Here.
December 2015.
From:
Thomas Meissner
Technische Universität Berlin
Translated Title: Aufsätze über makroökonomische Experimente
Advisor(s): Heinemann, Frank
Referee(s): Heinemann, Frank
Nagel, Rosemarie
This dissertation consists of four essays on laboratory experiments that test assumptions and predictions of (macro-) economic models. After a brief introduction, the first chapter tests whether participants of an intertemporal consumption/saving experiment treat debt differently than savings as a means to smooth consumption. The main finding is that deviations from optimal behavior are higher when subjects have to borrow than when they have to save in order to consume optimally. This suggests that subjects are averse to taking on debt. The second chapter (co-authored with Davud Rostam-Afschar) extends the experimental framework of the first chapter to include taxation. We test whether subjects comply with the Ricardian Equivalence Proposition, by varying the temporal structure of tax payments over the experimental life cycle. We find that subjects react strongly to tax rebates and increases even after subjects have repeated the experiment eight times. The third chapter (co-authored with Ciril Bosch-Rosa and Antoni Bosch-Domenèch) tests whether the occurance of asset price bubbles in experimental asset markets depends on the cognitive ability of the subjects participating in these markets. We separate subjects according to their cognitive ability and find that while markets populated only with low ability subjects produce typical bubble and crash patterns, markets populated only by subjects with high ability do not bubble at all. The fourth chapter (co-authored with Philipp Pfeiffer) addresses the question whether people are non-indifferent towards the temporal resolution of consumption uncertainty. The experimental findings suggest that on average subjects prefer consumption uncertainty to be resolved early. However, this aggregate effect seems to be mostly driven by a minority of subjects who have a strong preference for early resolution. Most subjects appear to be indifferent towards the temporal resolution of consumption uncertainty. The fifth and final chapter provides a brief discussion and outlook.
December 2015.
From:
Thomas Meissner
Technische Universität Berlin
Translated Title: Aufsätze über makroökonomische Experimente
Advisor(s): Heinemann, Frank
Referee(s): Heinemann, Frank
Nagel, Rosemarie
This dissertation consists of four essays on laboratory experiments that test assumptions and predictions of (macro-) economic models. After a brief introduction, the first chapter tests whether participants of an intertemporal consumption/saving experiment treat debt differently than savings as a means to smooth consumption. The main finding is that deviations from optimal behavior are higher when subjects have to borrow than when they have to save in order to consume optimally. This suggests that subjects are averse to taking on debt. The second chapter (co-authored with Davud Rostam-Afschar) extends the experimental framework of the first chapter to include taxation. We test whether subjects comply with the Ricardian Equivalence Proposition, by varying the temporal structure of tax payments over the experimental life cycle. We find that subjects react strongly to tax rebates and increases even after subjects have repeated the experiment eight times. The third chapter (co-authored with Ciril Bosch-Rosa and Antoni Bosch-Domenèch) tests whether the occurance of asset price bubbles in experimental asset markets depends on the cognitive ability of the subjects participating in these markets. We separate subjects according to their cognitive ability and find that while markets populated only with low ability subjects produce typical bubble and crash patterns, markets populated only by subjects with high ability do not bubble at all. The fourth chapter (co-authored with Philipp Pfeiffer) addresses the question whether people are non-indifferent towards the temporal resolution of consumption uncertainty. The experimental findings suggest that on average subjects prefer consumption uncertainty to be resolved early. However, this aggregate effect seems to be mostly driven by a minority of subjects who have a strong preference for early resolution. Most subjects appear to be indifferent towards the temporal resolution of consumption uncertainty. The fifth and final chapter provides a brief discussion and outlook.