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Experimental Economics
Experimental economics is the application of experimental methods to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics). A fundamental aspect of the subject is design of experiments. Experiments may be conducted in the field or in laboratory settings, whether of individual or group behavior. Variants of the subject outside such formal confines include natural and quasi-natural experiments. Experimental topics One can loosely classify economic experiments using the following topics: * Markets * Games * Evolutionary game theory * Decision making * Bar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Experiment
An experiment is a procedure carried out to support or refute a hypothesis, or determine the efficacy or likelihood of something previously untried. Experiments provide insight into cause-and-effect by demonstrating what outcome occurs when a particular factor is manipulated. Experiments vary greatly in goal and scale but always rely on repeatable procedure and logical analysis of the results. There also exist natural experimental studies. A child may carry out basic experiments to understand how things fall to the ground, while teams of scientists may take years of systematic investigation to advance their understanding of a phenomenon. Experiments and other types of hands-on activities are very important to student learning in the science classroom. Experiments can raise test scores and help a student become more engaged and interested in the material they are learning, especially when used over time. Experiments can vary from personal and informal natural comparisons ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Quasi-natural Experiment
A quasi-experiment is a research design used to estimate the causal impact of an intervention. Quasi-experiments share similarities with experiments and randomized controlled trials, but specifically lack random assignment to treatment or control. Instead, quasi-experimental designs typically allow assignment to treatment condition to proceed how it would in the absence of an experiment. Quasi-experiments are subject to concerns regarding internal validity, because the treatment and control groups may not be comparable at baseline. In other words, it may not be possible to convincingly demonstrate a causal link between the treatment condition and observed outcomes. This is particularly true if there are confounding variables that cannot be controlled or accounted for. With random assignment, study participants have the same chance of being assigned to the intervention group or the comparison group. As a result, differences between groups on both observed and unobserved characteri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Simulations And Games In Economics Education
A simulation game is "a game that contains a mixture of skill, chance, and strategy to simulate an aspect of reality, such as a stock exchange". Similarly, Finnish author Virpi Ruohomäki states that "a simulation game combines the features of a game (competition, cooperation, rules, participants, roles) with those of a simulation (incorporation of critical features of reality). A game is a simulation game if its rules refer to an empirical model of reality". A properly built simulation game used to teach or learn economics would closely follow the assumptions and rules of the theoretical models within this discipline. __TOC__ In economics education Economics education studies recommend the adoption of more active and collaborative learning methodologies (Greenlaw, 1999). Simkins (1999) stated "… ''teaching practices, which rely heavily on the lecture format, are not doing enough to develop students' cognitive learning skills, attract good students to economics, and motivat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics Education
Economics education or economic education is a field within economics that focuses on two main themes: *The current state of, and efforts to improve, the economics curriculum, materials and pedagogical techniques used to teach economics at all educational levels; and *Research into the effectiveness of alternative instructional techniques in economics, the level of economic literacy of various groups, and factors that influence the level of economic literacy. Economics education is distinct from economics of education, which focuses on the economics of the institution of education. This article discusses the field conceptually, and also provides a general outline of the typical curriculum. Economics education Characterization Akarowhe found that Economics Education can be seen as a process, science and product: *as a process - economics education involves a time phase of inculcating the needed skills and values on the learners, in other words, it entails the preparation of lea ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
John A
Sir John Alexander Macdonald (10 or 11January 18156June 1891) was the first prime minister of Canada, serving from 1867 to 1873 and from 1878 until his death in 1891. He was the Fathers of Confederation, dominant figure of Canadian Confederation, and had a political career that spanned almost half a century. Macdonald was born in Scotland; when he was a boy his family immigrated to Kingston, Ontario, Kingston in the Province of Upper Canada (today in eastern Ontario). As a lawyer, he was involved in several high-profile cases and quickly became prominent in Kingston, which elected him in 1844 to the legislature of the Province of Canada. By 1857, he had become List of Joint Premiers of the Province of Canada, premier under the colony's unstable political system. In 1864, when no party proved capable of governing for long, he agreed to a proposal from his political rival, George Brown (Canadian politician), George Brown, that the parties unite in a Great Coalition to seek fede ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Matching Theory (economics)
In economics, search and matching theory is a mathematical framework attempting to describe the formation of mutually beneficial relationships over time. It is closely related to stable matching theory. Search and matching theory has been especially influential in labor economics, where it has been used to describe the formation of new jobs. Search and matching theory evolved from an earlier framework called 'search theory'. Where search theory studies the microeconomic decision of an individual searcher, search and matching theory studies the macroeconomic outcome when one or more types of searchers interact. It offers a way of modeling markets in which frictions prevent instantaneous adjustments of the level of economic activity. Among other applications, it has been used as a framework for studying frictional unemployment. One of the founders of search and matching theory is Dale T. Mortensen of Northwestern University. A textbook treatment of the matching approach to lab ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auctions
An auction is usually a process of Trade, buying and selling Good (economics), goods or Service (economics), services by offering them up for Bidding, bids, taking bids, and then selling the item to the highest bidder or buying the item from the lowest bidder. Some exceptions to this definition exist and are described in the section about different #Types, types. The branch of economic theory dealing with auction types and participants' behavior in auctions is called auction theory. The open ascending price auction is arguably the most common form of auction and has been used throughout history. Participants bid openly against one another, with each subsequent bid being higher than the previous bid. An auctioneer may announce prices, while bidders submit bids vocally or electronically. Auctions are applied for trade in diverse #Contexts, contexts. These contexts include antiques, Art auction, paintings, rare collectibles, expensive wine auction, wines, commodity, commodities, l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bargaining
In the social sciences, bargaining or haggling is a type of negotiation in which the buyer and seller of a Goods and services, good or service debate the price or nature of a Financial transaction, transaction. If the bargaining produces agreement on terms, the transaction takes place. It is often commonplace in poorer countries, or poorer localities within any specific country. Haggling can mostly be seen within street markets worldwide, wherein there remains no guarantee of the origin and authenticity of available products. Many people attribute it as a skill, but there remains no guarantee that the price put forth by the buyer would be acknowledged by the seller, resulting in losses of Profit (economics), profit and even Inventory turnover, turnover in some cases. A growth in the country's Per capita income, GDP Per Capita Income is bound to reduce both the ill-effects of bargaining and the unscrupulous practices undertaken by vendors at street markets. Although the most app ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Decision Making
In psychology, decision-making (also spelled decision making and decisionmaking) is regarded as the cognitive process resulting in the selection of a belief or a course of action among several possible alternative options. It could be either rational or irrational. The decision-making process is a reasoning process based on assumptions of values, preferences and beliefs of the decision-maker. Every decision-making process produces a final choice, which may or may not prompt action. Research about decision-making is also published under the label problem solving, particularly in European psychological research. Overview Decision-making can be regarded as a problem-solving activity yielding a solution deemed to be optimal, or at least satisfactory. It is therefore a process which can be more or less rational or irrational and can be based on explicit or tacit knowledge and beliefs. Tacit knowledge is often used to fill the gaps in complex decision-making processes. Usua ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evolutionary Game Theory
Evolutionary game theory (EGT) is the application of game theory to evolving populations in biology. It defines a framework of contests, strategies, and analytics into which Darwinism, Darwinian competition can be modelled. It originated in 1973 with John Maynard Smith and George R. Price's formalisation of contests, analysed as strategies, and the mathematical criteria that can be used to predict the results of competing strategies. Evolutionary game theory differs from classical game theory in focusing more on the dynamics of strategy change. This is influenced by the frequency of the competing strategies in the population. Evolutionary game theory has helped to explain the basis of altruism (biology), altruistic behaviours in Darwinian evolution. It has in turn become of interest to economists, sociologists, anthropologists, and philosophers. History Classical game theory Classical non-cooperative game theory was conceived by John von Neumann to determine optimal strategies i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Robert Aumann
Robert John Aumann (Yisrael Aumann, ; born June 8, 1930) is an Israeli-American mathematician, and a member of the United States National Academy of Sciences. He is a professor at the Center for the Study of Rationality in the Hebrew University of Jerusalem. He also holds a visiting position at Stony Brook University, and is one of the founding members of the Stony Brook Center for Game Theory. Aumann received the Nobel Memorial Prize in Economic Sciences in 2005 for his work on conflict and cooperation through game theory analysis. He shared the prize with Thomas Schelling. Early life and education Aumann was born in Frankfurt am Main, Germany, and fled to the United States with his family in 1938, two weeks before the Kristallnacht pogrom. He attended the Rabbi Jacob Joseph School, a yeshiva high school in New York City. Aumann graduated from the City College of New York in 1950 with a B.S. in mathematics. He received his M.S. in 1952, and his Ph.D. in Mathematics in 1955, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Martin Shubik
Martin Shubik (1926–2018) was an American mathematical economist who specialized in game theory, defense analysis, and the theory of money. The latter was his main research interest and he referred to it as his "white whale". He also coined the term "mathematical institutional economics" in 1959 to describe his scholarly approach to studying the economy. He spent the majority of his career at Yale University Yale University is a Private university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ..., where he was heavily involved with the Cowles Foundation for Research in Economics, and launched the virtuaMuseum of Money and Financial Institutions Outside of economics, he began studying inclusion body myositis (IBM) after a 2003 diagnosis. He provided seed money to the Yale School of Public Health for thIBM Disease Reg ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
