This paper describes the properties of a set of puzzles that are behaviorally similar to those of the common Raven Progressive Matrix test. Our puzzles consist of a three-by-three grid of images with the lower right element omitted. Each image is characterized by six characteristics that can vary along several patterns. Lab experiments demonstrate that the puzzles become more challenging as the number of characteristics that change increases. Further, the ability to correctly solve our puzzles is shown to be correlated with scores on the Raven Progressive Matrix test and with performance in a beauty contest game. Due to the manner in which our puzzles are constructed, there are a large number of unique puzzles that can be generated for use in economics experiments using software described in the paper. Thus our puzzles are well suited for use as an alternative method to assess the cognitive ability of respondents and for use as a real effort task with multiple levels of cognitive difficulty.
{"title":"A Flexible and Customizable Method\u0000 for Assessing Cognitive Abilities","authors":"Andrea Civelli, Cary A. Deck","doi":"10.1561/105.00000081","DOIUrl":"https://doi.org/10.1561/105.00000081","url":null,"abstract":"This paper describes the properties of a set of puzzles that are behaviorally similar to those of the common Raven Progressive Matrix test. Our puzzles consist of a three-by-three grid of images with the lower right element omitted. Each image is characterized by six characteristics that can vary along several patterns. Lab experiments demonstrate that the puzzles become more challenging as the number of characteristics that change increases. Further, the ability to correctly solve our puzzles is shown to be correlated with scores on the Raven Progressive Matrix test and with performance in a beauty contest game. Due to the manner in which our puzzles are constructed, there are a large number of unique puzzles that can be generated for use in economics experiments using software described in the paper. Thus our puzzles are well suited for use as an alternative method to assess the cognitive ability of respondents and for use as a real effort task with multiple levels of cognitive difficulty.","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1561/105.00000081","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42769252","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The choice of technique can be analyzed, in a circulating-capital model of prices of production, by constructing the wage frontier. Switch points arise when more than one technique is costminimizing for a specified rate of profits. This article defines four normal forms for variations in the number and sequence of switch points with a perturbation of, for example, a coefficient of production. The ’perversity’ of switch points that appear on and disappear from the wage frontier is analyzed. The conjecture is made that no other normal forms for local patterns of co-dimension one exist.
{"title":"Normal Forms for Switch Point\u0000 Patterns","authors":"R. Vienneau","doi":"10.1561/105.00000080","DOIUrl":"https://doi.org/10.1561/105.00000080","url":null,"abstract":"The choice of technique can be analyzed, in a circulating-capital model of prices of production, by constructing the wage frontier. Switch points arise when more than one technique is costminimizing for a specified rate of profits. This article defines four normal forms for variations in the number and sequence of switch points with a perturbation of, for example, a coefficient of production. The ’perversity’ of switch points that appear on and disappear from the wage frontier is analyzed. The conjecture is made that no other normal forms for local patterns of co-dimension one exist.","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1561/105.00000080","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48484382","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper studies the behavior of buyers confronting an incumbent monopolist and a potential market entrant in a repeated trade situation. In the experiment, buyers have two possibilities to demand lower prices in future trade periods. First, they can withhold demand. Second, they can voluntarily pay a higher price to the entrant in order to encourage future re-entry. Both these forms of buyer behavior occur in the experiment. They are less frequent when the number of buyers is large as opposed to small. A control treatment tests to what extent such behavior can be attributed to strategic motives.
{"title":"The Limits of Buyer Power:\u0000 Experimental Evidence","authors":"Lisa V. Bruttel","doi":"10.1561/105.00000082","DOIUrl":"https://doi.org/10.1561/105.00000082","url":null,"abstract":"This paper studies the behavior of buyers confronting an incumbent monopolist and a potential market entrant in a repeated trade situation. In the experiment, buyers have two possibilities to demand lower prices in future trade periods. First, they can withhold demand. Second, they can voluntarily pay a higher price to the entrant in order to encourage future re-entry. Both these forms of buyer behavior occur in the experiment. They are less frequent when the number of buyers is large as opposed to small. A control treatment tests to what extent such behavior can be attributed to strategic motives.","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1561/105.00000082","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44746042","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The past decades have witnessed a strong increase in household debt and high growth of private consumption expenditures in many countries. This paper empirically investigates four explanations: First, the expenditure cascades hypothesis argues that an increase in inequality induced lower income groups to copy the spending behaviour of richer peer groups and thereby drove them into debt (‘keeping up with the Joneses’). Second, the housing boom hypothesis argues that increasing property prices encourage household spending and household borrowing due to wealth effects, eased credit constraints and the prospect of future capital gains. Third, the low interest hypothesis argues that low interest rates encouraged households to take on more debt. Fourth, the financial deregulation hypothesis argues that deregulation of the financial sector boosted credit supply. The paper tests these hypotheses by estimating the determinants of household borrowing using a panel of 11 OECD countries (1980-2011). Results indicate that real estate prices and low interest rates were the most important drivers of household debt. In contrast the data does not support the expenditure cascades hypothesis as a general explanation of debt accumulation across OECD countries. Our results are consistent with the financial deregulation hypothesis, but its explanatory power for the 1995-2007 period is low.
{"title":"Expenditure Cascades, Low Interest\u0000 Rates or Property Booms?\u0000 Determinants of Household Debt in\u0000 OECD Countries","authors":"Engelbert Stockhammer, Rafael Wildauer","doi":"10.1561/105.00000083","DOIUrl":"https://doi.org/10.1561/105.00000083","url":null,"abstract":"The past decades have witnessed a strong increase in household debt and high growth of private consumption expenditures in many countries. This paper empirically investigates four explanations: First, the expenditure cascades hypothesis argues that an increase in inequality induced lower income groups to copy the spending behaviour of richer peer groups and thereby drove them into debt (‘keeping up with the Joneses’). Second, the housing boom hypothesis argues that increasing property prices encourage household spending and household borrowing due to wealth effects, eased credit constraints and the prospect of future capital gains. Third, the low interest hypothesis argues that low interest rates encouraged households to take on more debt. Fourth, the financial deregulation hypothesis argues that deregulation of the financial sector boosted credit supply. The paper tests these hypotheses by estimating the determinants of household borrowing using a panel of 11 OECD countries (1980-2011). Results indicate that real estate prices and low interest rates were the most important drivers of household debt. In contrast the data does not support the expenditure cascades hypothesis as a general explanation of debt accumulation across OECD countries. Our results are consistent with the financial deregulation hypothesis, but its explanatory power for the 1995-2007 period is low.","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1561/105.00000083","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48722406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Manners, Monkeys and Moods","authors":"P. Corr, Anke C. Plagnol","doi":"10.4324/9781315391229-5","DOIUrl":"https://doi.org/10.4324/9781315391229-5","url":null,"abstract":"","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75938544","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
well defined so long as 0 < β <1. Since the above function is a pointwise limit of linear combinations of concave functions with positive weights, the above is also concave. Finally, since the expectation operator is linear, it keeps the concavity, too. This proves that the objective function is concave over positive sequences of consumption. ii) Conditions (2) through (4) define subsets of the space of sequences. The intersection of all these subsets is the feasible set. Intersections of convex sets are convex. Conditions (3) and (4) define sets by linear equality or inequality constraints, which are automatically convex. We are going to show the convexity of the set which satisfies (2) for a given t.
{"title":"ECON","authors":"P. Corr, Anke C. Plagnol","doi":"10.4324/9781315391229-3","DOIUrl":"https://doi.org/10.4324/9781315391229-3","url":null,"abstract":"well defined so long as 0 < β <1. Since the above function is a pointwise limit of linear combinations of concave functions with positive weights, the above is also concave. Finally, since the expectation operator is linear, it keeps the concavity, too. This proves that the objective function is concave over positive sequences of consumption. ii) Conditions (2) through (4) define subsets of the space of sequences. The intersection of all these subsets is the feasible set. Intersections of convex sets are convex. Conditions (3) and (4) define sets by linear equality or inequality constraints, which are automatically convex. We are going to show the convexity of the set which satisfies (2) for a given t.","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85595714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"What is Behavioral Economics and why is it Important?","authors":"P. Corr, Anke C. Plagnol","doi":"10.4324/9781315391229-1","DOIUrl":"https://doi.org/10.4324/9781315391229-1","url":null,"abstract":"","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87808012","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Ascent and Dissent of Economics","authors":"P. Corr, Anke C. Plagnol","doi":"10.4324/9781315391229-2","DOIUrl":"https://doi.org/10.4324/9781315391229-2","url":null,"abstract":"","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79648690","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Sell!","authors":"P. Corr, Anke C. Plagnol","doi":"10.4324/9781315391229-7","DOIUrl":"https://doi.org/10.4324/9781315391229-7","url":null,"abstract":"","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89930486","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
investigated in vision with and functional magnetic resonance imaging (fMRI). The were drifting sine wave gratings similar to used in previous macaque single-cell area summation studies. A model was developed to facilitate comparison of area summation in fMRI to area summation in psychophysics and single cells. The model consisted of units with an antagonistic receptive field structure found in single cells in the primary visual cortex. The receptive field centers of the model neurons were distributed in the region of the visual field covered by a single voxel. The measured area summation functions were qualitatively similar to earlier single-cell data. The model with parameters derived from psychophysics captured the spatial structure of the summation field in the primary visual cortex as measured with fMRI. The model also generalized to a novel situation in which the neural population was displaced from the stimulus center. The current study shows that contextual modulation arises from similar spatially antagonistic and overlapping excitatory and inhibitory mechanisms, both in single cells and in human
{"title":"HUMAN","authors":"P. Corr, Anke C. Plagnol","doi":"10.4324/9781315391229-4","DOIUrl":"https://doi.org/10.4324/9781315391229-4","url":null,"abstract":"investigated in vision with and functional magnetic resonance imaging (fMRI). The were drifting sine wave gratings similar to used in previous macaque single-cell area summation studies. A model was developed to facilitate comparison of area summation in fMRI to area summation in psychophysics and single cells. The model consisted of units with an antagonistic receptive field structure found in single cells in the primary visual cortex. The receptive field centers of the model neurons were distributed in the region of the visual field covered by a single voxel. The measured area summation functions were qualitatively similar to earlier single-cell data. The model with parameters derived from psychophysics captured the spatial structure of the summation field in the primary visual cortex as measured with fMRI. The model also generalized to a novel situation in which the neural population was displaced from the stimulus center. The current study shows that contextual modulation arises from similar spatially antagonistic and overlapping excitatory and inhibitory mechanisms, both in single cells and in human","PeriodicalId":43339,"journal":{"name":"Review of Behavioral Economics","volume":null,"pages":null},"PeriodicalIF":0.6,"publicationDate":"2018-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84960030","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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