Experimental Economics

It is to demonstrate the enormous potential of the experimental method in economics by providing examples of how experimental economics can shed important new light on key issues of vital economic significance. The subject matter covers several areas of e

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John D. Hey (Ed.)

Experimental Economics With 13 Figures

Springer-Verlag Berlin Heidelberg GmbH

Editorial Board

Wolfgang Franz, University of Konstanz, FRG Baldev Raj, Wilfrid Laurier University, Waterloo, Canada Andreas W6rg6tter, Institute for Advanced Studies, Vienna, Austria Editor

Professor John D. Hey Department of Economics University of York Heslington, York Y015DD United Kingdom

First published in "Empirical Economics" Vol. 19, No.2, 1994

ISBN 978-3-642-51181-3 ISBN 978-3-642-51179-0 (eBook) DOI 10.1007/978-3-642-51179-0 CIP-Titelaufnahme der Deutschen Bibliothek Experimental economics 1 John D. Hey (ed.). - Heidelberg: Physica-VerI., 1994 (Studies in empirical economics) NE: Hey, John D. [Hrsg.] This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustration, recitation, broadcasting, reproduction on microfilms or in other ways, and storage in data banks. Duplication of this publication or parts thereof is only permitted under the provisions of the German Copyright Law of September 9. 1965, in its version of June 24, 1985, and a copyright fee must always be paid. Violations fall unter the prosecution act of the German Copyright Law. © Springer-Verlag Berlin Heidelberg 1994 Originally published by Physica-Verlag Heidelberg in 1994.

The use of registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use.

88/2202-543210 - Printed on acid-free paper

Preface

When I was invited by Andreas Worgotter to edit a volume in the "Studies in Empirical Economics" series devoted to Experimental Economics, I was both flattered and excited: flattered that I was to be entrusted with such a task for a series with high standards and proud history of such volumes; excited by the prospect of drawing together new material in this fascinating, challenging and important area of economics. With some trepidation, I drew up a list of the most active experimental economists throughout the world and invited the top ten or so to contribute. I was delighted by the response: no doubt drawn by the attraction of the series, a gratifyingly large proportion accepted. Most, but not all (though I will not name the guilty parties!) delivered on time and with the appropriate quality. All were very responsive to my editorial suggestions, and the following is the result. It is an exciting glimpse of what is going on in this key area of economics. I, and the authors, hope that it will encourage the continuing growth of interest in experimental economics. My thanks to Andreas Worgotter for his help and encouragement throughout - and for the initial invitation. John D. Hey University of York

Contents

Introduction and Overview John D. Hey .................................................. . Behaviour under Uncertainty without Preference Reversal: A