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Markets, Games, and Strategic Behavior

ISBN-10: 0321419316
ISBN-13: 9780321419316
Edition: 2007
Authors: Charles A. Holt
List price: $118.00
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Description: Students become fluent in economics when they can apply the concepts in a real, decision-making and strategic environment. For this reason, an increasing number of professors are incorporating experiments into their undergraduate courses. In his  More...

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Book details

List price: $118.00
Copyright year: 2007
Publisher: Addison Wesley
Publication date: 8/1/2006
Binding: Hardcover
Pages: 560
Size: 7.50" wide x 9.25" long x 1.25" tall
Weight: 2.464
Language: English

Students become fluent in economics when they can apply the concepts in a real, decision-making and strategic environment. For this reason, an increasing number of professors are incorporating experiments into their undergraduate courses. In his new text, Charles Holt begins each chapter with a lead-off experiment designed as an organizing device to introduce economic concepts such as the Winner's Curse, Asset Market Bubbles, and Rent Seeking. These experiments are easy to facilitate in the classroom, and may be run ldquo;by handrdquo; or online via an internet browser.

Basic Concepts: Decisions, Game Theory, and Market Equilibrium
Introduction
Origins
Overview
Methodology
A Brief History of Experimental Economics
Questions
A Pit Market
A Simple Example
A Classroom Experiment
Chamberlin's Results and Vernon Smith's Reaction
Extensions
Questions
Some Simple Games: Competition, Coordination, and Guessing
Game Theory and the Prisoner's Dilemma
A Prisoner's Dilemma Experiment
A Coordination Game
A Guessing Game
Extensions
Questions
Risk and Decision Making
Who Wants to Be a Millionaire?
A Simple Lottery-Choice Experiment
Payoff Scale, Order, and Demographics Effects
Extensions
Questions
Randomized Strategies
Symmetric Matching Pennies Games
Battle of the Sexes
Extensions
Questions
Market Experiments
Monopoly and Cournot Markets
Monopoly
Cournot Duopoly
Cournot Oligopoly
Extensions
Optional Quick Calculus Review
Questions
Vertical Market Relationships
Double Marginalization
The Newsvendor Problem
The Bullwhip Effect
Extensions
Questions
Market Institutions and Power
Introduction
The Exercise of Seller Market Power without Explicit Collusion
Edgeworth Cycles and Random Prices
The Effects of Market Power
Extensions
Calculation of a Mixed-Strategy Equilibrium in Prices
Questions
Collusion and Price Competition
Collusion in Posted-Offer Markets: "This Is Economics"
Collusion with Secret Discounts
Extensions: Cheap Talk, Mutual Forbearance, and the "V Word"
Questions
Market Failure Due to Unraveling: Lemons and Matching Markets
Endogenous Product Quality
Clearinghouse Mechanisms and Unraveling in Labor Markets
Extensions: Baseball, Dorm Rooms, School Choice, Deep Space, Sorority Rush,...but Marriage?
Questions
Asset Markets and Price Bubbles
Bubbles and Crashes
A Digression on Present Value
The Limit Order Market Experiment
Other Research on the Call Market Institution
Questions
Bargaining and Behavioral Labor Economics
Ultimatum Bargaining
Strategic Advantage and Ultimatums
Bargaining in the Bush
Bargaining in the Lab
Multi-Stage Bargaining
Extensions: "I Will Be Spending Years Trying to Figure Out What This All Meant"
Questions
Trust, Reciprocity, and Principal-Agent Games
The Trust Game
A Labor Market Reciprocity Game
Extensions: Field Experiments
Questions
Public Choice
Voluntary Contributions
Social Norms and Public Goods
"Economists Free-Ride, Does Anyone Else?"
Single-Round Experiments
Multi-Round Experiments
Extensions
Questions
The Volunteer's Dilemma
Sometimes It Only Takes One Hero
Initial Experimental Evidence
The Mixed-Strategy Equilibrium
An Experiment on Group Size Effects
Extensions
Questions
Externalities, Congestion, and Common Pool Resources
Water
Ducks and Traffic
Fish
Extensions
Questions
Rent Seeking
Government with "a Smokestack on Its Back"
Rent Seeking in the Classroom Laboratory
The Nash Equilibrium
Comparative Statics for Changes in Cost and the Number of Competitors
Extensions
Questions
Voting and Politics Experiments
The Median Voter Theorem
Experimental Tests of Spatial Voting Models
Fairness and Deviations from Core Outcomes
Legislative Bargaining
Agendas and Strategic Voting
Polls, Runoffs, and Other Coordinating Devices
Participation Games
Field Experiments
Extensions
Questions
Auctions
Private Value Auctions
Introduction
Auctions: Up, Down, and the "Little Magical Elf"
Bidding against a Uniform Distribution
Bidding Behavior in a Two-Person, First-Price Auction
Extensions
Risk Aversion
Questions
The Takeover Game
Wall Street (the Film)
A Takeover Game Experiment
Quality Unraveling
Extensions: The Loser's Curse
Questions
Common-Value Auctions and the Winner's Curse
"I Won the Auction but I Wish I Hadn't"
The Nash Equilibrium
The Winner's Curse
Extensions
Questions
Multi-Unit and Combinatorial Auctions
Dry 2K
FCC Bandwidth Auctions and Package Bidding Alternatives
Experimental Tests of Package Bidding Alternatives
Extensions
Questions
Behavioral Game Theory: Treasures and Intuitive Contradictions
Multi-Stage Games
Extensive Forms and Strategies
Two-Stage Trust Games
The Centipede Game
Extensions
Questions
Generalized Matching Pennies
The Case of Balanced Payoffs
Noisy Best Responses
The Effects of Payoff Imbalances
Probabilistic Choice
Extensions
Questions
The Traveler's Dilemma
A Vacation with an Unhappy Ending?
Data
Learning and Experience
Iterated Rationality and Quantal Response Equilibrium
Extensions
Bounded Rationality in the Traveler's Dilemma-A Spreadsheet-Based Analysis
Questions
Coordination Games
"The Minimum Effort Game? That's One I Can Play!"
Nash Equilibria, Numbers Effects, and Experimental Evidence
Effort-Cost Effects
Equilibrium with Noisy Behavior
Extensions
An Analysis of Noisy Behavior in the Coordination Game
Questions
Individual Decision Experiments
Probability Matching
Being Treated Like a Rat
Are Rats Really More Rational Than Humans?
Siegel and Goldstein's Experiments
A Simple Model of Belief Learning
Reinforcement Learning
Extensions
Questions
Lottery Choice Anomalies
Introduction
The Allais Paradox
Prospect Theory: Probability Misperception
Prospect Theory: Gains, Losses, and "Reflection Effects"
Extensions
Questions
ISO (in Search of...)
Introduction
Search from a Uniform Distribution
Experimental Data
Optimal Search
Extensions
Questions
Information, Learning, and Signaling
Bayes' Rule
Introduction
A Simple Example and a Counting Heuristic
Relating the Counting Heuristic to Bayes' Rule
Experimental Results
Bayes' Rule with Elicited Probabilities
A Follow-Up Experiment with a Rare Event
Extensions
Truthful Elicitation
Questions
Information Cascades
"To Do Exactly as Your Neighbors Do Is the Only Sensible Rule"
A Model of Rational Learning from Others' Decisions
Experimental Evidence
Extensions
Questions
Statistical Discrimination
"Brown-Eyed People Are More Civilized"
Being Purple or Green
Data on Statistical Discrimination
"Are Emily and Greg More Employable than Lakisha and Jamal?"
Extensions
Derivation of the Discriminatory Equilibrium
Questions
Signaling Games
Real Men Don't Eat Quiche
Separating Equilibria
Pooling
Unintuitive Beliefs and Reverse Type Dependence
"Stripped Down Poker"
Extensions: "Too Cool for School"
Questions
Prediction Markets
The Rationale for Prediction Markets
The Success of Political Event Markets
Information Aggregation and "Common Value Trading"
Extensions
Questions
References
Index

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