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Outputs (119)

How auctioneers set reserve prices in procurement auctions (2022)
Journal Article
Shachat, J., & Tan, L. (2022). How auctioneers set reserve prices in procurement auctions. European Journal of Operational Research, 304(2), 709-728. https://doi.org/10.1016/j.ejor.2022.04.025

We introduce a behavioral model that effectively predicts auctioneers’ reserve choice patterns in English clock auctions across varying reserve price formats (whether reserve prices are set ex-ante or ex-post auction events), number of bidders and th... Read More about How auctioneers set reserve prices in procurement auctions.

Trust and Trustworthiness in Procurement Contracts with Retainage (2022)
Journal Article
Walker, M. J., Katok, E., & Shachat, J. (2023). Trust and Trustworthiness in Procurement Contracts with Retainage. Management Science, 69(6), 3492–3515. https://doi.org/10.1287/mnsc.2022.4516

In complex procurement projects, it is difficult to write enforceable contracts that condition price upon quality. Supplier non-performance becomes an acute risk, particularly when there is intense competition for the contract. An established incenti... Read More about Trust and Trustworthiness in Procurement Contracts with Retainage.

Migration and social preferences (2022)
Journal Article
Marino Fages, D., & Morales Cerda, M. (2022). Migration and social preferences. Economics Letters, 218, Article 110773. https://doi.org/10.1016/j.econlet.2022.110773

Anti-immigrant sentiment is frequently motivated by the idea that migrants are a threat to the host country’s culture (Rapoport et al., 2020). We contribute to the discussion by investigating whether or not migrants adapt their social preferences (SP... Read More about Migration and social preferences.

Entry and exit decisions under public and private information: an experiment (2022)
Journal Article
Chernulich, A., Horowitz, J., Rabanal, J. P., Rud, O., & Sharifova, M. (2023). Entry and exit decisions under public and private information: an experiment. Experimental Economics, 26(2), 339-356. https://doi.org/10.1007/s10683-022-09764-9

We design an experiment to study how reversible entry decisions are affected by public and private payoff disclosure policies. In our environment, subjects choose between a risky payoff, which evolves according to an autoregressive process, and a con... Read More about Entry and exit decisions under public and private information: an experiment.

Informational price cascades and non-aggregation of asymmetric information in experimental asset markets (2022)
Journal Article
Shachat, J., & Srinivasan, A. (2022). Informational price cascades and non-aggregation of asymmetric information in experimental asset markets. Journal of Behavioral Finance, 23(4), 388-407. https://doi.org/10.1080/15427560.2022.2081970

We report on experimental markets which generate an abject failure of the aggregation of asymmetric information. While realized prices have zero correlation with fundamental values, surprisingly, these are not highly volatile. The non-aggregation of... Read More about Informational price cascades and non-aggregation of asymmetric information in experimental asset markets.

An experimental study of intra- and international cooperation: Chinese and American play in the Prisoner's Dilemma Game (2022)
Journal Article
Kuroda, M., Li, J., Shachat, J., Wei, L., & Zhu, B. (2022). An experimental study of intra- and international cooperation: Chinese and American play in the Prisoner's Dilemma Game. China Economic Review, 74, Article 101807. https://doi.org/10.1016/j.chieco.2022.101807

We study whether intra- and international groups have different cooperation rates in the Prisoner's Dilemma Game. We report on an experiment in which university students in China and America engage in a single iteration of the game, complete belief e... Read More about An experimental study of intra- and international cooperation: Chinese and American play in the Prisoner's Dilemma Game.

Cognitive stress and learning economic order quantity inventory management: An experimental investigation (2022)
Journal Article
Pan, J., Shachat, J., & Wei, S. (2022). Cognitive stress and learning economic order quantity inventory management: An experimental investigation. Decision Analysis, 19(3), 229-254. https://doi.org/10.1287/deca.2022.0450

We use laboratory experiments to evaluate the effects of cognitive stress on inventory management decisions in a finite horizon economic order quantity (EOQ) model. We manipulate two sources of cognitive stress. First, we vary individuals’ participat... Read More about Cognitive stress and learning economic order quantity inventory management: An experimental investigation.

Asset price volatility and investment horizons: An experimental investigation (2021)
Journal Article
Anufriev, M., Chernulich, A., & Tuinstra, J. (2022). Asset price volatility and investment horizons: An experimental investigation. Journal of Economic Behavior and Organization, 193, 19-48. https://doi.org/10.1016/j.jebo.2021.11.019

We study the effects of the investment horizon on asset price volatility using a Learning to Forecast laboratory experiment. We find that, for short investment horizons, participants coordinate on self-fulfilling trend-extrapolating predictions. Pric... Read More about Asset price volatility and investment horizons: An experimental investigation.

Individual Rationality and Market Efficiency (2021)
Journal Article
Gjerstad, S., & Shachat, J. (2021). Individual Rationality and Market Efficiency. Nonlinear Dynamics, Psychology, and Life Sciences, 25(4), 395-406

Smith’s (1962) demonstration that prices and allocations quickly converge to the competitive equilibrium in the continuous double auction (CDA) remains one of the most important results in experimental economics. Market experiments and exchange model... Read More about Individual Rationality and Market Efficiency.

Modelling reference dependence for repeated choices: A horse race between models of normalisation (2021)
Journal Article
Chernulich, A. (2021). Modelling reference dependence for repeated choices: A horse race between models of normalisation. Journal of Economic Psychology, 87, Article 102429. https://doi.org/10.1016/j.joep.2021.102429

In the logit model, a choice between options is driven by payoff differences. Existing evidence on repeated choices suggests that the way payoff differences are evaluated depends on historically observed differences. We capture such reference depende... Read More about Modelling reference dependence for repeated choices: A horse race between models of normalisation.

Viral social media videos can raise pro-social behaviours when an epidemic arises (2021)
Journal Article
Guo, Y., Shachat, J., Walker, M., & Wei, L. (2021). Viral social media videos can raise pro-social behaviours when an epidemic arises. Journal of the Economic Science Association, 7(2), 120-138. https://doi.org/10.1007/s40881-021-00104-w

Access to information via social media is one of the biggest differentiators of public health crises today. During the early stages of the Covid-19 outbreak in January 2020, we conducted an experiment in Wuhan, China to assess the impact of viral soc... Read More about Viral social media videos can raise pro-social behaviours when an epidemic arises.

How the onset of the Covid-19 pandemic impacted pro-social behaviour and individual preferences: Experimental evidence from China (2021)
Journal Article
Shachat, J., Walker, M., & Wei, L. (2021). How the onset of the Covid-19 pandemic impacted pro-social behaviour and individual preferences: Experimental evidence from China. Journal of Economic Behavior and Organization, 190, 480-494. https://doi.org/10.1016/j.jebo.2021.08.001

We present experimental evidence on how pro-sociality, trust and attitudes towards risk and ambiguity evolved over the six weeks following the imposition of stringent Covid-19 related lockdown measures in the Hubei province of China. We compare incen... Read More about How the onset of the Covid-19 pandemic impacted pro-social behaviour and individual preferences: Experimental evidence from China.

The Impact of an Epidemic: Experimental Evidence on Preference Stability from Wuhan (2021)
Journal Article
Shachat, J., Walker, M., & Wei, L. (2021). The Impact of an Epidemic: Experimental Evidence on Preference Stability from Wuhan. AEA Papers and Proceedings, 111, 302-306. https://doi.org/10.1257/pandp.20211002

We examine how the outbreak of the COVID-19 virus in the Hubei province of China impacted pro-social behavior and attitudes toward risk and uncertainty. The study repeatedly applies a panel of financially incentivized individual and strategic decisio... Read More about The Impact of an Epidemic: Experimental Evidence on Preference Stability from Wuhan.

The development of risk aversion and prudence in Chinese children and adolescents (2020)
Journal Article
Heinrich, T., & Shachat, J. (2020). The development of risk aversion and prudence in Chinese children and adolescents. Journal of Risk and Uncertainty, 61(3), 263-287. https://doi.org/10.1007/s11166-020-09340-7

This study experimentally evaluates the risk preferences of children and adolescents living in an urban Chinese environment. We use a simple binary choice task that tests risk aversion, as well as prudence. This is the first test for prudence in chil... Read More about The development of risk aversion and prudence in Chinese children and adolescents.

Cognitive reflection and economic order quantity inventory management: An experimental investigation (2020)
Journal Article
Pan, J., Shachat, J., & Wei, S. (2020). Cognitive reflection and economic order quantity inventory management: An experimental investigation. Managerial and Decision Economics, 41(6), 998-1009. https://doi.org/10.1002/mde.3154

We use laboratory experiments to evaluate the effects of individuals' cognitive abilities on their behavior in a finite horizon economic order quantity model. Participants' abilities to balance intuitive judgment with cognitive deliberations are meas... Read More about Cognitive reflection and economic order quantity inventory management: An experimental investigation.

The Risk of Gambling Problems in the General Population: A Reconsideration (2019)
Journal Article
Harrison, G., Lau, M., & Ross, D. (2020). The Risk of Gambling Problems in the General Population: A Reconsideration. Journal of Gambling Studies, 36(3), 1133-1159. https://doi.org/10.1007/s10899-019-09897-2

We examine the manner in which the population prevalence of disordered gambling has usually been estimated, on the basis of surveys that suffer from a potential sample selection bias. General population surveys screen respondents using seemingly inno... Read More about The Risk of Gambling Problems in the General Population: A Reconsideration.

Temporal Stability of Cumulative Prospect Theory (2019)
Book Chapter
Lau, M., Yoo, H., & Zhao, H. Temporal Stability of Cumulative Prospect Theory. In G. Harrison, & D. Ross (Eds.), Models of Risk Preferences: Descriptive and Normative Challenges. Emerald. Manuscript submitted for publication

Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment (2019)
Journal Article
Harrison, G., Lau, M., & Yoo, H. (2020). Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment. The Review of Economics and Statistics, 102(3), 552-568. https://doi.org/10.1162/rest_a_00845

We evaluate the temporal stability of risk preferences using a remarkable data set that combines socio-demographic information from the Danish Civil Registry with information on risk attitudes from a longitudinal field experiment. Our econometric mod... Read More about Risk Attitudes, Sample Selection and Attrition in a Longitudinal Field Experiment.