Experimental Economics

Experimental Economics Course OverviewExperimental Economics studies the testing and validation of the predictions made by economic theory. This class will highlight key insights from a variety of economic experiments, as well as the underlying theoretical models being tested. Basic economic analysis, including results from market analysis, game theory, and elementary statistics, will be stressed. In addition, students will be required to participate in a number of classroom experiments to better understand the methods used and the results obtained. This is an upper-division course. Students are expected to come to class having made necessary preparations to do well in the course. In addition, students should be prepared to ask questions and contribute to class discussion ? a portion of each student?s grade will come from participation in class discussion and in classroom experiments. Further, in order to provide appropriate incentives for experiments, a small portion of your class grade (5%) will come from your results in classroom experiments. This is to ensure that all students provide results that accurately reflect their real-world behavior when faced with similar incentives. Students should leave this class with a greater understanding of economic theory and in proposing and designing experiments to test the results of those theories.Course Prerequisites: Econ 300 or 361 is required. Students who have taken a course in elementary probability & statistics (such as AP Statistics, Math 163 or 362, or the equivalent) and/or game theory (Econ 431 or the equivalent) may have prior background in some of the concepts that will be covered in this class; these additional courses are not required for success in this class.Textbook (Recommended): Holt, Charles A. Markets, Games, and Strategic Behavior. (2007) Pearson Education, Inc.Course Grades and other information will be posted in a timely manner to Blackboard, which can be accessed at: blackboard.eller.arizona.edu .E-Mail Policy (E-Mails not to send to the instructor): Common E-mails and my responses: Question: Can you explain this concept from class? Answer: I would be glad to in office hours. Question: I have a ___% in this class and I feel I deserve a __letter grade in this class. Answer: Please read the section on grades, particularly the bolded section at the end. Question: What is my grade in this class? Answer: This information is posted on Blackboard In addition, please refrain from asking me any questions answered on the syllabus; I will direct you to read the syllabus.Cell Phone & Electronic Device Policy: You may bring a scientific calculator to class and for use on the exams; such devices must not have internet capability. Cell phones should be turned off or on silent during class; if there are extenuating circumstances that require yoube prepared to take a call, you must notify me before class. I ask that you please not bring laptops to class; if you have accommodations which require them, please sit toward the back of the class to avoid distracting others.Attendance is mandatory. Students are expected to be present in class each day; chronic tardiness and/or leaving class early is not allowed and will result in lost participation credit at the instructor?s discretion. Continued absence may also result in an administrative drop from the course at the instructor?s discretion. Exceptions for University-sponsored activities will be made; students must notify the instructor promptly and in advance if such an activity will interfere with attendance. Absences resulting from illness and other emergencies (such as the death of a family member) will be handled on a case-by-case basis and must include supporting documentation (e.g. doctor?s or hospitalization note, obituary notice, etc.).Do not ask for special exceptions or to have your letter grade bumped up ? these will not be granted.Research Idea: Consider an economic question that you find interesting and propose an experiment that you would consider running. It need not be a complex or novel experiment, but should attempt to answer the question that you are asking.You may consider an extension to an experiment we perform in class, or propose a different one altogether. You may work with one other student on this project; students who work in pairs will be expected to put a corresponding amount of additional work into the project. Your grade on the proposal will reflect how well your proposed experiment answers the question that you ask. In particular, you should explain the used, and how you are attempting to capture ideas such as external validity (for example: generaligability, results in experiment)and proper control variables. Your proposed design should be detailed enough such that if I read your proposal, I could run the experiment. There is no length requirement, but a good proposal will be in the 4-6 page range. I ask that your proposal be typed and double-spaced, with proper grammar, spelling, and punctuation. A rough draft will be due at the beginning of class on Friday, June 27; I will provide feedback on these drafts. In addition, you will be expected to give a short (between 7 and 10 minutes) presentation about your research idea. Your grade for this portion of the class will come from the quality of both the written proposal and the quality of the presentation. A late draft paper will not be accepted for credit but may be submitted for feedback no later than Monday, June 30. Presentations will occur during the final week of class (July 7-9); your final proposal is due at that time. Exams: There will be two exams in this class, each of which will account for 25% of your grade: Exam 1: Friday, June 20 Exam 2: Thursday, July 10 (Last Day of Class)Students with Disabilities: Students who require special accommodation or services should contact the Disability Resources Center, 1224 East Lowell Street, Tucson, AZ 85721, (520) 621-3268, FAX (520) 621-9423, email:[email protected], http://drc.arizona.edu/ . You must register and request that the Center or DRC send me official notification of your accommodations needs as soon as possible. You are welcome to meet with me by appointment or during office hours to discuss accommodations and how my course requirements and activities may impact your ability to fully participate. The need for accommodations must be documented by the appropriate office. Academic Integrity: Except as provided for by this document, all work turned in for class must be the product of the student?s own work. Any students caught cheating or plagiarizing will be subject to penalties at the instructor?s and department?s discretion, up to and including failing the course or recommendation for expulsion from the university.Important Dates: June 9: First day of class June 20: Exam 1 June 27: Rough Draft of Research Proposal Due July 4: No Class ? Independence Day July 7-9: Research Proposal Presentations July 10: Exam 2 &Last day of class.Elastic Clause: The instructor reserves the right to make reasonable changes to this document, excluding the grade and absence policy. Such changes, if needed, will be announced in class as soon as possible and posted to Blackboard. All University Policies, including those not otherwise specified in the syllabus, remain in effect. Course Outline:The outline below covers the list of topics that I plan to teach in the approximate order I plan to cover them. Some topics listed below may be omitted for lack of time; this will be clearly announced as necessary.Intro to Experimental Economics: Chapter 1: Introductory Material Review of Basic Statistics & Probability Theory Introduction to Basic Game Theory Dominant & Dominated Strategies; Nash Equilibrium Markets and Market Power: Chapter 2: A Simple Pit Market Chapter 6: Market Power Chapter 9: Collusion Auctions: Chapter 19: Private Value Auctions Chapter 21: All-Pay Auctions Exam 1 ???????????????????? Economics of Risk Chapter 4: Risk and Lotteries Chapter 28: Deviations & Anomalies in Decisions over Risk Additional Topics: Chapter 12: The Dictator and Ultimatum Games Chapter 23: Multi-Stage Games Additional Material Covered as Time Allows Research Proposals During Last Week of Class Exam 2 on Last Day of Class ??????????????? :

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