"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!

GIMS cited in Science

posted Mar 8, 2016, 6:29 AM by Stefan Palan   [ updated Jul 11, 2017, 10:24 AM ]

Science magazine title page
Since its publication in 2015, my asset market software GIMS ("Graz-Innsbruck Market System") has been downloaded several times and I have helped a number of researchers get started using it. Despite the interest, however, no study using GIMS had been published prior to today, leading me to fret a little bit about the delay between GIMS' publication and the appearance of studies utilizing it (my own first papers using GIMS are also still under preparation).

Now however I am proud to announce that a recent paper in Science, titled "Evaluating replicability of laboratory experiments ineconomics" is the first paper to be published reporting results obtained using GIMS. In this paper, my colleagues from the University of Innsbruck, Felix Holzmeister, Jürgen Huber, Michael Kirchler, and Michael Razen (with co-authors) study how well economic experiments replicate. They find that some 61% out of a set of 18 studies published in American Economic Review and Quarterly Journal of Economics in 2011 through 2014 replicate in their study, which uses a 90% power level to detect the original effect. Congratulations on this great and - from the view of the discipline - important paper, and thanks for using GIMS!

Website of the Finance Research Platform Graz online!

posted Nov 25, 2015, 12:50 AM by Stefan Palan

I am pleased to announce that the website of the Finance Research Platform Graz (FiRe) is now online under Let me know what you think and of course get in touch if you want to attend platform events or are thinking of possible cooperation projects!

Welcome Prof. Theissen, and first Research Day of the Finance Research Platform Graz

posted Nov 13, 2015, 4:21 AM by Stefan Palan   [ updated Nov 25, 2015, 12:54 AM ]

This week was the first time our newly appointed research Professor, Erik Theissen, who normally works at the University of Mannheim, joined us in Graz. Prof. Theissen has a five-year appointment at the University of Graz and will visit us about once a quarter to work on joint research. After he presented his own research agenda on Tuesday, Wednesday marked the first "Research Day" of the Finance Research Platform. We heard six great presentations and had animated discussions about different research approaches, study designs, motivations, and publication strategies. 

Overall,  the participants' feedback was very positive and we created momentum which we will carry over into our research work. I wish to thank all the participants for their presentations and their input into the discussion! I also look forward to Prof. Theissen's next visit (December) and our next research day (probably February).

Sightseeing in Graz

posted Sep 23, 2015, 3:03 AM by Stefan Palan   [ updated Sep 23, 2015, 3:10 AM ]

I just created a map for a colleague who will be visiting Graz and was asking for directions for a stroll around town. If you are also thinking of visiting Graz - feel free to follow my suggestions!

English (German is below):

Walk around Graz


Stadtrundgang Graz

"Two heads are less bubbly than one" prezified

posted Sep 14, 2015, 2:08 AM by Stefan Palan

I recently stumbled over a Prezi I created a while ago to present my 2012 Experimental Economics paper co-authored with Stephen Cheung. Have fun checking it out below:

Reference: Cheung, S. L., Palan, S., 2012. Two Heads are Less Bubbly than One. Team Decision-Making in an Experimental Asset Market, Experimental Economics 15(3), 373–397.

Newest GIMS version supports trading in multiple assets

posted Jul 27, 2015, 5:15 AM by Stefan Palan   [ updated Jul 27, 2015, 5:21 AM ]

I have just posted the latest version of my free, open-source asset pricing program GIMS. Version 7.2 supports trading in multiple markets/assets and offers a new results screen for the sealed bid-offer call auction practice period. If you are interested, check out my GIMS download page, where you can find the software including all documentation. Do not hesitate to mail me with questions and feedback!

Experimental Finance 2016 beats all records

posted Jun 21, 2015, 8:04 AM by Stefan Palan   [ updated Dec 21, 2016, 11:21 PM ]

With more than 100 participants after last year's 62, this year's Experimental Finance conference beat all our expectations. We had 68 presentations, plus two keynotes by Nobel prize winner Vernon Smith and co-editor of the Journal of Finance Bruno Biais, respectively. Thanks to the organizers Sascha Füllbrunn, Utz Weitzel and Michael Kirchler for the beautiful venue, perfect service and smooth organization!

Scary news about scientific integrity [German]

posted Jun 2, 2015, 11:57 PM by Stefan Palan   [ updated Jun 2, 2015, 11:57 PM ]

Michael Kirchler recently made me aware of a new [German] article on scientific integrity, published in "Die Zeit": Scary stuff... We definitely need more replication studies to ensure proper conduct!

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