This is what the agenda would have been

Here. For the nice version.


Behavioural Macroeconomics Workshop 23 March, 2020
London School of Economics, Room COW 1.11

Welcome Dinner Sunday 22 March, 19.00-21.00

Workshop Programme

Monday 23 March 9.00-10.20

Session 1 (Format: keynote 30 minutes. Other presentations 25 minutes, discussion 15 minutes)  Welcome by Paul De Grauwe (LSE)  Keynote: Paul Levine (University of Surrey): A Bird’s Eye View of Behavioural Macroeconomics  Joep Lustenhouwer (University of Heidelberg): Rationality Bias Discussant: Eddie Gerba (Danish National Bank) 10.20-10.50 Coffee break 10.50-12.50

Session 2  Jiri Kukacka (Charles University): Estimating Behavioural Macroeconomic Models Discussant: Svetlana Makarova (UCL)  Domenico Massaro (Catholic University of Milan): Managing SelfOrganization of Expectations: Macro Experiment Discussant: Yunus Aksoy (Birkbeck College)  Pei Kuang (University of Birmingham), Potential Output Pessimism and Austerity in the EU Discussant: Pasquale Foresti (University of Rouhampton) 12.50-13.50 Lunch 13.50-15.10

Session 3  Yuemei Ji (UCL), A Behavioural Macroeconomic Model with a Banking Sector Discussant: Corrado Macchiarelli (NIESR)  Frank Westerhoff (University of Bamberg), Behavioral Models of Asset and Housing Prices Discussant: Orkun Saka (University of Sussex and LSE) 15.10-15.40 Coffee Break 15.40- 17.00

​Session 4  Keynote: Ricardo Reis (LSE), Behavioural Expectations of Inflation  Arthur Turrell (Bank of England), Text-based Confidence Indices and Growth Forecasting Discussant: Xuxin Mao (NIESR) 17.00- 18.00 Panel Session:  Wouter Den Haan (LSE)  Ricardo Reis (LSE)  Arthur Turrell (Bank of England)  Charles Goodhart (LSE) 18.00-19.00 Drink















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Past deadline but interesting definition of behavioral macroeconomics


To encourage research on behavioral macroeconomics, the NBER, with the generous support of the Alfred P. Sloan Foundation, is sponsoring two dissertation fellowships for doctoral students in behavioral macroeconomics. Each fellowship will be awarded for a one-year period, with renewal for a second year conditional upon satisfactory research progress. Fellowships will be awarded based on the recommendations of a selection panel consisting of Andrew Caplin (New York University), Yuriy Gorodnichenko (University of California – Berkeley; chair), Ulrike Malmendier (University of California – Berkeley), Andrei Shleifer (Harvard University), and Michael Woodford (Columbia University). The panel will assess each applicant’s potential to make an important contribution to key questions in behavioral macroeconomics. The panel will also strive to recruit a diverse group of award recipients, including to the extent possible individuals from under-represented minority groups and from a variety of academic institutions.

Fellowship recipients are expected to pursue academic research that is primarily related to: i) aggregate implications of limited capacity of household, firms, and policymakers to collect and process information; ii) decision making when agents have potentially mis-specified models or incomplete information sets; iii) formation of expectations; iv) optimal policy design (fiscal policy, monetary policy, communication policy, etc.); and v) interaction of economic agents with different levels of knowledge or sophistication. Other topics emphasizing aggregate implications of behavioral economics are accepted too. Students working in a range of fields including experimental economics, finance, international trade, public economics, and innovation economics are encouraged to apply.

Two fellowships will be awarded for the academic year 2020-2021. Each fellowship will provide a stipend of $36,000, will include $5,000 per year to support the costs of data acquisition and travel to research meetings, and will cover the fellow’s tuition at his or her home institution, up to a limit of $13,000 for the academic year. Fellows may choose to reduce their stipend to fund a larger data purchase or other research support. Awards will be announced by the end of January, 2020. Each fellowship will be renewable for the 2021-2022 academic year, subject to satisfactory progress as judged by the selection committee. Fellows will be expected to attend and participate in the NBER Summer Institute workshop on Behavioral Macroeconomics, which is held in Cambridge, MA in July. Fellows will be expected, to the extent possible, to make data collected for their research publicly available.

To be eligible for fellowship support, an applicant must be enrolled as a full-time Ph.D. student at a U.S. or Canadian college or university, must have advanced to dissertation candidacy status by the start of the fellowship period, and must not expect to complete the dissertation in 2021. NBER strongly encourages applications from women, minorities, people with disabilities, and veterans.

Applicants should upload a short research proposal consisting of no more than three pages of text and one supplemental page of tables or graphs, and a c.v., to
https://www.aeaweb.org/joe/listing.php?JOE_ID=2019-02_111463968.
The proposal should specify deliverables, such as expected research papers that will be finished at the end of the fellowship year. In addition, applicants should ask their dissertation supervisor to upload a letter of recommendation to the same website. All components of the application must be received by 11:59 pm (EST) on Monday, December 9, 2019. Applicants are responsible for verifying that their letter of recommendation has been sent by the deadline. In fairness to all applicants, the submission deadline is strictly enforced. Applications that are not complete, including the letter of recommendation, on December 9 will not be considered for support.

By May 1, 2021, fellows must provide the selection committee with a copy of at least one research paper on behavioral macroeconomics that was completed during the fellowship period.
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Here.

The 12th Annual Kenneth J. Arrow Lecture was delivered by Colin F. Camerer, Robert Kirby Professor of Behavioral Economics and Director of the T&C Chen Center for Social and Decision Neuroscience, at California Institute of Technology, on "Natural Strategic Thinking in the Lab, Brain, and Field."

This lecture discussed game theories in which not all agents fully think through what other agents are likely to do. These "cognitive hierarchy" models (including level-k) are consistent with a wide variety of simple and more complex lab and field experiments, some data on neural activity, and have also been usefully applied in basic areas of economics including industrial organization and macroeconomics.

Discussants:

Joseph E. Stiglitz, 2001 Nobel Laureate in Economic Sciences; University Professor, Columbia University
Karla Hoff, Visiting Professor of International and Public Affairs, Columbia University; former Lead Economist, World Bank
Rosemarie Nagel, Professor, Universitat Pompeu Fabra; Research Professor at ICREA and Barcelona School of Economics; Director of BESLAB, Universitat Pompeu Fabra 

Co-sponsored by: The Center on Global Economic Governance, the Program for Economic Research, and Columbia University Press.
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Biographies
Colin F. Camerer is the Robert Kirby Professor of Behavioral Finance and Economics at the California Institute of Technology (located in Pasadena, California), where he teaches cognitive psychology and economics. Professor Camerer earned a BA degree in quantitative studies from Johns Hopkins in 1977, and an MBA in finance (1979) and a Ph.D. in decision theory (1981) from the University of Chicago Graduate School of Business. Before coming to Caltech in 1994, Camerer worked at the Kellogg, Wharton, and University of Chicago business schools. He studies both behavioral and experimental economics.  
 
Karla Hoff is a Visiting Professor of Economics and International Affairs and was a lead economist at the World Bank before 2020. She co-directed the Bank’s World Development Report 2015: Mind, Society, and Behavior, an early synthesis of applications of behavioral economics to development economics. Behavioral economics in the 20th century demonstrated universal cognitive biases that can be addressed by changing the context of decision making. Behavioral economics in the 21st century showed that the social patterns to which individuals are exposed influence cognition and preferences in ways that can promote or impede economic progress. Karla is interested in how behavioral interventions can shift societies to better development paths. She has implemented lab-in-the field experiments in rural India to study stereotype threat, trust, third-party punishment, and the formation of conventions. She is currently evaluating a program of Theater of the Oppressed in West Bengal. She is an Associate Editor of The World Bank Economic Review and co-edited two books—The Economics of Rural Organization and Poverty Traps. She was a National Merit Scholar, majored in French at Wellesley College, served in the Peace Corps in the Ivory Coast, and earned a PhD in economics at Princeton University.
 
Rosemarie Nagel received her Ph.D. in economics in 1994 at the University of Bonn with Reinhard Selten as her advisor. In 1994-1995 she was a postdoc with Al Roth, University Pittsburgh. Since 1995 she has been working in the Department of Economics and Business in Universitat Pompeu Fabra; in 2006, she was promoted to full professor, and in 2007 she joined ICREA as a research professor. She is the director of the BESLAB in UPF and a research professor at the Barcelona School of Economics. Her main research is in experimental and behavioral economics, especially in macroeconomic experiments and in neuroeconomics. She has published in the American Economic Review, Econometrica, Review of Economic Studies, Strategic Management Journal, Proceedings of the National Academy of Sciences (PNAS), Nature Human Behavior, Financial Times, Spektrum der Wissenschaft, etc.
 
Joseph E. Stiglitz is an American economist and a professor at Columbia University. He is also the co-chair of the High-Level Expert Group on the Measurement of Economic Performance and Social Progress at the OECD, and the Chief Economist of the Roosevelt Institute. A recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the John Bates Clark Medal (1979), he is a former senior vice president and chief economist of the World Bank and a former member and chairman of the (US president's) Council of Economic Advisers. In 2000, Stiglitz founded the Initiative for Policy Dialogue, a think tank on international development based at Columbia University. He has been a member of the Columbia faculty since 2001 and received that university's highest academic rank (university professor) in 2003. Known for his pioneering work on asymmetric information, Stiglitz's work focuses on income distribution, risk, corporate governance, public policy, macroeconomics and globalization. His most recent books are People, Power, and Profits, Globalization and Its Discontents Revisited, The Euro and Rewriting the Rules of the American Economy.
 

Here.

 by Austin Osborne  |    February 25, 2020
​
UAA’s College of Business and Public Policy (CBPP) welcomed Nobel Laureate Vernon Smith and his wife, Candace, to campus last week. Students had the opportunity to learn about Vernon’s work on experimental economics and attend an etiquette lunch and instruction session with Candace, who is a nationally-recognized business educator.

Vernon served as UAA's first Rasmuson Chair of Economics from 2003 to 2006. In 2002, shortly before joining UAA, he was awarded the Nobel Memorial Prize in Economic Sciences for developing methods to conduct laboratory-based economics experiments. He spearheaded the development of UAA's experimental economics program, and the Experimental Economics Lab has subsequently been recognized internationally for distinction in research and teaching and continues to attract leading scholars in the field.

A small group of CBPP students met and chatted with Vernon in an informal setting before he presented a seminar titled Classical Economics Lost and Found: The Role of Experiments to faculty and students.
Candace operates Candace Smith Etiquette, a program that teaches practical skills in etiquette, protocol and communication for business settings. Candace worked in secondary education for more than 25 years and garnered a number of distinctions, including a National Award for Excellence in Economics Education by the Foundation for Teaching Economics.

CBPP students had the opportunity to learn from Candace through a free lunch and education session in the Alaska Airlines Center. In this hands-on learning experience, Candace presented on dining with colleagues and potential employers.

All photos by James Evans, Chief of Photography & Videography, University of Alaska Anchorage. View the slideshow at the UAA Photo Bank.

Here.

​We present an experimental study on how people take risk on behalf of others. We use three different elicitation methods, and study how each subject makes decisions both on behalf of own money and on behalf of another individual’s money. We find a weak tendency of lower risk-taking with others’ money compared to own money. However, subjects believe that other participants take more risk with other people’s money than with their own. At the same time, subjects on average think that others are more risk averse than themselves. The data also reveals that subjects are quite inconsistent when making risk decisions on behalf of others. A large majority of subjects alternates between taking more risk, less risk or the same amount of risk with other people’s money compared to own money.

lKristoffer W.Eriksena
Ola Kvaløya
Miguel Luzuriagab

Here.

We conduct experiments with human subjects in a model with a positive production externality in which productivity is a nondecreasing function of the average level of employment of other firms. The model has three steady states and a sunspot equilibrium that fluctuates between the high and low steady states. Steady states are payoff ranked: low values give lower profits than higher values. We investigate whether subjects can learn a sunspot equilibrium. We observe coordination on the extrinsic announcements in our experimental economies. Cases of apparent convergence to the low and high steady states are also observed.

From:

Jasmina Arifovic
George Evans
Olena Kostyshyna
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We develop a tractable model of out-of-equilibrium dynamics in a general equilibrium economy with cash-in-advance constraints. The dynamics emerge from local interactions between firms governed by the production network underlying the economy. We analytically characterise the influence of network structure on the propagation of monetary shocks. In the long run, the model converges to general equilibrium and the quantity theory of money holds. In the short run, monetary shocks propagate upstream via nominal demand changes and downstream via real supply changes. Lags in the evolution of supply and demand at the micro level can give rise to arbitrary dynamics of the distribution of prices. Our model explains the long standing Price Puzzle: a temporary rise in the price level in response to monetary contractions. The Price Puzzle emerges under two assumptions about downstream firms: they are disproportionally aected by monetary contractions and they account for a suciently small share of the wage bill. Empirical evidence supports the two assumptions for the US economy. Our model calibrated to the US economy using a data set of more than fifty thousand firms generates the empirically observed magnitude of the price level rise after monetary contractions.

From:

Antoine Mandel
​Vipin P. Veetil

Here.

The Federal Reserve Bank of St. Louis Economic Education department requests proposals for concurrent session presentations at its Annual Professors Conference.
The conference will begin at 1:30 p.m. Thursday, Nov. 5, and conclude at 1 p.m. Friday, Nov. 6. It includes a reception on Thursday evening and breakfast and lunch on Friday. The conference is free, but all presenters must be registered and are responsible for their own transportation and accommodations.
Concurrent sessions are 75 minutes, with three presenters assigned to each session. Please plan on limiting your presentation to 20 minutes, which will allow 20 minutes for each of the other presentations, and 15 minutes at the end for questions from the audience.
Audiovisual equipment (a screen, projector, computer, and sound) will be provided in each room. The number of conference attendees typically is about 120.
Concurrent Session Tracks

• Effective Use of Technology in Instruction
• Teaching and Learning with Data
• Engaging Students in the Large Lecture Classroom
• Active Learning for the College Classroom
• Multidisciplinary Collaborations
• Designing and Grading Writing Assignments

Submissions
To submit a proposal to be part of a session, please provide the following information via email by 5 p.m. Aug. 7, 2020, to Diego Mendez-Carbajo at Diego.Mendez-Carbajo@stls.frb.org:

• Presentation title
• Contact information for the person submitting the proposal and each additional presenter
  • Name
  • Title
  • Institution name
  • Institution address (city, state, ZIP code)
  • Email address
  • Phone number
• Abstract
  A 100-word or less abstract
• Presentation Description
  Please describe the following:
  (i) Objectives: Clearly state your goals for this presentation. What session track are you applying for? What do you hope to accomplish?
  (ii) Content/Skills: Describe in detail what participants will learn by attending this presentation. What new skills, teaching methods, content, lesson ideas, or applications of technology will they come away with?
  (iii) Presentation Strategies: Tell us how you intend to present your material. Indicate opportunities for audience participation. Describe any materials you plan to hand out. If you are proposing an active learning session, please provide a detailed description of how you will demonstrate your activity, and the time requirements.

Proposals will be reviewed by a committee including professors, and you will be notified of selection by Aug. 28.



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Experimental finance stuff including link to GIMS software.

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​The Society for Experimental Finance is an organization for scientists who use controlled experiments to understand human behavior on financial markets.Upcoming EventsEF2020 North American Regional Conference
February 4-5, 2020, in Utah
Utah
Keynotes: Samuel Hartzmark (University of Chicago) and Peter Bossaerts (University of Melbourne)

EF2020 Conference
June 10-12, 2020, in Innsbruck
Keynotes: Annamaria Lusardi (George Washington University School of Business) and Stefan Nagel (University of Chicago Booth School of Business)

EF Summer School 2020
June 8-9, 2020, in Innsbruck
Lecturers: Mark DeSantis (Chapman University), Felix Holzmeister (University of Innsbruck), Stefan Nagel (University of Chicago Booth School of Business), and Sébastien Pouget (Toulouse School of Economics)
Recent papers

• Glaser, M., Iliewa, Z., Weber, M., 2019. Thinking about Prices versus Thinking about Returns in Financial Markets, Journal of Finance 74(6), 2997–3039. [EF2016, University of Mannheim]
• Angerer, M., Szymczak, W., 2019. The impact of endogenous and exogenous cash inflows in experimental asset markets, Journal of Economic Behavior & Organization 166, 216–238. [EF2016, University of Mannheim]
• Hurwitz, A., Sade, O., Winter, E., Forthcoming. Unintended consequences of minimum annuity laws: An experimental study, Journal of Economic Behavior & Organization. [EF2019, University of Copenhagen]

(All listed papers were previously presented at an EF conference, given in square brackets. See published EF papers for more papers.)


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SEF discussion group

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​The University of Innsbruck’s Department of Banking and Finance and the Society for Experimental Finance (SEF) would like to invite you to the conference Experimental Finance 2020 to be held in Innsbruck from June 10-12, 2020. The conference also serves as the 11th annual meeting of the Society for Experimental Finance.
Our two keynote speakers are:

• Annamaria Lusardi (George Washington University School of Business)
• Stefan Nagel (University of Chicago Booth School of Business)

In addition, two Talks with a View will be given by:

• Roberto Weber (University of Zürich)
• Michael Kirchler (University of Innsbruck)

​Vernon L. Smith Young Talent Award in Experimental Finance

If you are a junior scientist, we also invite you to apply for the Vernon L. Smith Young Talent Award in Experimental Finance for the best conference paper. This prize is awarded by the SEF and Chapman University and amounts to 8000 USD. More information can be found on the conference website.



Important Dates
February 28: Submission deadline
March 28: Notification of acceptance

April 30: Early registration cutoff



Organizers
Jürgen Huber (University of Innsbruck)
Zwetelina Iliewa (Max Planck Institute, Bonn)
Christian König-Kersting (University of Innsbruck)
Matthias Stefan (University of Innsbruck)