排序方式: 共有13条查询结果,搜索用时 15 毫秒
1.
Neil Buckley Kenneth S. Chan James Chowhan Stuart Mestelman Mohamed Shehata 《Experimental Economics》2001,4(2):183-195
Identifying the value orientations of subjects participating in market or non-market decisions by having them participate in a ring game may be helpful in understanding the behaviour of these subjects. This experiment presents the results of changes in the centre and the radius of a value orientations ring in an attempt to discover if the measured value orientations exhibit income or displacement effects. Neither significant income effects nor displacement effects are identified. An external validity check with a voluntary contribution game provides evidence that value orientations from rings centred around the origin of the decision-space explain significant portions of voluntary contributions while value orientations from displaced rings do not. 相似文献
2.
Kiridaran Kanagaretnam Stuart Mestelman S.M. Khalid Nainar Mohamed Shehata 《Journal of Business Research》2014
In a laboratory-controlled environment we provide experimental evidence on the effects of transparency (complete over incomplete information) and empowerment on trust and trustworthiness. We implement a simple version of the standard two-person investment game in a repeated game context with multiple treatments under two information environments. We find that when principals are empowered by being able to penalize agents who may not act in a way the principal believes is in the principal's best interest, the level of trust and investment increases over that which is realized in the absence of empowerment regardless of the degree of transparency. In transparent environments the effect of empowerment is about the same regardless of whether empowerment is introduced or removed. However, in opaque environments, the loss of empowerment has a substantially greater negative effect on trust than the positive effect associated with the introduction of empowerment. 相似文献
3.
Stuart Mestelman 《Journal of public economics》1978,9(3):395-403
Internal treatment of pollution and secondary treatment are possible in a simple economy. The relationship between the conditions for optimality and competitive equilibrium in this simple economy are examined. 相似文献
4.
Stephan Schott Neil J. Buckley Stuart Mestelman R. Andrew Muller 《Environmental and Resource Economics》2007,37(4):697-711
Many economic environments are susceptible to either free-riding or overuse. Common pool resources (CPRs) fall in the latter
category. Equally sharing the output of a CPR in partnerships introduces a free-riding incentive that may offset overuse.
Socially optimal harvesting can be induced by dividing the set of resource users into a number of partnerships in such a way
that each resource users’ tendency to over-harvest from the resource is exactly offset by his or her tendency to free-ride
on the contributions of others. We conduct a laboratory experiment to assess the performance of this partnership solution
by introducing equal-sharing subgroups of size one, four and six into a twelve-person CPR environment. Group assignment is
either unchanging throughout a 15 period session or randomly mixed each decision round. Group size significantly affects aggregate
effort, while group assignment makes no significant difference. The distribution of total payoffs is more equitable for randomly
mixed groups. Implications of our results for voluntary and centralized implementations of the partnership solution are discussed.
相似文献
R. Andrew MullerEmail: |
5.
Testing the Efficacy of Replacing the Incurred Credit Loss Model with the Expected Credit Loss Model
Mohamed Gomaa Kiridaran Kanagaretnam Stuart Mestelman 《European Accounting Review》2013,22(2):309-334
AbstractWe use a controlled laboratory environment to provide evidence on the potential efficacy of the replacement of the Incurred Credit Loss (ICL) Model of International Accounting Standard (IAS 39) by the Expected Credit Loss (ECL) model of IFRS 9 to account for credit impairment losses. We focus on the simplified version of the ECL model using an uncertain production environment as the context. We induce incentives consistent with the existing rigid rule-based ICL model and the proposed forward-looking principle-based ECL model. Our primary finding is that the combined effects of eliminating the minimum ‘probable’ threshold condition together with allowing managers to incorporate forward-looking information increase both the amount and adequacy of periodic reserve decisions. In addition, we analyze the effects of increased flexibility under the new credit-loss model on earnings management using three different compensation schemes. We find that while the replacement of the ICL model with the ECL model facilitates higher reserves, the resulting increased earnings management varies across compensation schemes, is less than predicted, and does not offset the potential of the ECL model’s positive effects. The results provide ex ante evidence on the likely intended and unintended consequences of implementing the ECL model. 相似文献
6.
Heterogeneity and the Voluntary Provision of Public Goods 总被引:9,自引:0,他引:9
Kenneth S. Chan Stuart Mestelman Robert Moir R. Andrew Muller 《Experimental Economics》1999,2(1):5-30
We investigate the effects of heterogeneity and incomplete information on aggregate contributions to a public good using the voluntary contribution mechanism. The non-linear laboratory environment has three-person groups as partners under varying conditions of information and communication. Bergstrom, Blum and Varian predict that increasing heterogeneity will have no effect on aggregate contributions in a no-communication environment. Ledyard conjectures a positive effect of incomplete information, a negative effect of heterogeneity, and a positive interaction of heterogeneity and incomplete information. We find that incomplete information has a small but significant negative effect. Heterogeneity has a positive effect on aggregate contributions, but its effects interact unexpectedly with communication. In a no-communication environment, heterogeneity in two dimensions (endowment and preferences) increases contributions substantially while heterogeneity in a single dimension (endowment or preferences) has little effect. In the communication environment we find the reverse. We also find a positive interaction between heterogeneity and incomplete information. Thus we reject the Bergstrom, Blume and Varian invariance result and provide mixed evidence on Ledyard's conjectures. 相似文献
7.
This paper applies experimental methods to evaluate the completeness of arbitrage and rate‐of‐return parity in simultaneous asset markets in which the assets are denominated in different currencies. Two assets, which return uncertain, but known, dividends in each trading period, are traded over 20 periods, after which the asset has no value. Results indicate that risk‐neutral rate‐of‐return parity is a strong predictor of relative asset prices when assets have common expected dividends and the expected dividends have common variances. The predictive power of risk‐neutral rate‐of‐return parity is reduced as the assets become differentiated. 相似文献
8.
Abstract. Two approaches to emissions trading are cap-and-trade, with an aggregate cap on emissions distributed as emission allowances, and baseline-and-credit, with firms earning emission reduction credits for emissions below baselines. Theory suggests the long-run equilibria of the plans will differ with baselines proportional to output. To test this prediction we develop a computerized environment in which subjects representing firms can adjust their emission rates and capacity levels and trade emission rights in a sealed-bid auction. Demand for output is simulated. We report on six laboratory sessions with variable emissions rates, but fixed capacity: three each with the cap-and-trade and baseline-and-credit mechanisms. 相似文献
9.
In some public goods environments it may be advantageous for heterogeneous groups to be coordinated by a single individual. This “volunteer” will bear private costs for acting as the leader while enabling each member of the group to achieve maximum potential gains. This environment is modeled as a War of Attrition game in which everyone can wait for someone else to volunteer. Since these games generally have multiple Nash equilibria but a unique subgame-perfect equilibrium, we tested experimentally the predictive power of the subgame-perfection criterion. Our data contradict that subjects saw the subgame-perfect strategy combination as the obvious way to play the game. An alternative behavioral hypothesis—that subjects were unable to predict accurately how their opponents would play and tried to maximize their expected payoff—is proposed. This hypothesis fits the observed data generally well. 相似文献
10.
Summary Posted offer and double auction pricing institutions are examples of fixed and flexible pricing institutions, respectively. In laboratory settings, double auction markets dominate posted offer institutions in terms of the amount of potential surplus which traders are able to extract. These results are invariant with respect to the experience of traders or the perishability of the good traded. Performance differences across institutions may be due to information differences. The introduction of a second price-posting in the posted offer institution results in a pricing institution which is closer to the double auction's flexible pricing environment. Laboratory results suggest that under otherwise comparable conditions, this innovation is sufficient to remove the performance differences which have been demonstrated to exist between the posted offer and double auction institutions.We acknowledge the support of the Social Sciences and Humanities Research Council of Canada and the Arts Research Board of McMaster University. We thank Robert Moir and Susan Sabourin for computational work on this project and the fifteen undergraduates who worked as recorders and recruiters. We also thank Charles Plott and seminar participants at the Economic Science Association, Canadian Economics Association, and Waterloo University for the comments received on recent versions of this work. 相似文献