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Experimental Testing of Game-Theoretic Predictions: The Ultimatum Game
Matysková, Ludmila ; Gregor, Martin (advisor) ; Melikhova, Oksana (referee)
This thesis focuses on testing of game theoretical predictions in the ultimatum game by means of controlled experiments. This game has become one of the most scrutinized games from the area of bargaining game theory. The theoretical division of the reward, which the players bargain over, is such that one player gets virtually all the reward while the second player is left with nothing. Because of such an extreme division of the reward, the game represents a severe test for the theory. In fact, experimental results do not confirm to the theory. This thesis provides a survey of the experimental studies investigating different aspects that may affect the subjects' behavior in the game. Furthermore, some possible explanations for why the theoretical solution is not observed to be played by the subjects in the laboratory are presented. I show several new models, which try to capture the real nature of the subjects' behavior in the game. I also focus on the proposers' behavior from the income-maximizing point of view if the distribution of the responder's minimum acceptance thresholds is known to them. Outline of a new experiment examining such behavior is then presented.
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Cooperation with incomplete monitoring
Caisl, Jakub ; Bauer, Michal (advisor) ; Červinka, Michal (referee)
We approach the topic of provision of public goods in an experimental economic study using the Public Goods Game setting. We allow subjects to punish each other but vary the structure and amount of information they can base their decisions upon. We try to add to the current literature on reciprocity and study whether people are willing to punish under such incomplete information. Since punishment under uncertain conditions can be quite destructive in terms of welfare, this closely relates to whether people are able to provide public good themselves or whether they need some external assistance. In terms of public policy, this can add to the debate on when should government provide certain services and when it should be left to individuals. In terms of behaviour inside of an enterprise, our study could be well applied to problems that arise when teams work on a common project but some people free-ride on effort of others.
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Do Information Cascades Arise Easier under Time Pressure? Experimantal Approach.
Cingl, Lubomír ; Bauer, Michal (advisor) ; Pertold, Filip (referee)
Information cascades as a form of rational herding help to explain real-life phenomena such as fads, fashion, creation of 'bubbles' in financial markets or conformity in general. In this paper I attempt to model propensity to herd and infer its relationship to time-pressure by conducting a laboratory experiment. I let subjects perform a simple cognitive task under different treatment conditions and levels of time pressure with the possibility to herd. The order of decision-making is endogenous and the task is not probabilistic. Rather, I impose uncertainty of private signal by different levels of time pressure. This is expected to make participants prone to imitate the behavior of others. Apart from that I examine the effect of reputation (also called endorsement effect) as an addition to the public pool of information, which is expected to increase the probability to herd. The main findings are that propensity to herd was not significantly influenced by different levels of time pressure. Information cascades arose, but never in a perfect form. Personality traits measured by the Big Five protocol contribute considerably to the explanation of the model, but their relationship is not straightforward. Heart-rate increased during performance of a task, but was not correlated to subjectively stated...
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Risk Analysis in Relation to Various Types of Economic Experiments
Šikula, Pavel ; Škapa, Stanislav (referee) ; Janíček, Přemysl (advisor)
The diploma thesis deals with analysis of risks in relation to various focus (or types) of economic experiments. On the basis of background research suggests entirely new classification of economic experiments and subsequently examines general structure of economic experiment. Performed analysis then identifies major risks of experimental economics, analyses them and proposes possible countermeasures. Outputs of the work substantially enrich and extend current theory. Their utilization is expected in theory and practice, for purpose of scientific research or specific objectives of companies and institutions.
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Majetnický efekt: Ceníme si více informací z knih?
Hadincová, Ludmila ; Houdek, Petr (advisor) ; Hudík, Marek (referee)
The main purpose of this thesis is to answer a question, whether an individual appreciates more information originating from physical media than information from virtual media. Respectively, if these two types of media have a different impact on the endowment effect. This effect is conditioned by the individual's physical possession of an object that is provided by physical media, but not allowed by virtual media. The first part of the experiment is based on the comparison of buyer's willingness to pay for information from physical and virtual media (WTP) with seller's willingness to accept payment for the information (WTA). The results from the first part of the experiment did not satisfy the hypothesis about participant's higher valuation of information from physical media. But it was found out that buyers were more willing to pay for the information from physical media suggesting the emergence of quasi-endowment effect. Subjects were reluctant to pay for the electronic version of information. The second part of the experiment is based on comparison of participant's preferences for books in regular and virtual format. It was proved that participants who had an experience only with the book in electronic format were more eager to exchange it for the other book. The opposite effect was documented for participants who had the book in regular format. So, the results from the second part of the experiment provided weak evidence on behalf of the prediction about greater impact of physical media information on the endowment effect. The thesis is further focused on detection of personal characteristic's impacts on the endowment effect. Finally, it was discovered that subjects felt loss aversion of information and that information from books were perceived trustworthier.
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