Cognitive ability and observed behavior in laboratory experiments: implications for macroeconomic theory

This paper discusses the relationships between the “measured” cognitive ability of participants and their behavior as observed during laboratory experiments. Based on such relationships, macroeconomic implications of micro-level “boundedly rational” individual behavior will be discussed. The paper a...

Full description

Saved in:
Bibliographic Details
Published inJapanese economic review (Oxford, England) Vol. 71; no. 3; pp. 355 - 378
Main Author Hanaki, Nobuyuki
Format Journal Article
LanguageEnglish
Published Singapore Springer Singapore 01.07.2020
Springer Nature B.V
Wiley
Subjects
Behavior
Cognitive ability
Cognitive-behavioral factors
Development Economics
Econometrics
Economic History
Economics
Economics and Finance
Humanities and Social Sciences
Laboratories
Macroeconomics/Monetary Economics//Financial Economics
Microeconomics
Strategic environment effect
D84
C90
Laboratory experiments
Cognitive ability
laboratory experiments
strategic environment effect
cognitive ability
Online AccessGet full text

Cover

More Information
Summary:This paper discusses the relationships between the “measured” cognitive ability of participants and their behavior as observed during laboratory experiments. Based on such relationships, macroeconomic implications of micro-level “boundedly rational” individual behavior will be discussed. The paper also addresses potential problems that arise when insufficient attention is paid to large differences in the measured cognitive ability of participants across several experimental laboratories, influencing the replicability of existing experimental results but also the interpretation of results from cross-country experimental analyses, and proposes to complement participants’ database with individual characteristics.
Bibliography:ObjectType-Article-1
SourceType-Scholarly Journals-1
ObjectType-Feature-2
content type line 14
ISSN:1352-4739
1468-5876
DOI:10.1007/s42973-019-00018-7