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Outputs (8)

Speed traps: algorithmic trader performance under alternative market balances and structures (2023)
Journal Article
Peng, Y., Shachat, J., Wei, L., & Zhang, S. S. (2024). Speed traps: algorithmic trader performance under alternative market balances and structures. Experimental Economics, 27(2), 325-350. https://doi.org/10.1007/s10683-023-09816-8

Using double auction market experiments with both human and agent traders, we demonstrate that agent traders prioritising low latency often generate, sometimes perversely so, diminished earnings in a variety of market structures and configurations. W... Read More about Speed traps: algorithmic trader performance under alternative market balances and structures.

Migration and Trust: Evidence on Assimilation from Internal Migrants (2023)
Preprint / Working Paper
Marino Fages, D. Migration and Trust: Evidence on Assimilation from Internal Migrants

I study whether internal migrants assimilate culturally to the locals. Investigating this question with observational data has been challenging because it requires disentangling assimilation from sorting and because data on immigrants before migratin... Read More about Migration and Trust: Evidence on Assimilation from Internal Migrants.

Anger Impairs Strategic Behavior: A Beauty-Contest Based Analysis (2023)
Journal Article
Castagnetti, A., Proto, E., & Sofianos, A. (2023). Anger Impairs Strategic Behavior: A Beauty-Contest Based Analysis. Journal of Economic Behavior and Organization, 213, 128-141. https://doi.org/10.1016/j.jebo.2023.06.027

The frustration-aggression hypothesis posits that anger affects economic behaviour essentially by temporally changing individual social preferences and specifically attitudes towards
punishment. Here, we test a different channel in an experiment whe... Read More about Anger Impairs Strategic Behavior: A Beauty-Contest Based Analysis.

Blocking D2/D3 dopamine receptors in male participants increases volatility of beliefs when learning to trust others (2023)
Journal Article
Mikus, N., Eisenegger, C., Mathys, C., Clark, L., Müller, U., Robbins, T. W., …Naef, M. (2023). Blocking D2/D3 dopamine receptors in male participants increases volatility of beliefs when learning to trust others. Nature Communications, 14(1), Article 4049. https://doi.org/10.1038/s41467-023-39823-5

The ability to learn about other people is crucial for human social functioning. Dopamine has been proposed to regulate the precision of beliefs, but direct behavioural evidence of this is lacking. In this study, we investigate how a high dose of the... Read More about Blocking D2/D3 dopamine receptors in male participants increases volatility of beliefs when learning to trust others.

On the generalizability of using mobile devices to conduct economic experiments (2023)
Journal Article
Guo, Y., Shachat, J., Walker, M. J., & Wei, L. (2023). On the generalizability of using mobile devices to conduct economic experiments. Journal of Behavioral and Experimental Economics, 106, Article 102057. https://doi.org/10.1016/j.socec.2023.102057

Mobile devices enable experimental economists to collect decision-making data from more heterogeneous samples, thereby increasing the generalizability of their results. This generalizability may be compromised if the device is a relevant behavioural... Read More about On the generalizability of using mobile devices to conduct economic experiments.

Rice Farming and the Origins of Cooperative Behaviour (2023)
Journal Article
Zhou, X., Alysandratos, T., & Naef, M. (2023). Rice Farming and the Origins of Cooperative Behaviour. The Economic Journal, 133(654), 2504-2532. https://doi.org/10.1093/ej/uead030

This paper provides novel evidence for links between historic farming practices and current norms of cooperative behaviour. We hypothesise that the cooperation required in wetland rice farming gives rise to strong cultural norms of cooperativeness. W... Read More about Rice Farming and the Origins of Cooperative Behaviour.

A test of the Modigliani-Miller theorem, dividend policy and algorithmic arbitrage in experimental asset markets (2023)
Journal Article
Neugebauer, T., Shachat, J., & Szymczak, W. (2023). A test of the Modigliani-Miller theorem, dividend policy and algorithmic arbitrage in experimental asset markets. Journal of Banking and Finance, 154(September), Article 106814. https://doi.org/10.1016/j.jbankfin.2023.106814

Modigliani and Miller showed the market value of the company is independent of its capital structure, and suggested that dividend policy makes no difference to this law of one price. We experimentally test the Modigliani-Miller theorem in a complete... Read More about A test of the Modigliani-Miller theorem, dividend policy and algorithmic arbitrage in experimental asset markets.