ECON 4340 Suffolk University Experimental Economics Questions
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One, Two, (Three), Infinity, … : Newspaper and Lab Beauty-Contest Experiments
Antoni Bosch-Domènech; José G. Montalvo; Rosemarie Nagel; Albert Satorra
The American Economic Review, Vol. 92, No. 5. (Dec., 2002), pp. 1687-1701.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28200212%2992%3A5%3C1687%3AOT%28I.N%3E2.0.CO%3B2-F
The American Economic Review is currently published by American Economic Association.
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Tue Jan 9 17:35:43 2007
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You have printed the following article:
One, Two, (Three), Infinity, … : Newspaper and Lab Beauty-Contest Experiments
Antoni Bosch-Domènech; José G. Montalvo; Rosemarie Nagel; Albert Satorra
The American Economic Review, Vol. 92, No. 5. (Dec., 2002), pp. 1687-1701.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28200212%2992%3A5%3C1687%3AOT%28I.N%3E2.0.CO%3B2-F
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[Footnotes]
1
The Social Experiment Market
David Greenberg; Mark Shroder; Matthew Onstott
The Journal of Economic Perspectives, Vol. 13, No. 3. (Summer, 1999), pp. 157-172.
Stable URL:
http://links.jstor.org/sici?sici=0895-3309%28199922%2913%3A3%3C157%3ATSEM%3E2.0.CO%3B2-X
2
Rationality as Process and as Product of Thought
Herbert A. Simon
The American Economic Review, Vol. 68, No. 2, Papers and Proceedings of the Ninetieth Annual
Meeting of the American Economic Association. (May, 1978), pp. 1-16.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28197805%2968%3A2%3C1%3ARAPAAP%3E2.0.CO%3B2-4
3
Unraveling in Guessing Games: An Experimental Study
Rosemarie Nagel
The American Economic Review, Vol. 85, No. 5. (Dec., 1995), pp. 1313-1326.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199512%2985%3A5%3C1313%3AUIGGAE%3E2.0.CO%3B2-V
8
Iterated Dominance and Iterated Best Response in Experimental “p-Beauty Contests”
Teck-Hua Ho; Colin Camerer; Keith Weigelt
The American Economic Review, Vol. 88, No. 4. (Sep., 1998), pp. 947-969.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199809%2988%3A4%3C947%3AIDAIBR%3E2.0.CO%3B2-D
NOTE: The reference numbering from the original has been maintained in this citation list.
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– Page 2 of 4 –
8
Overconfidence and Excess Entry: An Experimental Approach
Colin Camerer; Dan Lovallo
The American Economic Review, Vol. 89, No. 1. (Mar., 1999), pp. 306-318.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199903%2989%3A1%3C306%3AOAEEAE%3E2.0.CO%3B2-Q
References
The Price is Right, But are the Bids? An Investigation of Rational Decision Theory
Jonathan B. Berk; Eric Hughson; Kirk Vandezande
The American Economic Review, Vol. 86, No. 4. (Sep., 1996), pp. 954-970.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199609%2986%3A4%3C954%3ATPIRBA%3E2.0.CO%3B2-R
Overconfidence and Excess Entry: An Experimental Approach
Colin Camerer; Dan Lovallo
The American Economic Review, Vol. 89, No. 1. (Mar., 1999), pp. 306-318.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199903%2989%3A1%3C306%3AOAEEAE%3E2.0.CO%3B2-Q
Cognition and Behavior in Normal-Form Games: An Experimental Study
Miguel Costa-Gomes; Vincent P. Crawford; Bruno Broseta
Econometrica, Vol. 69, No. 5. (Sep., 2001), pp. 1193-1235.
Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28200109%2969%3A5%3C1193%3ACABING%3E2.0.CO%3B2-1
Anatomy of an Experimental Political Stock Market
Robert Forsythe; Forrest Nelson; George R. Neumann; Jack Wright
The American Economic Review, Vol. 82, No. 5. (Dec., 1992), pp. 1142-1161.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199212%2982%3A5%3C1142%3AAOAEPS%3E2.0.CO%3B2-V
NOTE: The reference numbering from the original has been maintained in this citation list.
http://www.jstor.org
LINKED CITATIONS
– Page 3 of 4 –
The Social Experiment Market
David Greenberg; Mark Shroder; Matthew Onstott
The Journal of Economic Perspectives, Vol. 13, No. 3. (Summer, 1999), pp. 157-172.
Stable URL:
http://links.jstor.org/sici?sici=0895-3309%28199922%2913%3A3%3C157%3ATSEM%3E2.0.CO%3B2-X
Iterated Dominance and Iterated Best Response in Experimental “p-Beauty Contests”
Teck-Hua Ho; Colin Camerer; Keith Weigelt
The American Economic Review, Vol. 88, No. 4. (Sep., 1998), pp. 947-969.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199809%2988%3A4%3C947%3AIDAIBR%3E2.0.CO%3B2-D
Demand Reduction in Multiunit Auctions: Evidence from a Sportscard Field Experiment
John A. List; David Lucking-Reiley
The American Economic Review, Vol. 90, No. 4. (Sep., 2000), pp. 961-972.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28200009%2990%3A4%3C961%3ADRIMAE%3E2.0.CO%3B2-N
Using Field Experiments to Test Equivalence between Auction Formats: Magic on the Internet
David Lucking-Reiley
The American Economic Review, Vol. 89, No. 5. (Dec., 1999), pp. 1063-1080.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199912%2989%3A5%3C1063%3AUFETTE%3E2.0.CO%3B2-U
Unraveling in Guessing Games: An Experimental Study
Rosemarie Nagel
The American Economic Review, Vol. 85, No. 5. (Dec., 1995), pp. 1313-1326.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28199512%2985%3A5%3C1313%3AUIGGAE%3E2.0.CO%3B2-V
Duopoly Strategies Programmed by Experienced Players
Reinhard Selten; Michael Mitzkewitz; Gerald R. Uhlich
Econometrica, Vol. 65, No. 3. (May, 1997), pp. 517-555.
Stable URL:
http://links.jstor.org/sici?sici=0012-9682%28199705%2965%3A3%3C517%3ADSPBEP%3E2.0.CO%3B2-C
NOTE: The reference numbering from the original has been maintained in this citation list.
http://www.jstor.org
LINKED CITATIONS
– Page 4 of 4 –
Rationality as Process and as Product of Thought
Herbert A. Simon
The American Economic Review, Vol. 68, No. 2, Papers and Proceedings of the Ninetieth Annual
Meeting of the American Economic Association. (May, 1978), pp. 1-16.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28197805%2968%3A2%3C1%3ARAPAAP%3E2.0.CO%3B2-4
NOTE: The reference numbering from the original has been maintained in this citation list.
Dr. Jennifer Pate
Loyola Marymount University
Spring 2021
Economics 4340: Experimental Economics
Summary Instructions
Question 7: How good are we at estimating logical thinking of others?
Answer the following questions as best as possible given your understanding of the
assigned reading(s). You are allowed to work with other students but please use your
own words in your summary responses.
1. What are the central research questions of the study?
2. What are three ways in which the Beauty-contest game opened up possibilities for
experimentation?
3. Which numbers did the relative response frequencies of the Beauty-contest spike? Why
were people more likely to select these numbers?
4. Why might subjects intentionally choose a number greater than 66?
5. True or False: Time availability appears to increase the frequency of equilibrium
comments and equilibrium choices.
6. Describe how running experiments in the lab, multiple newspapers, and various outlets
tests the critical assumption of parallelism between the lab and the field. Why is this
important for experimental methodology?
7. The prize is $20.00. You must pick a number between 0 and 100. The goal is to choose
a number equal to 2/3 of the average of all the numbers chosen by you and your
classmates. You may not talk to other students about this question and you may not ask
questions.
My name is __________ and my number is ____________.
Price Controls and the Behavior of Auction Markets: An Experimental
Examination
R. Mark Isaac; Charles R. Plott
The American Economic Review, Vol. 71, No. 3. (Jun., 1981), pp. 448-459.
Stable URL:
http://links.jstor.org/sici?sici=0002-8282%28198106%2971%3A3%3C448%3APCATBO%3E2.0.CO%3B2-V
The American Economic Review is currently published by American Economic Association.
Your use of the JSTOR archive indicates your acceptance of JSTOR’s Terms and Conditions of Use, available at
http://www.jstor.org/about/terms.html. JSTOR’s Terms and Conditions of Use provides, in part, that unless you have obtained
prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in
the JSTOR archive only for your personal, non-commercial use.
Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at
http://www.jstor.org/journals/aea.html.
Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed
page of such transmission.
JSTOR is an independent not-for-profit organization dedicated to and preserving a digital archive of scholarly journals. For
more information regarding JSTOR, please contact support@jstor.org.
http://www.jstor.org
Tue Jan 9 17:37:41 2007
Dr. Jennifer Pate
Loyola Marymount University
Spring 2021
Economics 4340: Experimental Economics
Summary Instructions
Question 8: How well do we respond to signals about market prices?
Answer the following questions as best as possible given your understanding of the
assigned reading(s).
1. What are price controls (floors and ceilings) and what do we use them for?
2. What are induced preferences and how were the experimental markets designed?
3. Based on Plott and Smiths efficiency index, how do markets become 100 percent
efficient?
4. What were the 4 (four) behavior regularities observed across the data?
5. What are soft buyers and sellers and how did they impact the results?
6. Briefly describe what happened when price controls were removed across binding
and non-binding treatments.
7. What did you learn, in particular, as a result of reading this article?
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