Collaborative Research in Experimental Studies of Choice Behavior in the Presence of Incomplete Information

该项目继续在四个迷人的实验系列 经济行为的重要领域：1）消费者之间的选择 风险固有的替代方案，2） 当竞争企业数量很少时，3）福利和 收入分配; 4）个人的劳动供给决定 在工作时间和休闲时间之间做出选择。 第一个是经济学家关注的话题 和其他社会科学家的研究。 特别感兴趣的 是观察到人类似乎是风险厌恶在一些 在别人的情况下和风险爱。 例如，人们会避免风险， 在某些经济情况下，甚至支付保险费， 在收入上遭受损失。 在其他情况下，人们赌博， 风险 这个看似矛盾的现象很难解释 现有的效用最大化理论 该项目考察了两个 可能的统一理论，即前景理论和预期 效用理论，它可以结合这两种类型的行为。 许多行业由极少数公司组成。 的 汽车工业是一个例子，有些行业可以 假设只有两家竞争公司。 他们是 显然不是官僚主义者，但通过他们的产出决定， 会影响产品的最终价格。 第二部分 研究分析了供应决策的基本性质， 在双头垄断的情况下盈利。 第三个主题的重点是保证收入的影响 劳动力供给方案。 过去的研究表明， 非劳动收入的增加确实会抑制人们参与 labor force. 然而，这一决策过程的动态还没有 有待探索 这个项目分析了所谓的“福利陷阱” 假设通过检查系统的变化， 对以前时期不同水平的非劳动收入的偏好。 还研究了收入分配和收入不平等 在一个经济体中的个体之间。 最后，这个项目继续过去的工作之间的选择时间 花费在赚取收入和休闲上的时间。 实验 受试者面临不同的工资水平，时间限制和期望 收入水平，并与劳动力参与决策作出反应。 特别关注的是当收入水平 很高 该项目继续研究人员的实验， 人类和动物作为研究对象。 近十年来， 在正确设计的实验中，动物（通常是大鼠和 鸽子）会对经济理论所预测的激励做出反应。 他们还复制了其他研究人员的许多实验， 以人类为研究对象，并收集了大量的证据 其中基于人类行为的工作结果可以 在实验室里被动物复制。 这项研究是与约翰·卡格尔教授合作完成的。 休斯顿大学

This project continues a series of fascinating experiments in four important areas of economic behavior: 1) consumer choice between alternatives in which risk is inherent, 2) the output decisions of firms when the number of competing firms is very small, 3) welfare and income distribution, and 4) labor supply decisions made by individuals choosing between work time and leisure. The first is a topic which has occupied the attention of economists and other social scientists for a long time. Of particular interest is the observation that human beings seem to be risk averse in some situations and risk loving in others. For instance, people avoid risk in some economic situations and even pay insurance premiums so as not to incur losses in income. In other situations people gamble and take risks. This seeming paradox is very difficult to explain with existing theories of utility maximization. This project examines two possible unifying theories, namely prospect theory and expected utility theory, which can incorporate both types of behavior. Many industries consist of a very small number of firms. The automobile industry is an example, and some industries can be realistically modeled by assuming only two competing firms. They are clearly not monopolists, but through their output decisions they each can affect the final price of their products. The second part of this research analyzes the fundamental nature of supply decisions and profit making in the context of a duopoly. The focus of the third topic is the effects of guaranteed income programs on labor supply. Past work has indicated that a high level of unearned income does provide a disincentive to participate in the labor force. However, the dynamics of that decision process have yet to be explored. This project analyzes the so called "welfare trap" hypothesis by examining the relationship of systematic shifts in preferences to varying levels of unearned income in previous periods. Also studied is the distribution of earnings and inequality of incomes across individuals in an economy. Finally, this project continues past work on the choice between time spent earning income and time spent in leisure. The experimental subjects face varying wage levels, time constraints, and desired income levels, and respond with labor force participation decisions. Of particular focus are labor supply decisions when the income level is high. This project continues the investigators' experiments using both humans and animals as subjects. For nearly a decade they have shown that in correctly designed experiments, animals (typically rats and pigeons) will respond to incentives as predicted by economic theory. They have also replicated many experiments by other researchers using humans as subjects, and have amassed an astonishing amount of evidence wherein the results of work based on the behavior of humans can be duplicated by animals in the laboratory. This research is done in collaboration with Professor John Kagel of the University of Houston.