Academic Institutions

Promotionskolleg Makroökonomik

BaGBeM Research Workshop "Insights into Markets Dynamics and Agents' Behaviors using Lab Experiments"

Date: 19.-20. February 2018
Instructor: Isabelle L. Salle, PhD

Topics

This two-day workshop will introduce the participants to experimental techniques in (macro)economics. The first part will provide a general motivation for the use of those techniques in the context of behavioral economics, as well as an introduction guide to the design of an experiment. The second part will focus on the main insights gained from simple market experiments. Both individual behaviors and aggregate dynamics will be analysed, with an accent on the dynamics of expectations. A third part will introduce policy experiments, especially in macroeconomics, present the major goals of those experiments, and discuss the issue of external versus internal validity.

Participants will have the opportunity to participate themselves in one or two experiments.

About the Instructor:

Isabelle L. Salle obtained her PhD from the University of Bordeaux (France) in 2012 on "Learning, heterogeneity and monetary policy: an application to inflation targeting regimes". She then works as a Junior Economist at the Research Department of the International Labour Office, a UN agency based in Geneva, and joined the University of Amsterdam in September 2013 as a post-doc researcher to work within several European projects. Since September 2016, she has been an Assistant Professor in Macroeconomics at Utrecht University. Her research interests focus on (macro)economics, with an emphasis on behavioural and experimental approaches, and agent-based modelling. Her work has been published in several peer-reviewed journal in the field, such as Journal of Economic Behavior and Organization, Macroeconomic Dynamics, Journal of Evolutionary Economics or Industrial and Corporate Change.

You can find her webpage here: https://www.uu.nl/staff/ILSalle/0

Reading List

  1. Loewenstein, G. (1999),
    Experimental Economics From the Vantage-point of Behavioural Economics.
    Published in The Economic Journal 109, 25-34.
  2. Plott, C.R. (1982),
    Industrial Organization Theory and Experimental Economics.
    Published in Journal of Economic Literature 20(4), 1485-1527.
  3. Heemeijer, P., Hommes, C., Sonneman, J. und J. Tuinstra (2009),
    Price stability and volatility in markets with positive and negative expectations feedback: An experimental investigation.
    Published in Journal of Economic Dynamics and Control 33(5), 1052-1072.

Preliminary Schedule

Monday, 19. February

9.15-10.45: A simple example of experiment in economics

10.45-11.00: Coffee Break

11.00-12.30: Experimental Economics: A roadmap

12.30-14.30: Lunch Break

14.30-16.00: Insights from Market Experiments - An introductory example

Tuesday, 20. February

9-15-10.45: Insights from Market Experiments - From micro behaviors to macro dynamics

10.45-11.00: Coffee Break

11.00-12.30: Insights from Market Experiments - Coordination and Equilibrium Selection

12.30-14.30: Lunch Break

14.30-16.00: Macroeconomic Policy - Design with Experiments

The workshop will take place in room F21/02.31.