psychology and economics
- C. Plott
- Economics
- 1990
Several developments have joined to stimulate economists to think about issues that have been on the forefront of psychological research. Firstly, the information revolution in economics has focused…
The Willingness to Pay-Willingness to Accept Gap, the 'Endowment Effect,' Subject Misconceptions, and Experimental Procedures for Eliciting Valuations
Plott and Zeiler (2005) report that the willingness-to-pay/willingness-to-accept disparity is absent for mugs in a particular experimental setting, designed to neutralize misconceptions about the…
Economic Theory of Choice and the Preference Reversal Phenomenon
- D. M. Grether, C. Plott
- Economics
- 1 September 1979
A body of data and theory has been developing
within psychology which should be of
interest to economists. Taken at face value the
data are simply inconsistent with preference
theory and have…
A Notion of Equilibrium and Its Possibility Under Majority Rule
- C. Plott
- Economics
- 1 September 1967
Consider a committee that is faced with the task of deciding on how to
change the magnitude of several variables. It is assumed that agreement
is defined by majority rule. The decision-making body…
Rational Expectations and the Aggregation of Diverse Information in Laboratory Security Markets
The study explores the information aggregation properties of experimental markets. A fully-revealing rational expectations equilibrium exists in the competitive model of each of the markets studied.…
NONSPECULATIVE BUBBLES IN EXPERIMENTAL ASSET MARKETS: LACK OF COMMON KNOWLEDGE OF RATIONALITY VS. ACTUAL IRRATIONALITY
- V. Lei, C. Noussair, C. Plott
- Economics
- 1 July 2001
We report the results of an experiment designed to study the role of speculation in the formation of bubbles and crashes in laboratory asset markets. In a setting in which speculation is not…
Rational Individual Behavior in Markets and Social Choice Processes: the Discovered Preference Hypothesis
- C. Plott
- Economics
- 1 December 1993
[Introduction] The focus on individual behaviour in economics is derived from an interest in the
behaviour of groups as they are found in markets, committees, and social choice
processes. For the…
PATH INDEPENDENCE, RATIONALITY, AND SOCIAL CHOICE
- C. Plott
- Economics
- 1 November 1973
The paper provides several axiomatizations of the concept of "path independence" as applied to choice functions defined over finite sets. The axioms are discussed in terms of their relationship to…
Misconceptions and Game Form Recognition: Challenges to Theories of Revealed Preference and Framing
This study explores the tension between the standard economic theory of preference and nonstandard theories of preference that are motivated by an underlying theory of framing. A simple experiment…
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