EXPERIMENTS IN ECONOMICS: DECISION MAKING AND MARKETS

This book provides the most important publications of John D Hey over his almost 50-year career in academia, concentrating primarily on his publications in the field of experimental economics. This is a field that has grown dramatically over the last 30 years, and John D Hey has contributed significantly to its growth and development. The papers included in this volume cover the whole range from individual decision making, both static and dynamic under risk and uncertainty, through games, bargaining and auctions, to markets. The author has contributed in all these fields, and has pioneered much new methodology.

• Preface
• About the Editor
• Acknowledgements
• Introduction
• My Experimental Meanderings
• Risk:
  • Mixture Models of Choice Under Risk
  • Does Repetition Improve Consistency?
  • Investigating Generalizations of Expected Utility Theory Using Experimental Data
  • Discriminating between Preference Functionals: A Preliminary Monte Carlo Study
• Ambiguity:
  • When and How to Satisfice: An Experimental Investigation
  • The Explanatory and Predictive Power of Non Two-Stage-Probability Theories of Decision Making Under Ambiguity
  • Assessing Multiple Prior Models of Behaviour Under Ambiguity
  • The Descriptive and Predictive Adequacy of Theories of Decision Making Under Uncertainty/Ambiguity
• Dynamics:
  • Strategies in Dynamic Decision Making — An Experimental Investigation of the Rationality of Decision Behaviour
  • Dynamic Decision Making: What Do People Do?
  • Naive, Resolute or Sophisticated? A Study of Dynamic Decision Making
  • How Far Ahead Do People Plan?
• Noise:
  • Why We Should Not Be Silent about Noise
  • Comparing Theories: What Are We Looking For?
  • Are Preference Reversals Errors? An Experimental Investigation
  • Which Error Story is Best?
  • Experimental Investigations of Errors in Decision Making Under Risk
• Multi-Agent Models:
  • Does Money Impede Convergence?
  • What Price Compromise?
  • Experimental Evidence on English Auctions: Oral Outcry Versus Clock
  • Do Markets Drive Out Lemmings — or Vice Versa?

• New ways of thinking how to experimentally test economic theories
• New methodological approaches to conducting experiments
• New methods for analysing experimental data