SGER: Anchoring and Ambiguity in the Lab and in the Field

这个探索性研究（SGER）的小补助金允许研究人员实施实验性治疗，扩展我们对行为经济学重要发现的理解。这些发现表明，新古典主义的假设需要微调。 本研究的主要目标之一是通过系统地检查实验室外的行为是否以及在多大程度上偏离实验室内的行为，为行为研究结果提供外部有效性测试。研究人员认为，这项工作是最有价值的下一步调整现有的实验室研究结果，以有用的政策处方。在这一探索中，特别感兴趣的是市场制度和市场经验是否以及如何单独或联合作用，以减少新古典理论预测的分歧的重要性。首先，这项研究利用传统的实验室实验，但调查人员扩大了调查的范围，除了控制组的学生，金融市场专业人士的主题池。研究交易者的行为很重要，因为有证据表明，有用的认知资本是在几个月或几年的时间里慢慢积累起来的，而不是在实验室实验的有限时间内。实验室实验结合了与个人选择和市场互动有关的处理方法，并建立在先前的研究基础上，这些研究揭示了两个主题库在区分新古典理论和行为理论的关键领域的重要差异。研究者使用的第二种实验技术是实地实验，首席研究员在这一领域做出了重要贡献。这种方法已被证明是非常有用的桥梁之间的差距差距控制的实验室环境和完全不受控制的现场数据。这是一种方法，使我们能够通过观察在市场上内源性选择某些角色的代理人获得独特的见解，同时利用与实验室方法相关的治疗和控制。从这些文献中得到的一个重要结果，证实了我们的实验室研究，即市场经验在削弱禀赋效应方面起着重要作用。也许最具体的是，研究人员希望解决监管官员的担忧，他们必须评估行为发现的重要性。最近的一项调查表明，政策制定者意识到行为异常，但由于缺乏外部有效性而对其重要性持怀疑态度。在解决这些问题，这项研究也有助于学术讨论的影响，行为的研究结果，包括建议的法规。由于决策错误意味着人们的行为可能不符合自己的最佳利益，许多人认为行为异常意味着干预的理由。 研究还通过将研究结果纳入课程大纲，并通过为博士后和研究生提供准备和介绍研究研讨会的机会，支持教育活动。本科生将作为实验对象参与本研究。我们以前的经验表明，这些学生通过他们作为实验对象的经历，对经济研究有了更大的了解。少数人还表示对实验的设计和进行感兴趣。研究人员认为，本科阶段的这种接触对于正在评估研究生学习不同途径的学生来说非常重要。 与金融交易所的接触也将对双方都有潜在的好处。在与金融界建立联系的过程中，调查员可以处理其他感兴趣的研究问题。

This Small Grant for Exploratory Research (SGER) permits the investigator to implement experimental treatments that extend our understanding of important findings in behavioral economics. These findings, suggest neoclassical assumptions are in need of fine-tuning. One of the major goals in this research is to provide an external validity test of the behavioral findings by examining systematically whether, and to what extent, behavior outside the lab deviates from behavior in the lab. The investigator recognize this exercise as the most valuable next step in tuning extant laboratory findings into useful policy prescriptions. Of particular interest within this exploration is whether, and how, market institutions and market experience either separately or in combination act to reduce the importance of divergences from the predictions of neoclassical theory.The investigator adopts two experimental techniques to achieve his goals. First, the study makes use of traditional laboratory experiments, but the investigator extends the reach of the inquiry by using, in addition to a control group of students, a subject pool of financial market professionals. Examining the behavior of traders is important because there is evidence that useful cognitive capital builds up slowly over months or years rather than in the limited duration of a laboratory experiment. The laboratory experiments incorporate treatments related both to individual choices and to market interaction and builds on previous research that has revealed important differences between the two subject pools in areas critical to distinguishing neoclassical from behavioral theories.The second experimental technique the investigator employ is that of the field experiment, an area in which the principal investigator has made important contributions. This approach has proven quite useful in bridging the gap between controlled laboratory environments and completely uncontrolled field data. It is a method that allows us to gain unique insights through observation of agents that have endogenously chosen certain roles in the marketplace, while simultaneously making use of treatments and controls associated with laboratory methods. One important result from this literature, corroborating our laboratory studies, is that market experience plays a significant role in attenuating the endowment effect.The proposed study makes both broad and specific contributions to research, teaching, and policy issues. Perhaps most specifically, the investigator hope to address the concerns of regulatory officials who have to assess the importance of behavioral findings. A recent survey suggests that policy makers are aware of behavioral anomalies but skeptical of their importance due to lack of external validity. In addressing these concerns this research also contributes to academic discussions of the implications of behavioral findings that have included proposals for regulations. Since errors in decision-making imply that people may not behave in their own best interest, many argue that behavioral anomalies imply a case for intervention. The research also supports educational activities through the inclusion of the findings in course syllabi, and by providing post-doctoral and graduate students opportunities to prepare and present research seminars. Undergraduate students will participate in this research as experimental subjects. Our previous experience suggests that these students gain a greater appreciation for economic research through their experience as laboratory subjects. A small number also express an interest in the design and conduct of experiments. The investigator believe that this exposure in the undergraduate years can be important for students who are evaluating different avenues for graduate study. Contact with the financial exchanges will also have potential benefits for both parties. In generating contacts with the financial community the investigator have made himself available to address additional research questions of interest.