in some cases produce supra-optimal motivation, resulting in a decline in performance. To test whether very high monetary rewards can decrease performance, we conducted a set of experiments at MIT, the University of Chicago, and rural India. Subjects in our experiment worked on different tasks and received performance-contingent payments that varied in amount from small to large relative to their typical levels of pay. With some important exceptions, we observed that high reward levels can have detrimental effects on performance.
    Keywords: D00 ; ddc:330 ; performance-based incentives
    Language: English
    Type: doc-type:workingPaper
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  • 10
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2017-11-11
    Description: Companies spend billions of dollars online for paid links to branded search terms. Measuring the effectiveness of this marketing spending is hard. Blake, Nosko and Tadelis (2015) ran an experiment with eBay, showing that when the company suspended paid search, most of the traffic still ended up on its website. Can findings from one of the largest companies in the world be generalized? We conducted a similar experiment with Edmunds.com, arguably a more representative company, and found starkly different results. More than half of the paid traffic is lost when we shut off paid-links search. These results suggest money spent on search-engine marketing may be more effective than previously documented.
    Keywords: C19 ; C93 ; D03 ; ddc:330 ; field experiment ; online advertising
    Language: English
    Type: doc-type:workingPaper
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