Experimental and Behavioural Economics
Experimental and Behavioural Economics
The Experimental and Behavioural Economics Research Group (EBERG) draws its membership from economists based at the Economics Department at Warwick who work in the fields of Experimental Economics, Behavioural Economics and/or Subjective Wellbeing (“Happiness Economics”). Experimental methods are used in many fields of economics, including behavioural economics, public economics, labour economics, political economy, game theory, and financial economics. Behavioural economics is an attempt to understand decision-making in the context of the many psychological, cognitive and emotional factors that influence behaviour. Behavioural economists typically build on traditional economic models with insights from psychology or neuroscience. Since behavioural economics concerns the underlying motivations for behaviour it can be hard (though not impossible) to find data to support or develop behavioural theories without the use of experimental methods which explains the close relationship between the two fields.
Experimental and behavioural research are fundamentally interdisciplinary and this is reflected in the fact that the group is linked to other similar groups across the University of Warwick and beyond. DR@W is the overarching interdisciplinary group of all behavioural scientists in Warwick which, together with EBERG, also takes members from the Behavioural Science Group at Warwick Business School and behavioural and experimental psychologists based in the Psychology Department, and hosts a weekly seminar, the DR@W Forum. Many members of EBERG are also affiliated with Bridges, an interdisciplinary centre that includes behavioural and experimental work in its remit that also hosts regular seminars and workshops. Behaviour, Brain and Society is one of the University of Warwick’s global research priorities (GRPs) and the co-ordinator of EBERG sits on the board of the GRP. Several group members are actively involved in the ESRC CAGE centre. Theme 3 of CAGE is led by the co-ordinator of EBERG and has a special focus on subjective wellbeing.
People
Academics
Academics associated with the Reseach Group Name research group are:
Events
DR@W Forum (Hybrid Session): Joshua Becker (UCL)
Research on the ‘wisdom of crowds’ has consistently shown that one way to improve the accuracy of numeric estimates such as economic forecasting is by using the average estimate of multiple individual contributors, rather than relying on one single person. However, decades of lab experiments have produced contradictory results about whether and when communication between group members makes the resulting average more accurate or less accurate. Thus despite the existence of over 100k results on Google scholar using the “Delphi method” form of information exchange, we lack clear evidence that this method is actually better than unstructured discussion, or that any form of communication is better than none. This talk will use a formal model of opinion exchange to explain contradictions in prior research by showing why communication sometimes increases accuracy and sometimes decreases accuracy. I will conclude by discussing some limitations of this model for describing true deliberation, sharing some new research under development, and invite collaborative discussion on how future research might address these topics.
Meeting ID: 998 5861 2295
Passcode: 430277