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Three essays on experimental economics
| Content Provider | Semantic Scholar |
|---|---|
| Author | Zhang, Sookie Xue |
| Copyright Year | 2017 |
| Abstract | This thesis consists of three essays using experimental economics to empirically study human behaviors in di erent economic contexts. Each essay is a self-contained paper. In the rst paper, we try to address a puzzle of an unanticipated stoppage observed during houses auctions in Australia. Although no new information is revealed during the suspension, sellers perhaps intend by suspending the auction to trigger some psychological process which would lead to more aggressive bidding and therefore higher revenues. The stoppage allows bidders the time to imagine how they would live in their future home as if they were owning the house. The feeling of having the house can potentially trigger endowment e ects, which generate additional attachment value to the object. In order to test this conjecture, we computerize an English auction for a real good in the laboratory with and without a stoppage. When the auction was stopped, we targeted the highest bidders by placing the object in front of them and informing them that they could keep the good if they won the auction. Unexpectedly, we observe a similar average auction price between the control treatment and the treatment with the stoppage. A deeper exploration shows that the targeted subjects won less frequently in the stop treatment than their counterparts in the control treatment. We conclude that there must be two opposite e ects taking place in the stop treatment such that the same average auction price is observed as in the control treatment. A cooling-o e ect makes the targeted subjects less aggressive in bidding while a heating-up e ect induces the waiting subjects to bid more aggressively. In the second paper, we study experimentally how informative cheap talk is in a delegation game where information is asymmetric and incentives are misaligned. We are particularly interested in the e ciency of delegation when we alter the cardinality of the message space. This paper contributes to the cheap talk literature by a novel delegation scenario that studies how di erent forms of messages a ect the degree of information transmission. The one-shot |
| File Format | PDF HTM / HTML |
| DOI | 10.4225/55/5ac44978f8b98 |
| Alternate Webpage(s) | https://drmc.library.adelaide.edu.au/dspace/bitstream/2440/111408/2/02whole.pdf |
| Alternate Webpage(s) | https://drmc.library.adelaide.edu.au/dspace/bitstream/2440/111408/1/01front.pdf |
| Alternate Webpage(s) | https://doi.org/10.4225/55%2F5ac44978f8b98 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
