Using Neural Measures of Economic Value to Solve the Public Goods Free-Rider Problem (2009)
Krajbich, Ian, Camerer, Colin, Ledyard, John, Rangel, Antonio
Every social group needs to decide when to provide public goods and how to allocate the costs among its members. Ideally, this decision would maximize the group’s net benefits while also ensuring...
Measuring Norms of Redistributive Transfers: Trust Experiments and Survey Data from Vietnam (2009)
Tanaka, Tomomi, Camerer, Colin, Nguyen, Quang
This paper compares the social norms of distributive transfers within village communities in the north and south of Vietnam by analyzing household survey and experimental data. The results of...
Neuroeconomics How Neuroscience, Colin Camerer, George Loewenstein, Drazen Prelec
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn’t it all a question of brain chemistry, signals going back and forth, electrical...
Explicit neural signals reflecting reward uncertainty (2008)
Schultz, Wolfram, Preuschoff, Kerstin, Camerer, Colin, Hsu, Ming, Fiorillo, Christopher D., Tobler, Philippe N., ...
The acknowledged importance of uncertainty in economic decision making has stimulated the search for neural signals that could influence learning and inform decision mechanisms. Current views...
Neuroeconomics How Neuroscience, Colin Camerer, George Loewenstein, Drazen Prelec
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn’t it all a question of brain chemistry, signals going back and forth, electrical...
Explicit neural signals reflecting reward uncertainty (2008)
Schultz, Wolfram, Preuschoff, Kerstin, Camerer, Colin, Hsu, Ming, Fiorillo, Christopher D., Tobler, Phillippe N., ...
The acknowledged importance of uncertainty in economic decision making has stimulated the search for neural signals that could influence learning and inform decision mechanisms. Current views...
A framework for studying the neurobiology of value-based decision making (2008)
Rangel, Antonio, Camerer, Colin, Read Montague, P.
Neuroeconomics is the study of the neurobiological and computational basis of value-based decision making. Its goal is to provide a biologically based account of human behaviour that can be applied...
Neuroeconomics How Neuroscience, Colin Camerer, George Loewenstein, Drazen Prelec
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn’t it all a question of brain chemistry, signals going back and forth, electrical...
Acknowledgments: Many thanks to Rabah Amir, Kate Antonovics, Andrés Aradillas-López, (2008)
Federico Echenique, Ivana Komunjer, Patrick Bajari, Peter Bossaerts, Colin Camerer, Chris Chambers, ...
Abstract. This paper proposes a method for testing complementarities between explanatory and dependent variables in a large class of economic models. The proposed test is based on the monotone...
Familiarity-based Reinforcement and Response Sensitivity Summary (2007)
Teck-hua Ho, Juin-kuan Chong, Greg Allenby, David Bell, Eric Bradlow, ...
We develop a highly parsimonious model to describe and predict stock-keeping unit (SKU) choice in any frequently-bought consumer packaged good category. The model has 20 parameters for a category...
An Experimental Test of Equilibrium Dominance (2007)
In Signaling Games, Jordi Br, Charles A. Holt, Colin Camerer, Doug Davis
this paper we present the results of an experiment that is structured to permit an initial evaluation of equilibrium dominance, a basic intuitive argument that has motivated many of the refinements...
Psychology and Economics: Evidence from the Field ∗ (2007)
Stefano Dellavigna, Nicholas Barberis, Saurabh Bhargava, Colin Camerer, David Card, Raj Chetty, ...
research assistance. I also want to thank the students of my class in Psychology and Economics who over the years helped shape the ideas in this paper. 1 1
Henrich, Joseph, Boyd, Robert, Bowles, Samuel, Camerer, Colin, Fehr, Ernst, Gintis, Herbert, ...
Researchers from across the social sciences have found consistent deviations from the predictions of the canonical model of self-interest in hundreds of experiments from around the world. This...
Justin Wolfers, Eric Zitzewitz, Colin Camerer, Robin Hanson, Ryan Oprea, Charles Plott, ...
Prediction Markets, sometimes referred to as “information markets, ” “idea futures ” or “event futures”, are markets where participants trade contracts whose payoffs are tied to a future...
Neuroeconomics: How Neuroscience Can Inform Economics (2005)
Colin Camerer, George Loewenstein, Drazen Prelec, David Laibson, Read Montague, Charlie Plott, ...
Who knows what I want to do? Who knows what anyone wants to do? How can you be sure about something like that? Isn't it all a question of brain chemistry, signals going back and forth,...
Causal Assessment in Finite-Length (2003)
Extensive-form Games, Jose Penalva-zuasti, Colin Camerer, David M. Chickering, Eddie Dekel, ...
workshops, the Stanford SITE and Stonybrook theory conferences, three anonymous referees and
In search of homo economicus : Behavioral experiments in 15 small-scale societies (2001)
Henrich,Joseph, Boyd,Robert, Bowles,Samuel, Camerer,Colin, Fehr,Ernst, Gintis,Herbert, ...
In search of homo economicus : Behavioral experiments in 15 small-scale societies (2001)
Henrich, Joseph, Boyd, Robert, Bowles, Samuel, Camerer, Colin, Fehr, Ernst, Gintis, Herbert, ...
In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale Societies (2001)
Joseph Henrich, Robert Boyd, Samuel Bowles, Colin Camerer, Ernst Fehr, Herbert Gintis, ...
Recent investigations have uncovered large, consistent deviations from the predictions of the textbook representation of Homo economicus (Alvin E. Roth et al., 1991; Ernst Fehr and Simon Gächter,...
Laboratory Experiments with an Expectational Phillips Curve (2001)
Jasmina Arifovic Simon, Thomas J. Sargent, Colin Camerer, Timothy Cogley, Tom Palfrey, Christopher Sims
We pay human subjects to be the policy maker and the public in an expectational Phillips curve model. Policy makers often find ways to achieve the time-inconsistent optimal inflation rate, at least...
Social Preferences: Some Simple Tests and a New Model First (2000)
Gary Charness, Acknowledgments We, Jordi Br, Antonio Cabrales, Colin Camerer, Chris Shannon
Departures from pure self interest in economic experiments have recently inspired models of "social preferences". We conduct experiments on simple two-person and three-person games with...
Behavioral economics: Reunifying psychology and economics (1999)
"Behavioral economics" improves the realism of the psychological assumptions underlying economic theory, promising to reunify psychology and economics in the process. Reunification should lead to...
Experience-weighted attraction learning in normal form games (1999)
Colin Camerer, Colin Camerer, Colin Camerer, Teck-hua Ho, Teck-hua Ho, Teck-hua Ho
We describe a general model, `experience-weighted attraction ' (EWA) learning, which includes reinforcement learning and a class of weighted ctitious play belief models as special cases. In EWA,...
Coordination, Organizational Boundaries and Fads in Business Practices (1996)
Management literature focuses on two modes of coordination: formal and informal structures. Informal structure grants significant discretion to individual actions. Yet two impediments are related to...
The behavioral challenge to economics: understanding normal people
This essay is about what behavioral economics has established, what the new research frontiers are, and what can be said about welfare and consequently about policy.
Bounded Rationality in Individual Decision Making
My goals in this paper are: (i) To give a pithy, opinionated summary of what has been learned about bounded rationality in individual decision making from experiments in economics and psychology...
Behavioral economics: Reunifying psychology and economics
“Behavioral economics” improves the realism of the psychological assumptions underlying economic theory, promising to reunify psychology and economics in the process. Reunification should lead to...
Behavioral economics: Reunifying psychology and economics
“Behavioral economics” improves the realism of the psychological assumptions underlying economic theory, promising to reunify psychology and economics in the process. Reunification should lead to...
Economic Man in Cross-Cultural Perspective: Behavioral Experiments in Fifteen Small-Scale Societies
Joseph Henrich, Robert Boyd, Samuel Bowles, Colin Camerer, Ernst Fehr, Herbert Gintis, ...
Experimental behavioral scientists have found consistent deviations from the predictions of the canonical model of self-interest in over a hundred experiments from around the world. Prior research...
Cooperation, Reciprocity and Punishment in Fifteen Small-scale Societies
Joseph Henrich, Robert Boyd, Samuel Bowles, Colin Camerer, Ernst Fehr, Herbert Gintis, ...
Recent investigations have uncovered large, consistent deviations from the predictions of the textbook representation of Homo Economicus: in addition to their own material payoffs, many experimental...
Bounded Rationality in Individual Decision Making
The main objectives of this paper are: (i) To give a pithy, opinionated summary of what has been learned about bounded rationality in individual decision making from experiments in economics and...
Timing and Virtual Observability in Ultimatum Bargaining and “Weak Link†Coordination Games
Roberto Weber, Colin Camerer, Marc Knez
Previous studies have shown that simply knowing one player moves first can affect behavior in games, even when the first-mover's moves are known to be unobservable. This observation violates the...
Labor Supply of New York City Cab Drivers: One Day At A time
Camerer, Colin, Babcock, Linda, Loewenstein, George, Thaler, Richard
Models of Thinking, Learning, and Teaching in Games
Colin Camerer, Teck Ho, Kuan Chong
Noncooperative game theory combines strategic thinking, best-response, and mutual consistency of beliefs and choices (equilibrium). Hundreds of experiments show that in actual behavior these three...
Neuroeconomics: How Neuroscience Can Inform Economics
Colin Camerer, George Loewenstein, Drazen Prelec
Neuroeconomics uses knowledge about brain mechanisms to inform economic analysis, and roots economics in biology. It opens up the "black box" of the brain, much as organizational economics adds...
In Honor of Matthew Rabin: Winner of the John Bates Clark Medal
Colin Camerer, Richard H. Thaler
Matthew Rabin's Clark medal honors his abilities to digest huge amounts of nuanced psychology, create simple models capturing that psychology, and do behavioral economics with those models. After...
Recent Developments in Modeling Preferences: Uncertainty and Ambiguity.
In subjective expected utility (SEU), the decision weights people attach to events are their beliefs about the likelihood of events. Much empirical evidence, inspired by Ellsberg (1961) and others,...
"EWA Learning in Bilateral Call Markets."
Camerer, Colin, Hsia, David, Ho, Tech-Hua.
This chapter extends the EWA learning model to bilateral call market games (also known as the "sealed-bid mechanism" in two-person bargaining). In these games, a buyer and seller independently draw...
Detecting Failures of Backward Induction: Monitoring Information Search in Sequential Bargaining
Johnson, Eric J., Camerer, Colin, Sen, Sankar, Rymon, Talia
We ran three-round sequential bargaining experiments in which the perfect equilibrium offer was $1.25 and an equal split was $2.50. Subjects offered $2.11 to other subjects, $1.84 to "robot" players...
Experience-Weighted Attraction Learning in Games: A Unifying Approach
We describe a general model, 'experience-weighted attraction' (EWA) learning, which includes reinforcement learning and a class of weighted fictitious play belief models as special cases. In EWA,...
Bubbles and Fads in Asset Prices.
The article considers the possibility that asset prices might deviate from intrinsic values based on market fundamentals. Three broad categories of theory are surveyed: (1) growing bubbles, (2) fads,...
Experience-weighted Attraction Learning in Normal Form Games
In 'experience-weighted attraction' (EWA) learning, strategies have attractions which reflect initial predispositions, are updated based on payoff experience, and determine choice probabilities...
Experimental Tests of a Sequential Equilibrium Reputation Model.
Camerer, Colin, Weigelt, Keith
The authors find that subjects' behavior in an incomplete-information, repeated-game experiment is roughly a sequent ial equilibrium. The deviations from sequential equilibrium can be ex plained by...
Experimental Markets for Insurance.
Camerer, Colin, Kunreuther, Howard
This article extends the large amount of research on double-oral auction markets to hazards that produce only losses. We report results from a series of experiments in which subjects endowed with...
Camerer, Colin, Talley, Eric, A. Mitchell Polinsky, Steven Shavell
This chapter surveys literature on experimental law and economics. Long the domain of legally minded psychologists and criminologists, experimental methods are gaining significant popularity among...
In Search of Homo Economicus: Experiments in 15 Small-Scale Societies
Joseph Henrich, Robert Boyd, Samuel Bowles, Colin Camerer, Herbert Gintis, Richard McElreath, ...
The Impact of Simple Institutions in Experimental Economies with Poverty Traps
C. Mónica Capra, Tomomi Tanaka, Colin Camerer, Lauren Munyan, Veronica Sovero, Lisa Wang, ...
The existence of multiple equilibria is one explanation for why some countries are rich while others are poor. This explanation also allows the possibility that changes in political and economic...
Information Mirages in Experimental Asset Markets.
Camerer, Colin, Weigelt, Keith
One explanation for the apparent volatility of asset prices is that people overreact to trades that are uninformative, creating self-generated information "mirages." The authors test whether mirages...
The Curse of Knowledge in Economic Settings: An Experimental Analysis.
Camerer, Colin, Loewenstein, George, Weber, Martin
In economic analyses of asymmetric information, better-informed agents are assumed capable of reproducing the judgments of less-informed agents. The authors discuss a systematic violation of this...
Explicit neural signals reflecting reward uncertainty
Schultz, Wolfram, Preuschoff, Kerstin, Camerer, Colin, Hsu, Ming, Fiorillo, Christopher D, Tobler, Philippe N, ...
The acknowledged importance of uncertainty in economic decision making has stimulated the search for neural signals that could influence learning and inform decision mechanisms. Current views...
Measuring Norms of Redistributive Transfers: Trust Experiments and Survey Data from Vietnam
Tanaka, Tomomi, Camerer, Colin, Nguyen, Quang
This paper compares the social norms of distributive transfers within village communities in the north and south of Vietnam by analyzing household survey and experimental data. The results of...
Measuring attention and strategic behavior in games with private information
Brocas, Isabelle, Camerer, Colin, Carrillo, Juan D, Wang, Stephanie W.
In experiments, people do not always appear to think very strategically or to infer the information of others from their choices. To understand this thinking process further, we use "Mousetracking"...