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Offering an in-depth overview of the field's past, present, and
future, this Handbook provides a comprehensive analysis of the
current topics, methodologies, findings, and breakthroughs in
research conducted with the help of experimental finance
methodology. Suggesting innovative ways of navigating and
structuring financial markets, it also showcases the diversity and
promise of using experiments in finance. With contributions from
leading experts, the Handbook begins with a series of
investigations into human behavior in financial decision-making,
asking methodological questions regarding subject pool choice,
cognitive finance, physical and physiological measurement, and
research directions. Stressing the dual nature of experimental
finance, chapters then relate to market experiments by exploring
applied topics, including bank runs, financial accounting and
nudging. Finally, it examines experimental tools and methodologies,
critical perspectives, roadmaps for implementation, and empirical
testing of finance theories. With examples of experiments that test
the fundamental theoretical constructs in finance, this Handbook
will prove a vital resource to students and scholars of finance,
financial economics, and experimental methodology. It will also
prove useful to practitioners and policymakers looking to innovate
and experiment with their approaches to financial decision-making.
Internet Auctions begins with the introduction of the basic
settings, concepts, and processes that are the building blocks of
auction research. It then focuses on the transition from
pre-Internet auction research to more recent topics. Special
attention is given to research opportunities as well as to
experimental methods that can provide both laboratory and field
data to answer important questions. Internet Auctions reviews
recent empirical and theoretical works on Internet auctions with a
focus on Internet auction design, formats, and features that are
currently debated in the marketing literature. Some of these issues
are extensions of general auction topics, but the findings can be
quite different in Internet environments. This volume examines new
design features that are particularly relevant to Internet auctions
such as feedback ratings, buy-it-now options, and different closing
rules. The authors also look at strategic and behavioral models
that are shaping marketing research on Internet auctions. While
much of this analysis is grounded in economics, there is less focus
on economic theory and a greater focus on managerial questions.
As experimental economics methods grow in prominence in marketing
research, marketing researchers increasingly evolve experimental
economics further, adding marketing flavors and theories,
introducing new problems, discussing new ways of looking at old
problems, and bringing in complementary experimental practices from
consumer research. However, it can be difficult to narrowly or
precisely define experimental economics in marketing, given that
different researchers have very different viewpoints and
backgrounds. Despite the many viewpoints, marketing researchers
employing experimental economics methods agree on what experimental
economics is not - it is not behavioral economics and it is not
experimental consumer research - although it benefits greatly from
both. Experimental Economics in Marketing has a Set of goals to
help the reader understand the role of experimental economics in
marketing. These include: (1) Distinguishing experimental economics
from other fields in the broadest possible terms; (2) providing the
basic methodological tenets of experimental economics; (3)
delineating classes of experiments within experimental economics;
(4) highlighting important topics in experimental economics
research in marketing; (5) highlighting best practices in
marketing; and (6) explaining the benefits of experimental
economics to marketers. The main benefit to marketers from knowing
the methodology of experimental economics is that it opens up a new
world of empirical research possibilities. It allows analytical
marketing theorists to empirically test or demonstrate their
theories and propositions in the environment for which they were
meant, without the need to seek real-world data Sets that
correspond exactly to the theory. It allows marketers to design and
test mechanisms that may not yet exist, and therefore have no
corresponding real-world data. It allows behavioral marketing
researchers to ask and experimentally test questions that are not
restricted to the consumer-by bringing experiments to the realm of
strategic decision makers and competitive interaction. It allows
for the mixing of behavioral insights with game theoretic analysis.
It allows for econometric analysis of human behavior that can focus
more on strategic behavior and less on the econometric modeling the
surrounding environment. It allows for abstraction from contextual
cues and a narrower focus on incentives. In short, experimental
economics as a body of methodology is not superior to existing
experimental methodologies in marketing but opens up an entire new
world of questions that can be investigated in the lab or the
field.
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