42,945 research outputs found

    Experimental Economics

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    This is the first comprehensive treatment of laboratory experiments designed to evaluate economic propositions under carefully controlled conditions. While it acknowledges that laboratory experiments are no panacea, it argues cogently for their effectiveness in selected situations. Covering methodological and procedural issues as well as theory, Experimental Economics is not only a textbook but also a useful introduction to laboratory methods for professional economists. The emphasis is on organizing and evaluating existing results. The book can be used as an anchoring device for a course at either the graduate or advanced undergraduate level. Applications include financial market experiments, oligopoly price competition, auctions, bargaining, provision of public goods, experimental games, and decision making under uncertainty. The book also contains instructions for a variety of laboratory experiments.laboratory experiments, financial markets, price competition, auctions, bargaining, games, decision making, uncertainty

    Economics: The next physical science?

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    We review an emerging body of work by physicists addressing questions of economic organization and function. We suggest that, beyond simply employing models familiar from physics to economic observables, remarkable regularities in economic data may suggest parts of social order that can usefully be incorporated into, and in turn can broaden, the conceptual structure of physics.Comment: 9 pages, 6 figures, to appear in Physics Toda

    The buying center concept as a milestone in industrial marketing: Review and research agenda

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    The buying center (BC) has captivated the attention of researchers for >50 years, becoming a central element of organizational buying behavior. While it seems easy to identify the BC participants in any given situation, the marketing literature lacks an integrative framework for examining the nature of BC. The purpose of this study is threefold: (1) to develop a rigorous BC conceptual model; (2) to provide an assessment of the BC state-of-the-art; and (3) to identify key opportunities for future research. Based on a systematic literature review, the descriptive findings indicate a decreasing number of publications since the late 2000s and that top-tier marketing journals have been almost silent since the early 90s. The domain-based findings suggest a three-layer model driving a thorough understanding of the concept, the main stages associated with BC deployment (formation, dynamics, and outcomes), and the contextual factors influencing BC decision-making

    Internet auctions in marketing: The consumer perspective

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    Internet auctions for consumer are among the most popular and most successful business models in electronic commerce. Research so far, however, has focused on prerequisites and consequences of auctions as a marketing intstrument of suppliers. Even though it is a key success factor from a marketing perspective, the demand side has not inspired similar attention. This paper focuses on the attitudes, motives, and behavior of auction customers. It shows why ccurrent beliefs about bidder characteristics are myths. Taking these misconceptions as a starting point, the existence of an experiential and a pragmatic type of auction customer is proposed. An explorative empirical study looking for the characteristics of both types of auction customers is described. Results indicate that less than half of auction shoppers in the sudy are experiential oriented. Except substantial additional demand concerning technological and emotional qualities of auctions these shoppers do not differ dramatically from pragmatic oriented shoppers. Both types are open-minded towards further development of consumer auctions to commercial marketplaces. Business models of auctioneers and suppliers should concentrate on the basic utility of the auction algorithm by facilitating individual matchmaking instead of pursuing costly additional utility by promoting the entertainment value of auctions. --

    No Trade

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    Agent-Based Computational Economics

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    Agent-based computational economics (ACE) is the computational study of economies modeled as evolving systems of autonomous interacting agents. Starting from initial conditions, specified by the modeler, the computational economy evolves over time as its constituent agents repeatedly interact with each other and learn from these interactions. ACE is therefore a bottom-up culture-dish approach to the study of economic systems. This study discusses the key characteristics and goals of the ACE methodology. Eight currently active research areas are highlighted for concrete illustration. Potential advantages and disadvantages of the ACE methodology are considered, along with open questions and possible directions for future research.Agent-based computational economics; Autonomous agents; Interaction networks; Learning; Evolution; Mechanism design; Computational economics; Object-oriented programming.
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