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Outputs (119)

Discounting Behavior: A Reconsideration (2014)
Journal Article
Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2014). Discounting Behavior: A Reconsideration. European Economic Review, 71, 15-33. https://doi.org/10.1016/j.euroecorev.2014.06.009

We re-evaluate the theory, experimental design and econometrics behind claims that individuals exhibit non-constant discounting behavior. Theory points to the importance of controlling for the non-linearity of the utility function of individuals, sin... Read More about Discounting Behavior: A Reconsideration.

An Experimental Investigation of Auctions and Bargaining in Procurement (2014)
Journal Article
Shachat, J., & Tan, L. (2015). An Experimental Investigation of Auctions and Bargaining in Procurement. Management Science, 61(5), 1036-1051. https://doi.org/10.1287/mnsc.2013.1880

In reverse auctions, buyers often retain the right to bargain further concessions from the winners. The optimal form of such procurement is an English auction followed by an auctioneer's option to engage in ultimatum bargaining with the winners. We s... Read More about An Experimental Investigation of Auctions and Bargaining in Procurement.

Auctioning the Right to Play Ultimatum Games and the Impact on Equilibrium Selection (2013)
Journal Article
Shachat, J., & Swarthout, J. (2013). Auctioning the Right to Play Ultimatum Games and the Impact on Equilibrium Selection. Games, 4(4), 738-753. https://doi.org/10.3390/g4040738

We auction scarce rights to play the Proposer and Responder positions in ultimatum games. As a control treatment, we randomly allocate these rights and charge exogenous participation fees. These participation fee sequences match the auction price seq... Read More about Auctioning the Right to Play Ultimatum Games and the Impact on Equilibrium Selection.

Discounting Behaviour and the Magnitude Effect: Evidence from a Field Experiment in Denmark (2013)
Journal Article
Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2013). Discounting Behaviour and the Magnitude Effect: Evidence from a Field Experiment in Denmark. Economica, 80(320), 670-697. https://doi.org/10.1111/ecca.12028

We evaluate the claim that individuals exhibit a magnitude effect in their discounting behaviour, where higher discount rates are inferred from choices made with lower principals, all else being equal. If the magnitude effect is quantitatively signif... Read More about Discounting Behaviour and the Magnitude Effect: Evidence from a Field Experiment in Denmark.

Willingness to pay for insurance in Denmark (2013)
Journal Article
Hansen, J., Jacobsen, R., & Lau, M. (2016). Willingness to pay for insurance in Denmark. Journal of Risk and Insurance, 83(1), 49-76. https://doi.org/10.1111/j.1539-6975.2013.12011.x

We estimate how much Danish households are willing to pay for auto, home, and house insurance. We use a unique combination of claims data from a large Danish insurance company, measures of individual risk attitudes and discount rates from a field exp... Read More about Willingness to pay for insurance in Denmark.

Dual criteria decisions (2013)
Journal Article
Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2014). Dual criteria decisions. Journal of Economic Psychology, 41, 101-113. https://doi.org/10.1016/j.joep.2013.02.006

The most popular models of decision making use a single criterion to evaluate projects or lotteries. However, decision makers may actually consider multiple criteria when evaluating projects. We consider a dual criteria model from psychology. This mo... Read More about Dual criteria decisions.

Learning about learning in games through experimental control of strategic interdependence. (2012)
Journal Article
Shachat, J., & Swarthout, J. (2012). Learning about learning in games through experimental control of strategic interdependence. Journal of Economic Dynamics and Control, 36(3), 383-402. https://doi.org/10.1016/j.jedc.2011.09.007

We report results from an experiment in which humans repeatedly play one of two games against a computer program that follows either a reinforcement or an experience weighted attraction learning algorithm. Our experiment shows these learning algorith... Read More about Learning about learning in games through experimental control of strategic interdependence..

Procuring Commodities: First-Price Sealed-Bid or English Auctions? (2012)
Journal Article
Shachat, J., & Wei, L. (2012). Procuring Commodities: First-Price Sealed-Bid or English Auctions?. Marketing Science, 31(2), 317-333. https://doi.org/10.1287/mksc.1120.0704

We use laboratory experiments to examine the relative performance of the English auction (EA) and the first-price sealed-bid auction (FPA) when procuring a commodity. The mean and variance of prices are lower in the FPA than in the EA. Bids and price... Read More about Procuring Commodities: First-Price Sealed-Bid or English Auctions?.

Asset integration and attitudes to risk : theory and evidence (2011)
Preprint / Working Paper
Andersen, S., Cox, J., Harrison, G., Lau, M., Rutstroem, E., & Sadiraj, V. (2011). Asset integration and attitudes to risk : theory and evidence

Measures of risk attitudes derived from experiments are often questioned because they are based on small stakes bets and do not account for the extent to which the decision-maker integrates the prizes of the experimental tasks with personal wealth. W... Read More about Asset integration and attitudes to risk : theory and evidence.

Discounting behavior and the magnitude effect (2011)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Discounting behavior and the magnitude effect

We evaluate the claim that individuals exhibit a magnitude effect in their discounting behavior,which is said to occur when higher discount rates are inferred from choices made with lowerprincipals, all else being equal. If the effect is robust, as c... Read More about Discounting behavior and the magnitude effect.

Intertemporal utility and correlation aversion (2011)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Intertemporal utility and correlation aversion

Convenient assumptions about qualitative properties of the intertemporal utility function have generated counter-intuitive implications for the relationship between atemporal risk aversionand the intertemporal elasticity of substitution. If the inter... Read More about Intertemporal utility and correlation aversion.

Non-linear mixed logit (2011)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutstroem, E. (2011). Non-linear mixed logit

We develop an extension of the familiar linear mixed logit model to allowfor the direct estimation of parametric non-linear functions defined over structuralparameters. Classic applications include the estimation of coefficients of utilityfunctions t... Read More about Non-linear mixed logit.

Discounting behavior : a reconsideration (2011)
Preprint / Working Paper
Andersen, S., Harrison, G., Lau, M., & Rutström, E. (2011). Discounting behavior : a reconsideration

We re-evaluate the theory, experimental design and econometrics behind claims that individualsexhibit non-constant discounting behavior. Theory points to the importance of controlling for thenon-linearity of the utility function of individuals, since... Read More about Discounting behavior : a reconsideration.