New GIMS version

posted Oct 22, 2018, 2:25 PM by Stefan Palan

I have just posted the latest version of my free, open-source asset pricing program GIMS. Version 8.2.1 now runs on the latest z-Tree version (4.1.5) which should hopefully give it significantly enhanced performance (I have yet to test it with a full lab.)

And since it is so nice, I also want to share with you the first Japanese GIMS implementation I have seen. My thanks for the screenshot to Takao Kusakawa!

GIMS screenshot in Japanese

Successful grant application

posted Jul 27, 2018, 7:19 AM by Stefan Palan   [ updated Jul 27, 2018, 7:21 AM ]

A joint grant application by Thomas Stöckl (MCI Management Center Innsbruck, serving as principal investigator) and myself has received funding by the Austrian National Bank (OeNB). Titled Putting a spotlight on insider trading legislation - A cross-examination using laboratory markets, the research project consists of three separate studies of insider trading and the effect of legislation. Specifically, they focus on the effect on the possibility to short sell on informed and uninformed traders' behavior and profits, on traders' choice of a regulated vs. a non-regulated market, and on whether traders themselves would vote for legislation against informed trading or not.

Funded with € 147,000, the project will run for three years and will bring together pre- and post-doc researchers in Graz and Innsbruck.

Using DataCamp in class

posted Jul 25, 2018, 4:28 AM by Stefan Palan   [ updated Jul 25, 2018, 4:30 AM ]

This fall term, I will be using DataCamp for the classroom in one of my courses. I have been teaching the statistics software R in a number of my classes in the past few semesters using a self-created set of introductory exercises. This will, however, be only my second time using DataCamp, and the first time I will be using a self-created course chapter.

DataCamp lets users learn programming languages and software using a cool hands-on learning approach in which users learn about the language and apply it seamlessly in the same interface. Apart from offering several excellent free courses, I have now become aware that they provide a full classroom management system and access to their premium content for free for academics. So I have assembled a custom-made curriculum, consisting of chapters from a premium course plus my first self-generated DataCamp course, basically an introduction to simple plots in R. Check it out and let me know what you think and what I can improve!

Do you have experience using DataCamp for the classroom, or in creating your own DataCamp courses? I would be interested in sharing notes and best-use examples.

New paper in Journal of Economic Psychology

posted Jul 3, 2018, 12:03 AM by Stefan Palan

Journal cover
A joint paper with Thomas Stöckl, titled "Catch me if you can. Can human observers identify insiders in asset markets?", has recently been published (open access) in volume 67 of the Journal of Economic Psychology. This is the second paper resulting from a large experiment into the behavior of insiders and uninformed traders in markets variably characterized either no regulation or by regulation forbidding trading by informed insiders. While the first paper focused on the behavior of traders and on the effect on market-level variables, the new paper discusses whether and how market observers succeed in identifying informed traders solely from studying market trading data.

New paper in Journal of Behavioral and Experimental Finance

posted Mar 13, 2018, 6:21 AM by Stefan Palan

A joint paper with Christian Schitter, titled " — A subject pool for online experiments", has today been published (open access) in volume 17 of the Journal of Behavioral and Experimental Finance. It is concerned with a platform for recruiting participants for online experiments, a topic of growing relevance for the entire social sciences. After briefly discussing key advantages and challenges of online experiments relative to lab experiments, we trace the platform’s historical development, present its features, and contrast them with requirements for different types of social and economic experiments.

(Note that the paper was accepted last year, before I became co-editor of this journal.)

New editor position with Journal of Behavioral and Experimental Finance

posted Jan 9, 2018, 1:07 AM by Stefan Palan   [ updated Jan 9, 2018, 4:53 AM ]

Cover, Journal of Behavioral and Experimental Finance
At the beginning of the year, I have started my tenure as Co-Editor-in-Chief of the Journal of Behavioral and Experimental Finance (JBEF). Founded only in 2014, JBEF welcomes full-length and short letter papers in the areas of behavioral finance and experimental finance. The focus is on rapid dissemination of high-impact research in these areas. The journal has been growing nicely and is on track to receive an impact factor in 2019. The current journal metrics are a CiteScore of 1.13, Source Normalized Impact per Paper (SNIP) of 0.978 and a SCImago Journal Rank (SJR) of 0.430.

I look forward to an exciting time doing my best to promote JBEF and, together with the second Co-Editor-in-Chief, Michael Dowling, to lead it to become a well-respected field journal in the near future. If you work in the field, please consider JBEF for your next paper.

Ice cream study generates media feedback

posted Aug 16, 2017, 6:47 AM by Stefan Palan   [ updated Aug 18, 2017, 2:07 AM ]

My joint paper with Michael Kirchler, "Immaterial and Monetary Gifts in Economic Transactions. Evidence from the Field. " has been accepted at Experimental Economics. In it, we explore the effect of complimenting or tipping the salesperson in a fast-food restaurant on the amount of ice cream or the weight of durum doner provided. The twist about the design is that we give the compliment or tip prior to the product's preparation.

We find that giving a compliment results in about 10% more ice cream in the cone, and tipping (about 10%) results in about 17% more ice cream. In the picture to the right, the left-hand cone was ordered normally, while the right-hand cone resulted from ordering and adding the sentence "You have the best ice cream in town".

In the case of the durum doner, the effects are not as strong (it is harder to pack more ingredients into a fixed-size bread), but in the compliment treatment, they increase over time. When we visit the same salesperson five days in a row, doner weight increases by 7% (23g) relative to the baseline when we compliment, while it stays relatively constant at 4% (17g) higher than in the baseline when we tip.

There has also been significant media reaction to the publication. A selection (see the full list in Media Exposure):
Die Presse (German)
Handelsblatt (German)
Kronen Zeitung (German)
Der Standard (German)

See the published version (open access) for further information.

Article on insider trading research in "Die Presse"

posted Jul 24, 2017, 12:49 AM by Stefan Palan   [ updated Jul 24, 2017, 12:55 AM ]

"Die Presse", one of Austria's leading daily newspapers, recently published an article on my and Thomas Stöckl's research into insider trading legislation, mainly referring to our forthcoming paper in Journal of Financial Markets. The German-language article was titled "Der Börse sind Paragraphen egal" and can be viewed on the newspaper's website.

"The Case for Anarchy", by David Friedman

posted Jun 7, 2017, 1:19 AM by Stefan Palan   [ updated Jun 7, 2017, 12:47 PM ]

David D. Friedman recently visited the University of Graz and gave a talk on his ideas about a society without government. Hosted by the Economics Club Graz and the Austrian Libertarian Movement, he made the case that private institutions could provide the same services central governments do in most countries. While I see several problems with aspects of his plan, he offered some interesting ideas and a point of view that provokes thought. David allowed for recordings to be taken, so feel free to listen to his talk, in full, below.

Good news for the 'dismal science'

posted Jul 7, 2016, 12:53 AM by Stefan Palan   [ updated Jul 7, 2016, 12:58 AM ]

In a recent article, the Economist picked up on the results of a replication study in experimental economics, published in Science. It favorably compares experimental economics to other experimental disciplines, giving high grades for economics' performance. Way to go, experimental economics!

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