Experimental Economics: Financial Markets, Auctions, And Decision Making is based on research presented at the 20th Arne Ryde Symposium on Experimental Economics, held on November 9-11 at Lund University. The volume is divided into two parts. In Part I, interviews with prominent researchers in the field, all invited speakers at the Symposium, are presented. Those interviewed are Peter Bohm, Catherine Eckel, Werner Güth, John Hey, Daniel Kahneman, Alvin Roth, Vernon Smith, and Martin Weber. The interviews address important questions about basic experimental methods and the interpretation of results. In addition, these researchers answer questions relating to their specific fields and to their contributions at the Symposium. They are also asked to single out the most important findings in the field. Part II contains selected contributions from the conference. Topics covered include attitudes towards risk and inequality; pitfalls in experimental economics; analysis of trading-period duration; robustness in learning; video experiments on decision making and fairness; sequential prisoners' dilemmas; and collusion in auctions.

A small but increasing number of economists have begun to use laboratory experiments to evaluate economic propositions under carefully controlled conditions. Experimental Economics is the first comprehensive treatment of this rapidly growing area of research. While the book acknowledges that laboratory experiments are no panacea, it argues cogently for their effectiveness in selected situations. Covering methodological and procedural issues as well as theory, Experimental Economics is not only a textbook but also a useful introduction to laboratory methods for professional economists. Although the authors present some new material, their emphasis is on organizing and evaluating existing results. The book can be used as an anchoring device for a course at either the graduate or advanced undergraduate level. Applications include financial market experiments, oligopoly price competition, auctions, bargaining, provision of public goods, experimental games, and decision making under uncertainty. The book also contains instructions for a variety of laboratory experiments.

This book provides the most important publications of John D Hey over his almost 50-year career in academia, concentrating primarily on his publications in the field of experimental economics. This is a field that has grown dramatically over the last 30 years, and John D Hey has contributed significantly to its growth and development. The papers included in this volume cover the whole range from individual decision making, both static and dynamic under risk and uncertainty, through games, bargaining and auctions, to markets. The author has contributed in all these fields, and has pioneered much new methodology.

How do applications affect behavior? Experimental Economics Volume II seeks to answer these questions by examining the auction mechanism, imperfect competition and incentives to understand financial crises, political preferences and elections, and more.

Research in Experimental Economics is a series of edited research volumes focused on laboratory experimental economics, first published in 1979 with founding editor Vernon L. Smith. Volume 16 of the series focuses around the themes of experiments in financial economics.

Experimental Economics includes the study of individual decision making in which an isolated individual chooses many alternatives that have a monetary (or commodity) value defined quantitatively by the experiment. Experimental methods have enjoyed a vast expansion in the quality, depth and diversity of economic questions to which laboratory experiments have been applied. It is characterised by a growing recognition that markets are most meaningfully studied and understood within the context of institutions. This collection includes influential, as well as representative, examples of the growth and development of experimental economics.

Praise for Paving Wall Street "This is a remarkable book that weaves the deep scientific roots of modern finance and modern financial institutions with humorous perspective and considerable wisdom. Few understand the pervasive and complex economic principles that govern our world of finance. Few are aware of the academic and scientific origins of financial practices and market instruments that are commonplace today. Ross Miller uses his experience and talents acquired as an experimental economist to help us understand a world that is contradictory, potentially dangerous, and paradoxical. He entertains us while doing it." --Charles R. Plott, Edward S. Harkness Professor of Economics and Political Science, California Institute of Technology "Decisions by millions of individuals produce the fierce tides and churning seas of Wall Street. Miller wields his microscope in the laboratory of experimental economics to provide a sprightly and insightful analysis of investor behavior." --Richard Zeckhauser, Frank P. Ramsey Professor of Political Economy, John F. Kennedy School of Government, Harvard University "Dramatic new ways for buying and selling-spectrum auctions, e-commerce, derivatives-are the economics profession's contribution to the Information Revolution. This book explains how many of these innovations began with simple experiments at Caltech. The style is a refreshing combination-dramatic and fun to read, but also historically and scientifically accurate. So, I can send one to my Dad, a salesman, and another to my girlfriend, a patent attorney." --Colin Camerer, Rea and Lela Axline Professor of Business Economics, California Institute of Technology "Paving Wall Street is a first-rate insight into bubbles and the experimental research performed on the topic by leading academicians such as Vernon Smith." --David Dreman, Chairman, Dreman Value Management "Academic ideas have revolutionized how Wall Street operates. Entirely new markets have been created. This revolution continues today, accelerated by the rise of increasingly automated markets. Ross Miller has produced a book that makes the leading-edge financial and economic thinking that shapes these new markets accessible to practitioners and professionals. With no equations and a deft touch, this is an excellent guide to the future of greater Wall Street." --David J. Leinweber, PhD, Economics/Social Sciences, California Institute of Technology

- Incorporates the latest experimental evidence from across economics, psychology and neuroscience to provide cutting-edge introduction for students. - Structured around three key settings – individuals, small groups and larger impersonal groups (e.g. markets) – this text provides a logical framework for the study of economic decision-making. - Includes discussion of emotions including fairness, trust, selfishness and altruism on both a micro and macro level to show how they can influence personal decision making as well as entire economies.

The use of experimental methods in economics has grown rapidly during the last decade. The essays included in this volume, some of them pioneering contributions in their own right, are broadly representative of much of the substantial literature that now exists. The volume will therefore provide a convenient source for anyone who wishes to learn about the field; the kinds of topics that have been addressed using the experimental approach; and the methods and theoretical tools that have dominated so far. Moreover, it will prove a useful supplement for students of decision theory and even for students of Schumpeterian competition.

Experimental Business Research includes papers that were presented at the First Asian Conference on Experimental Business Research held at the Hong Kong University of Science and Technology (HKUST), on December 7-10, 1999. The conference was organized by the Center for Experimental Business Research (cEBR) at the HKUST. The papers presented at the conference and a few others that were solicited especially for this volume contain original research on individual and interactive decision behavior in various branches of business research including, but not limited to, economics, marketing, management, finance, and accounting. Experimental Business Research is suitable as a secondary text for a graduate level course, and as a reference for researchers and practitioners in industry.