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Game-Theoretic Foundations of Monetary Equilibrium
(2013-09-30)
Monetary theorists have advanced an intriguing notion: we exchange money to make up for a lack of enforcement, when it is difficult to monitor and sanction opportunistic behaviors. We demonstrate that, in fact, monetary ...
Asymmetric Social Norms
(2017-01-10)
Studies of cooperation in infinitely repeated matching games focus on homogeneous economies, where full cooperation is efficient and any defection is collectively sanctioned. Here we study heterogeneous economies where ...
Macroprudential Policy in the Lab
(2018-12-20)
Higher capital ratios are believed to improve system-wide financial stability through three main channels: (i) higher loss-absorption capacity, (ii) lower moral hazard, (iii) stabilization of the financial cycle if capital ...
Mirror, Mirror on the Wall: Machine Predictions and Self-Fulfilling Prophecies
(2021-04-20)
We show that disclosing machine predictions to affected parties can trigger self-fulfilling prophecies. In an investment game, we experimentally vary investors’ and recipients’ access to a machine prediction about recipients’ ...
WP313_BG_exp1_2021
A data set comprising 1397 distinct examples. We collected this data in an incentivized field study that we conducted at a large German university over three years (2016-2019) with first-semester economics students. Most ...
Survey_WP315_BZH_2021
We collected this data in an incentivized field study that we conducted at a large German university over three years (2016–2019). Most important for the experiment at hand, the field study included an incentivized one-shot ...
WP313_BG_exp2_2021
In our experiment, participants engage in three subsequent one-shot investment games. Investors initially choose between keeping or investing 10 monetary units (MU) with recipients, who, in the case of investment, decide ...
Expl(AI)ned: The impact of explainable artificial intelligence on cognitive processes
(2021-06-25)
This paper explores the interplay of feature-based explainable AI (XAI) techniques, information processing, and human beliefs. Using a novel experimental protocol, we study the impact of providing users with explanations ...