Contains economic experiments designed for students who have not taken any economics. This book supplements any microeconomics text, is used by itself to teach principles. It includes features such as: a chapter on public goods; a chapter on network externalities; concepts of economic principles; problems and tie-ins to economics; and more.
This book contains economic experiments designed for students who have not previously taken any economics. While this book can supplement any microeconomics text, it can and has been used by itself to teach principles. Unique in the marketplace, EXPERIMENTS WITH ECONOMIC PRINCIPLES: MICROECONOMICS is an extension of the groundbreaking work in Experimental Economics of Vernon Smith. Bergstrom and Miller are two of the most highly-regarded researchers in the creative world of Experimental Economics. FEATURES 1. A new chapter on public goods (ch. 6). 2. A new chapter on network externalities (ch. 9). 3. A new Part V on essential concepts of economic principles. 4. More problems and tie-ins to economics in the news. 5. More discussion of economic concepts. 6. More modular organization for easy custom-publishing of instructor's own selection of experiments. 7. Streamlining some experiments. 8. Improved layout of homework exercises allows faster grading. 9. Improved layout of personal information sheets in Instructor's Manual. 10. Convenient class preparation kits for instructors. Go to the text website for more information on Bergstrom/Miller Experiments with Economic Principles: http://www.econ.ucsb.edu/~tedb/eep/eep.html
Game theory, the formalized study of strategy, began in the 1940s by asking how emotionless geniuses should play games, but ignored until recently how average people with emotions and limited foresight actually play games. This book marks the first substantial and authoritative effort to close this gap. Colin Camerer, one of the field's leading figures, uses psychological principles and hundreds of experiments to develop mathematical theories of reciprocity, limited strategizing, and learning, which help predict what real people and companies do in strategic situations. Unifying a wealth of information from ongoing studies in strategic behavior, he takes the experimental science of behavioral economics a major step forward. He does so in lucid, friendly prose. Behavioral game theory has three ingredients that come clearly into focus in this book: mathematical theories of how moral obligation and vengeance affect the way people bargain and trust each other; a theory of how limits in the brain constrain the number of steps of "I think he thinks . . ." reasoning people naturally do; and a theory of how people learn from experience to make better strategic decisions. Strategic interactions that can be explained by behavioral game theory include bargaining, games of bluffing as in sports and poker, strikes, how conventions help coordinate a joint activity, price competition and patent races, and building up reputations for trustworthiness or ruthlessness in business or life. While there are many books on standard game theory that address the way ideally rational actors operate, Behavioral Game Theory stands alone in blending experimental evidence and psychology in a mathematical theory of normal strategic behavior. It is must reading for anyone who seeks a more complete understanding of strategic thinking, from professional economists to scholars and students of economics, management studies, psychology, political science, anthropology, and biology.
This title was first published in 2003.Over the decades, experiential methods have become an established research tool in environmental economics. Economists working in this area have realised that experimental methods from economics and other disciplines such as psychology and decision theory can be applied to gain insight into the behavioral underpinnings of environmental policy. Economic experiments, in the lab and field, are an attractive tool to address the incentive and contextual questions that arise in environmental policy. Experiments have been and continue to be designed to capture the key elements of market and non-market choices to test theory, for pattern recognition, to testbed new institutions, and to value public goods, including environmental protection. This volume collects the most significant papers in the literature that identify the underpinnings of experimental approaches are complemented by works that specifically address the use of experimental economics to identify choice under risk, conflict, cooperation, environmental policy instruments, and environmental valuation
