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Essays in Behavioural and Experimental Economics
Matoušek, Jindřich ; Havránek, Tomáš (advisor) ; Miklánek, Tomáš (referee) ; Rachinger, Heiko (referee) ; Gechert, Sebastian (referee)
CHARLES UNIVERSITY FACULTY OF SOCIAL SCIENCES Institute of Economic Studies Essays in Behavioural and Experimental Economics Abstract for Dissertation thesis Author: Mgr. Jindřich Matoušek Study program: Economics and Finance Supervisor: prof. PhDr. Tomáš Havránek, Ph.D. Year of defense: 2022 Abstract The dissertation consists of three papers presenting applications of experimen- tal as well as statistical methods to the topics of behavioural economics. The first paper introduces a series of laboratory experiments in which I apply the experimental methods to a complex decision making problem. The second and third papers present quantitative syntheses of the literature on the classi- cal topics of behavioural economics. The general introduction connects these chapters together. Detailed abstracts for individual papers are presented at the beginning of each chapter. In the first paper, I experimentally examine two complex multi-unit auc- tion mechanisms with an opportunity to communicate and thus collude while comparing these mechanisms in terms of efficiency. Strikingly, allowing for communication increases efficiency in examined auction formats. A cheap-talk collusive agreement resulted in a better allocation compared to the treatments without communication. I hypothesize that complex auction formats makes...
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Essays in Experimental Economics
Miklánek, Tomáš ; Katuščák, Peter (advisor) ; Servátka, Maroš (referee) ; Ortmann, Andreas (referee)
Essays in Experimental Economics Tomáš Miklánek Abstract The first chapter introduces a theoretical model of inequality aversion which can also be used in an environment with information asymmetries. The model is based on the non-paternalistic approach where, the own utility function incorporates the utility of other people as perceived by a decision maker. Moreover it allows extensions for other motives which may result in pro-social behavior. I extend the model by adding shame aversion as an additional driver for apparently altruistic behavior. Threat of shame is induced by different levels of exposure of either own actions or identity to the third party observers. I also experimentally test predictions of the model using a very simple environment of a dictator's game. The experimental design aims to remove additional confounding behavioral effects present in the previous literature. The results suggest that even a very small exposure results in significantly higher amounts sent to recipients. The analysis also shows that the agents, who believe that they can conceal their own actions in front of the less informed counterpart, exploit this information asymmetry for their monetary benefit. The second chapter examines endogenous decisions to acquire useful information. My experimental design tries to test...
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Ego-utility and endogenous information acquisition: an experimental study
Miklánek, Tomáš
This paper examines endogenous decisions to acquire useful information. My experimental design tries to test predictions of ego-utility theories and other relevant theories about the decision-making process of agents in the environment with costless signals. Only slightly more than half of the subjects acquired an optimal number of the signals for payoff maximization. The results suggest that for the subjects making sub-optimal decisions, aversion to cognitive dissonance is the prevalent channel. Contrary to this, I find much less support for the ego-utility theory and theory of information ignorance in my setting. The availability of information alone does not automatically lead to an improvement in decisions.
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The effect of shame in dictator games with information asymmetry
Miklánek, Tomáš
This study introduces a theoretical model of inequality aversion which can also be used in an environment with information asymmetries. The model is based on the non-paternalistic approach where, the own utility function incorporates the utility of other people as perceived by a decision maker. Moreover it allows extensions for other motives which may result in pro-social behavior. I extend the model by adding shame aversion as an additional driver for apparently altruistic behavior. Threat of shame is induced by different levels of exposure of either own actions or identity to the third party observers. I also experimentally test predictions of the model using a very simple environment of a dictator’s game. The experimental design aims to remove additional\nconfounding behavioral effects present in the previous literature. The results suggest that even a very small exposure results in significantly higher amounts sent to recipients. The analysis also shows that the agents, who believe that they can conceal their own actions in front of the less informed counterpart, exploit this information asymmetry for their monetary benefit.
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DETERMINANTS OF THE SHARING ECONOMY EMERGANCE; AN EXPERIMENTAL STUDY
Dahy, Adham Mohamed Wahied ; Miklánek, Tomáš (advisor) ; Prokop, Jaromír (referee)
This thesis explores the emergence of the newest type of economy the sharing economy one of the fastest growing economic phenomena in contemporary times. This thesis cites numerous research papers that encompass the sharing economy alongside other papers in different fields such as marketing and experimental economics. The main goal of this thesis is to disentangle possible channels that may have led to the increase in use of the sharing economy-provided services. To do so, we conducted an experiment using tools provided by the field of experimental economics. In the theoretical part of this thesis the main aim was to broadly explain what the sharing economy is as well as introduce the concepts to be used in the practical part. At the beginning I focus on defining the sharing-economy concept including its many definitions when it first appeared and the three phases that account for its emergence. I then explain the sharing economy concept providing the reason it is gaining worldwide recognition as well the main enablers behind it major companies involved with it the three main systems operating within it and the economics behind it. Finally I explain the many angles associated with its success, such as the concepts of Web 2.0 and P2P. Towards the end of the theoretical part I introduce the concepts that are relevant to the practical part and the experiment including risk-preferences information cascades and peerpressure. The practical part of this thesis focuses on the experiment including methodology designs treatments results etc. In the practical I present the hypothesis and the econometric model used for running the regression in order to test my hypothesis. Lastly I present the outputs I have obtained after running the regression, and comment on their significance and relevance to my hypothesis.
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Time-saving bias
Zíka, Vojtěch ; Dušek, Libor (advisor) ; Miklánek, Tomáš (referee)
The time-saving bias is a cognitive error which systematically influences human perception of relationship between speed and time. As a consequence they overestimate time gained/lost when accelerating/decelerating from higher speed and underestimate time gained/lost when accelerating/decelerating from lower speed. This bias is most salient in the context of a car driving where such a misperception might lead to an excessively high travelling speed. Apart from the impact on the driving safety, unduly high speed have negative effect also on the fuel economy. An undue fuel consumption can be an issue not only for firms, but also for the environment. This work tested a formerly proposed de-biasing measure, a paceometer, in a field experiment with the intention to find out if this kind of intervention can alter drivers' behaviour in order to reduce speeding and thus increase the driving safety and decrease the fuel consumption. To test also the strength of the measure the experiment was done within a middle size company where employees did not bear driving costs. Results based on 1 year fuel consumption data of 45 participants showed no particular effect of the measure on the average fuel consumption. A reason for this finding can be an existence of a principal/agent problem which considerably affects incentives of drivers.
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The importance of South Korean investments in the Czech Republic and the Slovak Republic in the years 2004 - 2013 (an example of Hyundai Motor Company and Kia Motors)
Šebesta, Jan ; Ševčík, Miroslav (advisor) ; Miklánek, Tomáš (referee)
The goal of this thesis is to map of the profit and cost of foreign direct investments (FDI) of car producers Hyundai Motor Company in the Czech Republic and KIA Motors Corporation in Slovakia in years 2004 -- 2013. The theoretical part of the work is directed to description and research of approach to foreign direct investment as a means of development, impact on home economy and possible negatives. Among the most significant positives this exercise are the know-how, increased work productivity and improvement of trade balance. Disadvantages on the contrary can be two-speed economy, crowding-out effect, inflation or unjustified state support. The work also compares European investment policy and policy of investment incentives in legislative Framework of the Czech and Slovak Republic. The last part deals with the foreign direct investment of the Hyundai Company at Nošovice and the KIA Corporation at Žilina and their effect on the national economy using statistical analysis (profit, state support, jobs created etc.).
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