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Vernon Lomax Smith is an American economist who is currently a professor of economics and law at Chapman University. He was formerly the McLellan/Regent’s Professor of Economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center. Along with Daniel Kahneman, Smith won the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics, which helped establish “laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”.
Behavioral economics is the study of the psychological and cognitive factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory.
Neuroeconomics is an interdisciplinary field that seeks to explain human decision-making, the ability to process multiple alternatives and to follow through on a plan of action. It studies how economic behavior can shape our understanding of the brain, and how neuroscientific discoveries can guide models of 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.
The ultimatum game is a game that has become a popular instrument of economic experiments. An early description is by Nobel laureate John Harsanyi in 1961. One player, the proposer, is endowed with a sum of money. The proposer is tasked with splitting it with another player, the responder. Once the proposer communicates their decision, the responder may accept it or reject it. If the responder accepts, the money is split per the proposal; if the responder rejects, both players receive nothing. Both players know in advance the consequences of the responder accepting or rejecting the offer.
The dictator game is a popular experimental instrument in social psychology and economics, a derivative of the ultimatum game. The term "game" is a misnomer because it captures a decision by a single player: to send money to another or not. Thus, the dictator has the most power and holds the preferred position in this “game.” Although the “dictator” has the most power and presents a take it or leave it offer, the game has mixed results based on different behavioral attributes. The results – where most "dictators" choose to send money – evidence the role of fairness and norms in economic behavior, and undermine the assumption of narrow self-interest when given the opportunity to maximise one's own profits.
Paul J. Zak is an American neuroeconomist.
Axel Ockenfels is a German economist. He is professor of economics at the University of Cologne. He also is Director of the Cologne Laboratory of Economic Research, Speaker of the "University of Cologne Excellence Center for Social and Economic Behavior ", and Coordinator of the DFG research unit "Design & Behavior".
Homo reciprocans, or reciprocating human, is the concept in some economic theories of humans as cooperative actors who are motivated by improving their environment through positive reciprocity or negative reciprocity, even in situations without foreseeable benefit for themselves.
Social preferences describe the human tendency to not only care about one's own material payoff, but also the reference group's payoff or/and the intention that leads to the payoff. Social preferences are studied extensively in behavioral and experimental economics and social psychology. Types of social preferences include altruism, fairness, reciprocity, and inequity aversion. The field of economics originally assumed that humans were rational economic actors, and as it became apparent that this was not the case, the field began to change. The research of social preferences in economics started with lab experiments in 1980, where experimental economists found subjects' behavior deviated systematically from self-interest behavior in economic games such as ultimatum game and dictator game. These experimental findings then inspired various new economic models to characterize agent's altruism, fairness and reciprocity concern between 1990 and 2010. More recently, there are growing amounts of field experiments that study the shaping of social preference and its applications throughout society.
Paul W. Glimcher is an American neuroeconomist, neuroscientist, psychologist, economist, scholar, and entrepreneur. He is one of the foremost researchers focused on the study of human behavior and decision-making, and is known for his central role in founding and developing the field of neuroeconomics. Glimcher also founded the Institute for the Study of Decision Making at New York University (NYU). Today he serves as Chair of the Department of Neuroscience and Director of the Neurosciences Institute at NYU's Grossman School of Medicine.
Gary Charness was Professor of Economics and the Director of the Experimental and Behavioral Economics Laboratory in the Department of Economics at the University of California, Santa Barbara. Charness was an economist and social scientist, specializing in experimental and behavioral work; at the time of his death he was ranked 3rd in the world by RePEc in the field of experimental economics and had published nearly 120 academic articles. Charness was a contributor to several areas of economic research, including social preferences, identity and group membership, communication and beliefs, behavioral interventions, group decision-making, social networks, gender, and individual decision-making. Gary was known for his youthful spirit throughout his career, inspiring and motivating researchers worldwide across various fields. Remarkably, he began his Ph.D. at the age of 40 and published his first paper at 50. Despite starting his academic journey later in life, Gary managed to publish around 100 papers between the ages of 50 and 70, establishing himself as one of the leading researchers in experimental economics. A centerpiece of his research has been to affect beneficial social outcomes in difficult economic environments. Charness's work has been discussed and published in The New York Times and Science, as well as other media outlets. Charness was married and had three children.
Urs Fischbacher is a Swiss economist and professor of applied economic research at the University of Konstanz. He is director of the Thurgau Economic Institute, an affiliated institute of the University of Konstanz. He pioneered the field of software tools for experimental economics.
Giorgio Coricelli is professor of economics and psychology at the University of Southern California, specializing in neuroeconomics. Having done his undergraduate studies at La Sapienza in Rome, he then completed his Ph.D. at the Economic Science Laboratory of the University of Arizona studying with Vernon Smith, shortly before Smith received his Nobel Prize in economics in 2002.
Uwe Sunde is a German economist and currently Professor of Economics at the Ludwig Maximilian University of Munich (LMU) as well as a Research Professor in the ifo Center for Labour and Demographic Economics. Sunde's research interests include long-term development and growth, political economy, labour economics, population economics, and behavioural economics. In 2015, his research on risk preferences and on the role of life expectancy and human capital for long-term economic development earned him the Gossen Prize.
Ido Erev is an Israeli psychologist.
Charity auctions are a way of raising funds for charities. These events are typically hosted in hotels or ballrooms, and dinner or cocktails may be served to guests. Charity auctions aimed at business leaders and other well-off potential donors often take the form of a formal gala.
The gift-exchange game, also commonly known as the gift exchange dilemma, is a common economic game introduced by George Akerlof and Janet Yellen to model reciprocacy in labor relations. The gift-exchange game simulates a labor-management relationship execution problem in the principal-agent problem in labor economics. The simplest form of the game involves two players – an employee and an employer. The employer first decides whether they should award a higher salary to the employee. The employee then decides whether to reciprocate with a higher level of effort due to the salary increase or not. Like trust games, gift-exchange games are used to study reciprocity for human subject research in social psychology and economics. If the employer pays extra salary and the employee puts in extra effort, then both players are better off than otherwise. The relationship between an investor and an investee has been investigated as the same type of a game.
Aldo Rustichini is an Italian-born American economist, academic and researcher. He is a professor of economics at University of Minnesota, where is also associated with the Interdisciplinary Center for Cognitive Sciences.
Ernan Haruvy is an American economist, professor of business, and author He is currently a professor at McGill University. He is an Associate Editor at Management Science (journal).
References
- ↑ "About CSN". Archived from the original on 2019-04-02. Retrieved 2015-04-07.
- ↑ "The Interdisciplinary Center for Economic Science - George Mason University".
- ↑ Berg, J., Dickhaut, J., & McCabe, K. (1995). Trust, reciprocity, and social history. Games and economic behavior, 10(1), 122-142.
- ↑ "Economist Rankings at IDEAS".
- ↑ redOrbit (5 April 2008). "Sex and Greed Linked in the Brain - Redorbit".
- ↑ John Cusack Makes films; Board member, Freedom of the Press Foundation (3 December 2008). "No Currency Left to Buy the Big Lies". HuffPost .
{{cite web}}: CS1 maint: multiple names: authors list (link) - ↑ "The World Economic Forum Global Redesign Summit". Archived from the original on 2012-07-30. Retrieved 2016-06-20.
- ↑ "Journal of Experimental Political Science (JEPS) launches!". The Washington Post .
- ↑ Al-Ubaydli, Omar; McCabe, Kevin; Twieg, Peter (31 March 2014). "Can more be less? An experimental test of the resource curse" – via RePEc - Econpapers.
- ↑ Haruvy, Ernan; Li, Sherry Xin; McCabe, Kevin; Twieg, Peter (2017). "Communication and visibility in public goods provision". Games and Economic Behavior. 105: 276–296. doi:10.1016/j.geb.2017.08.002.
