About this book
This volume on experimental economics offers both new research grounds and a bird’s eye view on the field. In the first part, leading experimental economists, among them Vernon S. Smith and Daniel Friedman, give inspiring insights into their view on the general development of this field. In the second part, selected short papers by researchers from various disciplines present new ideas and concepts to solving problems in the real world. This multidisciplinary book is of particular interest to experimental economists and researchers from disciplines such as psychology, engineering and computer science who are interested in experimental approaches in their fields.
Written for:
Researchers in economics, experimental psychology, engineering, and computer science

Content
Part I Vernon L. Smith’s Speeches
Public Speech: “Markets, Capital Markets and Globalization”
Vernon L. Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Keynote Speech: “Foundations of Experimental Economics, Economic Design and Applications”
Vernon L. Smith . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Part II The Past and Future of Economic Experiments
Behavioral Decision Making at 50: Achievements, Prospects, and Challenges
Robin M. Hogarth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
On the Weighting of Rare Events and the Economics of Small
Decisions
Ido Erev . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Trust, Fear, Reciprocity, and Altruism: Theory and
Experiment
James C. Cox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
What Have We Learned From Experimental Finance?
Shyam Sunder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Cheating in Markets: A Methodological Exploration
Daniel Friedman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101
Design Science: A Prelude
Tatsuyoshi Saijo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
VIII Contents
Part III Non Game-Theoretic Individual Decision Making
Separation of Intertemporal Substitution and Time Preference Rate From Risk Aversion: Experimental Analysis With Reward Designs
Ryoko Wada, Sobei H. Oda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131
Signal Qualities, Order of Decisions, and Informational Cascades: Experimental Evidences
Sunichiro Sasaki . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137
WTP and WTA for Expressway Services
Metin Senbil, Ryuichi Kitamura . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143
Judgement in Small Decision-Making Problems
Takemi Fujikawa, Sobei H. Oda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 149
Part IV Game-Theoretic Individual Decision Making
The Effect of Inter-group Competition in the Prisoner’s Dilemma Game
Yoshio Iida . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157
The Mixed Effect of Voluntary Revelation: Evidence from Threshold Public Goods Game Experiments
Yasuyo Hamaguchi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163
Trust and Reciprocity in Intergroup Relations: Differing Perspectives and Behaviors
Fei Song . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 169
Frames and Games
Jordi Brandts, Christiane Schwieren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
Combinatorial Auction Bandwidth Trading: An Experimental Study
Charis Kaskiris, Rajul Jain, Ram Rajagopal, Pravin Varaiya . . . . . . . . . . 181
A Note on Peer Enforcement by Selective Exclusion: An Extended Abstract
Jana Vyrastekova, Daan van Soest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187
Part V Performance of the System
Contents IX
Recycling of Durable Goods: Modeling and Experiments
Nariaki Nishino, Hiroki Nakayama, Sobei H. Oda, Kanji Ueda . . . . . . . . 195
Decision Making in Artifactual Systems With Bounded Rationality
Tomomi Kito, Nobutada Fujii, Kanji Ueda . . . . . . . . . . . . . . . . . . . . . . . . . 201
A Study on Virtual Market for Pareto Optimal Mediation in Economic Society
Toshiya Kaihara, Susumu Fujii . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 207
Empirical Tests of Exchange Rate Theory
Eric O’N. Fisher . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213
Charting the Market: Fundamental and Chartist Strategies in a Participatory Stock Market Experiment
L′aszl′o Guly′as, Bal′azs Adamcsek . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219
Part VI Between the System and Individual Behaviour
Audit Credibility and the Audit Fees: A Theory and an Experimental Investigation
Tatsuhiko Kato . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227
When Firms Contest in Markets: An Experiment
Utteeyo Dasgupta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233
How to Use Private Information in a Multi-person Zero-sum Game
Hiroyasu Yoneda, Gen Masumoto, Sobei H. Oda . . . . . . . . . . . . . . . . . . . . 239
A Price Competition Experiment Between Middlemen: Linear Function Case
Kazuhito Ogawa, Kouhei Iyori, Sobei H. Oda . . . . . . . . . . . . . . . . . . . . . . 245
Does the Level of Information Matter for Traders? On the Usefulness of Information in Experimental Asset Markets
Juergen Huber, Michael Kirchler, Matthias Sutter . . . . . . . . . . . . . . . . . . . 251
A Laboratory Comparison of Arbitration Mechanisms: FOA and AFOA
Cary Deck, Amy Farmer, Dao-Zhi Zeng . . . . . . . . . . . . . . . . . . . . . . . . . . . . 257

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