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

Cognitive ability and observed behavior in laboratory experiments: implications for macroeconomic... 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Japanese Economic Review Springer Journals

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

The Japanese Economic Review , Volume 71 (3) – Jul 6, 2020

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References (78)

Publisher
Springer Journals
Copyright
Copyright © Japanese Economic Association 2020
ISSN
1352-4739
eISSN
1468-5876
DOI
10.1007/s42973-019-00018-7
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

The Japanese Economic ReviewSpringer Journals

Published: Jul 6, 2020

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