Markets, Games, and Strategic Behavior
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Markets, Games, and Strategic Behavior

An Introduction to Experimental Economics (Second Edition)

Charles A. Holt

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eBook - PDF

Markets, Games, and Strategic Behavior

An Introduction to Experimental Economics (Second Edition)

Charles A. Holt

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About This Book

From a pioneer in experimental economics, an expanded and updated edition of a textbook that brings economic experiments into the classroom Economics is rapidly becoming a more experimental science, and the best way to convey insights from this research is to engage students in classroom simulations that motivate subsequent discussions and reading. In this expanded and updated second edition of Markets, Games, and Strategic Behavior, Charles Holt, one of the leaders in experimental economics, provides an unparalleled introduction to the study of economic behavior, organized around risky decisions, games of strategy, and economic markets that can be simulated in class. Each chapter is based on a key experiment, presented with accessible examples and just enough theory.Featuring innovative applications from the lab and the field, the book introduces new research on a wide range of topics. Core chapters provide an introduction to the experimental analysis of markets and strategic decisions made in the shadow of risk or conflict. Instructors can then pick and choose among topics focused on bargaining, game theory, social preferences, industrial organization, public choice and voting, asset market bubbles, and auctions.Based on decades of teaching experience, this is the perfect book for any undergraduate course in experimental economics or behavioral game theory.

  • New material on topics such as matching, belief elicitation, repeated games, prospect theory, probabilistic choice, macro experiments, and statistical analysis
  • Participatory experiments that connect behavioral theory and laboratory research
  • Largely self-contained chapters that can each be covered in a single class
  • Guidance for instructors on setting up classroom experiments, with either hand-run procedures or free online software
  • End-of-chapter problems, including some conceptual-design questions, with hints or partial solutions provided

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Information

Publisher
Princeton University Press
Year
2019
ISBN
9780691188973
Edition
2
Topic
Economics
Subtopic
Economic Theory
Index
Economics
Introduction
19
4. 
For 
the 
setup 
in 
problem 
2, 
at 
a 
price 
of 
6, 
would 
there 
be 
excess 
supply 
or 
excess 
demand? 
(Explain 
briefly.) 
At 
this 
price, 
how 
many 
units 
would 
trade, 
and 
what 
would 
be 
the 
total 
surplus 
(sum 
of 
value-cost 
differences 
for 
traded 
units)?
5. 
(non-mechanical) 
For 
the 
setup 
in 
problem 
2, 
how 
would 
it 
be 
possible 
for 
8 
units 
to 
trade 
if 
prices 
for 
some 
trades 
could 
be 
higher 
than 
prices 
for 
others? 
Hint: 
think 
about 
how 
you 
might 
put 
buyers 
and 
sellers 
into 
separate 
groups 
to 
get 
more 
units 
traded.
6. 
For 
the 
8 
units 
traded 
at 
different 
prices, 
as 
in 
the 
answer 
to 
problem 
5, 
what 
would 
the 
total 
surplus 
(sum 
of 
value-cost 
differences) 
be? 
What 
would 
the 
ef-
ficiency 
measure 
be?

Table of contents