Economics and emotion: Institutions matter
成果类型：
Article
署名作者：
Smith, K; Dickhaut, J
署名单位：
University of Minnesota System; University of Minnesota Twin Cities; Linkoping University
刊物名称：
GAMES AND ECONOMIC BEHAVIOR
ISSN/ISSBN：
0899-8256
DOI：
10.1016/j.geb.2004.06.017
发表日期：
2005
页码：
316-335
关键词：
摘要：
In two different types of institutions, English and Dutch auctions, we collect heart rate data, a proxy for emotion, to test hypotheses based on findings in neural science about the effect of emotion on economic behavior. We first demonstrate that recording heart rates does not distort prices in these auctions. Next we ask if knowledge of the intensity of a participant's emotional state improves our ability to predict price setting behavior beyond predictions of price based on usual economic variables. Our answer is that institutions matter. In the Dutch (English) auctions we find (no) evidence that knowledge of emotional intensity affects our ability to predict price setting behavior. We then entertain the proposition that the cardiac system is an information system that processes economic events. We are able to show that this hypothesis is consistent with our observations and furthermore that the processes differ across institutions. (c) 2004 Elsevier Inc. All rights reserved.
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