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Author: Vernon L. Smith
Publisher: Cambridge University Press
ISBN: 0521584507
Category : Business & Economics
Languages : en
Pages : 474
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Book Description
This second Cambridge University Press collection of papers by Vernon L. Smith, a creator of the field of experimental economics, includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998. The essays explore the use of laboratory experiments to test propositions derived from economics and game theory. They also investigate the relationship between experimental economics and psychology, particularly the field of evolutionary psychology, using the latter to broaden the perspective in which experimental results are interpreted. The volume complements Professor Smith's earlier work by demonstrating the importance of institutional features of markets in understanding behavior and market performance. Specific themes investigated include rational choice, the notion of fairness, game theory and extensive form experimental interactions, institutions and market behavior, and the study of laboratory stock markets.
Author: Vernon L. Smith
Publisher: Cambridge University Press
ISBN: 0521584507
Category : Business & Economics
Languages : en
Pages : 474
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Book Description
This second Cambridge University Press collection of papers by Vernon L. Smith, a creator of the field of experimental economics, includes many of his primary authored and coauthored contributions on bargaining and market behavior between 1990 and 1998. The essays explore the use of laboratory experiments to test propositions derived from economics and game theory. They also investigate the relationship between experimental economics and psychology, particularly the field of evolutionary psychology, using the latter to broaden the perspective in which experimental results are interpreted. The volume complements Professor Smith's earlier work by demonstrating the importance of institutional features of markets in understanding behavior and market performance. Specific themes investigated include rational choice, the notion of fairness, game theory and extensive form experimental interactions, institutions and market behavior, and the study of laboratory stock markets.
Author: Christian Korth
Publisher: Springer Science & Business Media
ISBN: 3642022537
Category : Business & Economics
Languages : en
Pages : 175
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Book Description
This book focuses on economic bargaining theory. Economic bargaining theory seeks to predict the outcomes of bargaining situations. In such situations, govern ments, ?rms, or individuals share a mutual interest in cooperation; however, they also have con?icting interests regarding the terms of an agreement. A classic ex ample of such a situation is wage bargaining between unions and employers. More commonplace examples also exist. For instance, a discussion between partners on how to spend an evening can be understood as a bargaining situation. Economic bargaining theory explores the relationship between bargaining situ ations and the outcomes of the bargaining. Economists have two primary reasons to show interest in this relationship. The ?rst reason is that many important human interactions, including economic interactions, are bargaining situations. The second reason is that the understanding of these situations may inform the economic theory of markets. The tool utilized in this study is the mathematical theory of games. Predictions for bargaining outcomes are developed by modeling the bargaining situation as a strategic game and using game theoretic equilibrium concepts in order to solve the game. In this approach, the speci?c identi?ed bargaining outcome depends on the assumptions underlying the model. The neoclassical and fundamental assumption is that of rational agents—called economic men—who strive to maximize their utility based on stable preferences.
Author:
Publisher:
ISBN:
Category : Economics, Mathematical
Languages : en
Pages : 52
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Book Description
Author: Lawrence E. Fouraker
Publisher: Greenwood
ISBN:
Category : Business & Economics
Languages : en
Pages : 330
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Book Description
Author: Lindsey J. Rittmueller
Publisher:
ISBN: 9781124451374
Category : Negotiation
Languages : en
Pages : 107
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Book Description
This study examines laboratory outcomes when there are asymmetric numbers of agents available to bargain over a homogeneous good. When one side of the market is more concentrated than the other side of the market, some agents on one side of the market are unable to trade. For those agents who are matched and the match is confirmed, paired agents proceed into the bargaining rounds. With the data gathered from the market experiments, it is concluded that the concentrated side of the market has more bargaining power; however, the amount of power an agent has is significantly reduced when he makes the initial proposal for a match. By a review of the profits attained from the experiments, market efficiency is significantly lower when the market is asymmetric than when the market is symmetric. Efficiency is significantly different depending on whether the buyer or the seller make the initial proposal for a match.
Author: Martin J. Osborne
Publisher: San Diego ; Toronto : Academic Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 242
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Book Description
The formal theory of bargaining originated with John Nash's work in the early 1950s. This book discusses two recent developments in this theory. The first uses the tool of extensive games to construct theories of bargaining in which time is modeled explicitly. The second applies the theory of bargaining to the study of decentralized markets. Rather than surveying the field, the authors present a select number of models, each of which illustrates a key point. In addition, they give detailed proofs throughout the book.
Author: Alvin E. Roth
Publisher: Cambridge University Press
ISBN: 0521267579
Category : Business & Economics
Languages : en
Pages : 402
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Book Description
This book provides a comprehensive picture of the new developments in bargaining theory.
Author: Dean G. Pruitt
Publisher: Academic Press
ISBN: 1483266206
Category : Psychology
Languages : en
Pages : 278
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Book Description
Negotiation Behavior is a theoretical synthesis of what is known about negotiation as a general phenomenon. The principles presented are illustrated with examples of negotiation from many specific realms. A great deal of attention is devoted to the motives, perceptions, and other microprocesses underlying the behavior of negotiators and to the results of laboratory experiments on negotiation. Comprised of seven chapters, this book begins by defining negotiation and contrasting it with other forms of multiparty decision making, along with its significance and the nature of research on the subject. Two fundamental theoretical notions are presented: the strategic choice model and the goal/expectation hypothesis. Subsequent chapters focus on where bargainers place their demands as well as the strategies they use to foster their interests while moving toward agreement. The reader is introduced to key concepts such as demand level and concession rate, competitive tactics, and coordinative behavior, together with integrative agreements and third-party intervention in negotiation (mediation and arbitration). This monograph will be of value to practitioners in the fields of organizational and occupational psychology, social psychology, economics, industrial relations, and international relations.
Author: Robert George Eggleston
Publisher:
ISBN:
Category : Interpersonal relations
Languages : en
Pages : 186
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Book Description
Author: Charles A. Holt
Publisher: Princeton University Press
ISBN: 0691188971
Category : Business & Economics
Languages : en
Pages :
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Book Description
From a pioneer in experimental economics, an expanded and updated edition of a textbook that brings economic experiments into the classroom Economics is rapidly becoming a more experimental science, and the best way to convey insights from this research is to engage students in classroom simulations that motivate subsequent discussions and reading. In this expanded and updated second edition of Markets, Games, and Strategic Behavior, Charles Holt, one of the leaders in experimental economics, provides an unparalleled introduction to the study of economic behavior, organized around risky decisions, games of strategy, and economic markets that can be simulated in class. Each chapter is based on a key experiment, presented with accessible examples and just enough theory. Featuring innovative applications from the lab and the field, the book introduces new research on a wide range of topics. Core chapters provide an introduction to the experimental analysis of markets and strategic decisions made in the shadow of risk or conflict. Instructors can then pick and choose among topics focused on bargaining, game theory, social preferences, industrial organization, public choice and voting, asset market bubbles, and auctions. Based on decades of teaching experience, this is the perfect book for any undergraduate course in experimental economics or behavioral game theory. New material on topics such as matching, belief elicitation, repeated games, prospect theory, probabilistic choice, macro experiments, and statistical analysis Participatory experiments that connect behavioral theory and laboratory research Largely self-contained chapters that can each be covered in a single class Guidance for instructors on setting up classroom experiments, with either hand-run procedures or free online software End-of-chapter problems, including some conceptual-design questions, with hints or partial solutions provided
