»ESI Lecture Series, sponsored by IFREE
+-2015-2016 Lecture Guests
Abstract: The importance of knowledge in a market economy is usually deemed to be an issue that only emerged in the 20th century. But in the early 1800s journalist and political essayist Thomas Hodgskin (1787-1869) foreshadowed some of the basic tenets of the reflections by F. A. Hayek (among others) in the 20th century. While often considered a “Ricardian socialist”, Hodgskin was instead a passionate follower of Adam Smith. He did believe, however, that Smith did not fully appreciate the importance of human knowledge for a flourishing economy. Hodgskin is often associated with the labour theory of value. He indeed considered labour the only source of value: but considered the entrepreneur, the merchant and the inventor important labourers who benefited society and their fellow men. For Hodgskin, it is precisely because knowledge is dispersed in society that the “system of natural liberty” should be upheld. Society in its entirety is a great knowledge-creating enterprise: he emphasized the cognitive dimension of any human effort, maintaining that it was the free development of new ideas that empowered men. For this very reason, Hodgskin criticised Malthus and maintained that demographic growth was conducive to a more developed and innovative society. “Progress,” in his perspective, was the natural outcome of skilled and knowledgeable labour. Human knowledge was embodied in machineries and instruments: which empowered workers, instead of impoverishing them. The increase of population in his times was the result of growing abundance, and the necessary premise of a more plentiful society.
In this paper, Hodgskin’s views on knowledge and progress shall be synthetically presented. I will try to argue that, contrary to many of his contemporaries, he read the Industrial revolution in a more positive and realistic view at a time.
Bio: Alberto Mingardi holds a PhD in Political Science from University of Pavia. His field of research is History of Political Thought. He is now writing a monograph on English libertarian Thomas Hodgskin after having written mainly on Herbert Spencer and Antonio Rosmini. He is also the Director General of Istituto Bruno Leoni, Italy’s free-market think tank (www.brunoleoni.it) which he helped to establish in 2004. His commentaries have appeared in major Italian newspapers, and he frequently appears on Italian radio and tv. Internationally, his opinion pieces have also been published by the The Wall Street Journal, the Washington Post, and the Financial Times. He blogs regularly at EconLog and he is also an Adjunct Scholar with the Cato Institute (www.cato.org).
February 5, 2016, Juergen Huber, Ph.D. - Do Economics Lab Experiments Replicate Predictably?
Abstract: The deepest trust in scientific knowledge comes from the ability to directly replicate empirical findings, by using the same methods and getting the same results as others have. In this spirit we replicate 18 laboratory experimental studies published in AER and QJE in 2011-2014. We include all between-subject experimental comparisons published in these two leading journals in this time period. All replications have a statistical power of ≥90% to detect the original effect size at the 5% significance level. A prediction market conducted before the replication is used to predict the outcome of the replications. 144 participants traded on their expectations about each of the 18 studies. The rate of reproducibility, both in terms of replication success and prediction market prices, is substantially higher than in recent replication projects in psychology and empirical economics, though not as high as the relevant scientific community expected.
Bio: Juergen Huber is Head of the department of Banking and Finance at the University of Innsbruck, Austria, general manager of the Society for Experimental Finance, which he co-founded, and co-editor-in-chief of the Journal of Behavioral and Experimental Finance. He studied at Tulane University and Innsbruck and was visiting professor at Yale University, University of Vienna, and Universities in Thailand, Vietnam and Indonesia. His work was published in leading journals such as AER and Management Science. At the core of his research is the experimental exploration of market efficiency, drivers of bubbles and the potential impact of regulatory changes on markets.
Abstract: How malleable are preferences over short time horizons and in what ways do preferences change? In the laboratory, we estimate the effects of prior exertion of self-control, consumption of a sugared drink, and consumption of a placebo drink on intertemporal monetary choice. All three treatments increase savings among subjects with lower cognitive ability. To understand these results, we estimate the effects of the treatments on the three parameters of a simple decision utility model. All treatments primarily affect utility curvature, with smaller effects on present bias. These two parameters are closely correlated within individuals, in that increased utility curvature corresponds to more present bias. We argue that these patterns are best explained by a treatment effect on income-as-consumption error.
Bio: Peter Kuhn's recent research interests include behavioral and personnel economics, discrimination, migration, China's labor markets, and the role of the internet as a labor market matchmaker. His research has been funded by the NSF, NIH and Ford Foundation, among others. He is a Research Associate of the National Bureau of Economic Research (NBER), the Institute for the Study of Labor (IZA), and the Center for Economic Studies (CES). He currently serves on the editorial board of AEJ: Applied and Labour Economics. Kuhn is Associate Editor of the Industrial and Labor Relations Review and directs UCSB’s Broom Demography Center.
Sept. 25, 2015, Adam Sanjurjo, Ph.D. - Surprised by the Gambler´s and Hot Hand Fallacies? A Truth in the Law of Small Numbers - Watch lecture
Mar. 20, 2015, John Horton, Ph.D. - Price Floors and Employer Preferences: Evidence from a Minimum Wage Experiment
May 12, 2014, Don Ross, Ph.D - Psychological versus economic models of bounded rationality - Watch lecture
Dec. 06, 2013, Jack Stecher, Ph.D. -Description and Experience Based Decision Making: An Experimental and Structural Estimation Approach to the Decision-Experience Gap
Feb. 22, 2013 Jordi Brandts Bernad, Ph.D. - Let’s talk: How communication affects contract design.
Nov. 9, 2012 Uri Gneezy, Ph.D. - Incentives and Behavior Change
Sept. 28, 2012 Charles Thomas, Ph.D. - An Alternating-Offers Model of Multilateral Negotiations - Watch lecture
Aug. 31, 2012 Yan Chen, Ph.D. - Crowdsourcing with All-pay Auctions: a Field Experiment on Taskcn - Watch lecture
Apr. 20, 2012 Shawn Kantor, Ph.D. - Do Research Universities Generate Local Economic Growth? - Watch lecture
Feb. 24, 2012 John Tooby, Ph.D. - The Welfare Tradeoff Architecture, Cooperation, and Social Emotions - For further reading please see: Formidability and the logic of human anger and The architecture of human kin detection. - Watch lecture
Nov. 11, 2011 Mark M. Bykowsky, Ph.D. - A Market-based Approach to Establishing Licensing Rules: Licensed Versus Unlicensed Use of Spectrum Federal Communications Commission - please watch this video before lecture - Watch lecture
Oct. 21, 2011 Parker Ballinger, Ph.D. - Individual versus Social Learning: The Importance of Demonstrability - Watch lecture
Apr. 8, 2011 Kevin McCabe, Ph.D. – Experiments on the role of third parties on redistribution decisions. For further reading please see: Shared Experience and Third-Party Decisions: A Laboratory Result, Legitimacy in the lab – The separate and joint effects of earned roles and earned endowments in third-party redistribution, Whose money is it anyway? Ingroups and distributive behavior. - Watch lecture
Apr. 1, 2011 Michael Gurven, Ph.D. - Experimental investigation of fairness and altruism norms in small-scale societies - Further reading: Culture sometimes matters: Intra-cultural variation in pro-social behavior among Tsimane Amerindians and Collective Action in Action: Prosocial Behavior in and out of the Laboratory - Watch lecture
Feb. 18, 2011 Catherine Eckel, Ph.D. - Giving to Government: Voluntary Taxation in the Lab - Watch lecture
Feb. 4, 2011 Peter Boettke, Ph.D. - Polycentrism and Gargantua: Which Model Best Provides Public Education? - Watch lecture
Oct. 5, 2010 Andreas Wilke, Ph.D. - Past and Present Environments: The Evolution of Decision Making
May 7, 2010 Jim Gentle, Ph.D. - The Contribution of Jumps to the Volatility of Asset Prices - Watch lecture
Apr. 9, 2010 Gregory Waymire, Ph.D. - Can Trust Be Sustained in an Uncertain World When Individuals Have Machiavellian Intelligence? - Watch lecture
Feb. 5, 2010 Kevin McCabe, Ph.D. - Watch lecture
Dec. 2, 2009 Jeffrey Tollaksen, Ph.D. - New Ideas About the Nature of Time - Watch lecture
Nov. 13, 2009 Sarah F. Brosnan, Ph.D. - An Evolutionary Perspective on the Perception and Utilization of Property . Watch lecture
Oct. 9, 2009 Monica Smith, Ph.D. - A cognitive History of Material Objects: The Archaeology of Possession, Inheritance, and Value . Watch lecture
May 20, 2009 Gerd Gigerenzer Ph.D. - Homo Heuristicus: Why Biased Minds Make Better Inferences. Watch lecture
Mar. 20, 2009 John Ledyard Ph.D. – Individual Evolutionary Learning, Other-regarding Preferences, and the Voluntary Contributions Mechanism. Watch lecture
Nov. 7, 2008 Larry Iannaccone Ph.D. - Looking Backward: A Cross-National Study of Religious Trends. Watch lecture
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