| Project/Area Number |
17K03634
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic theory
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| Research Institution | Waseda University |
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Principal Investigator |
Veszteg Robert 早稲田大学, 政治経済学術院, 教授 (30597753)
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| Co-Investigator(Kenkyū-buntansha) |
船木 由喜彦 早稲田大学, 政治経済学術院, 教授 (50181433)
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Project Status |
Completed (Fiscal Year 2019)
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| Budget Amount *help |
¥4,290,000 (Direct Cost: ¥3,300,000、Indirect Cost: ¥990,000)
Fiscal Year 2019: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2018: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
Fiscal Year 2017: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000)
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| Keywords | experiments / matching / bargaining / decentralized markets / unstructured interaction / fairness / stability / decentralization / matching markets / social learning / laboratory experiments / human decision-making / learning / axioms / experimental economics |
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| Outline of Final Research Achievements |
Our studies in the experimental laboratory focus on decentralized and unconstrained human interaction. Our emphasis lies on understanding how people search for a partner (matching problem) and how they split certain joint benefits (bargaining problem).
In terms of behavior, we have observed important deviations from what most theoretical models assume. In matching problems, individual myopic rationality (decisions that improve upon the status quo, without being the overall best) dominates on decentralized markets, and centralized solutions (introduced to solve market failures) are typically unable to induce the intended outcomes as only a small fraction of decision-makers act in sophisticated manner and have full understanding of the strategic situation. The behavior that we have observed in unstructured bargaining scenarios also violates some "standard" axioms (e.g., scale invariance, midpoint domination) that widely-used theoretical solution concepts rely on.
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| Academic Significance and Societal Importance of the Research Achievements |
Our empirical results deliver important feedback to theoreticians on some of the widely-used basic
assumptions on human rationality and axioms of fairness. By identifying more realistic assumptions,
we contribute to creating better institutions for human interaction.
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