Full Description
Experimental Economics has experienced a steadily growing interest by economists during the last decade. This may not surprise since laboratory and field experiments obviously provide a further valuable source of empirical evidence of economic behavior besides statistics, econometrics, polls, interviews and simulations. In an overview of the recent developments in Experimental Economics, the present book concentrates on three central themes standing in the actual research focus: bargaining, cooperation and election markets. For each one of these topics the volume presents several state-of-the-art survey articles by experts in the field, accompanied by detailed comments. While the experimental approach sheds new light on the microeconomic standard topics of bargaining and cooperation, the election market approach as a new field may provide better forecasts for political elections - and for soccer World Championships.
Contents
1 Introduction.- I. Bargaining Behavior.- 2 Negotiation Rules and Bargaining Behavior: What Is Known and What Needs to Be Further Explored? 13.- 3 Coalitions in Multilateral Negotiations: Aspirations, Agreements, and Outcomes.- 4 Comment on Bargaining Behavior: Of Models and Men.- II. Cooperative Behavior.- 5 Cooperation in Public Goods Experiments.- 6 Comment on Claudia Keser.- 7 Fairness in the Labor Market: A Survey of Experimental Results.- 8 Comment on Simon Gachter and Ernst Fehr.- 9 Cooperation in Environmental Commons.- 10 Comment on Axel Ostmann.- III. Election Markets and Experimental Stock Markets.- 11 Election Markets: Experiences from a Complex Market Experiment.- 12 Expectations and Rational Actions in an Experimental Financial Market 193.- 13 What Do Market Makers Achieve? Evidence from a Large Scale Experimental Stock Market 229.- 14 Comment on Gregor Brüggelambert and Arwed Crüger, Forrest Nelson and Reinhard Tietz, and Jörg Bochow, Peter Raupach and Mark Wahrenburg: What Can We Learn From Experimental Asset Markets?.- Contributors.
