Experimental economics

Experimental economics is the application of experimental methods to study economic questions. Data collected in experiments are used to estimate effect size, test the validity of economic theories, and illuminate market mechanisms. Economic experiments usually use cash to motivate subjects, in order to mimic real-world incentives. Experiments are used to help understand how and why markets and other exchange systems function as they do. Experimental economics have also expanded to understand institutions and the law (experimental law and economics). A fundamental aspect of the subject is design of experiments. Experiments may be conducted in the field or in laboratory settings, whether of individual or group behavior. Variants of the subject outside such formal confines include natural and quasi-natural experiments. One can loosely classify economic experiments using the following topics: Markets Games Evolutionary game theory Decision making Bargaining Contracts Auctions Coordination Social Preferences Learning Matching Field Experiments Within economics education, one application involves experiments used in the teaching of economics. An alternative approach with experimental dimensions is agent-based computational modeling. It is important to consider the potential and constraints of games for understanding rational behavior and solving human conflict. Coordination games are games with multiple pure strategy Nash equilibria. There are two general sets of questions that experimental economists typically ask when examining such games: (1) Can laboratory subjects coordinate, or learn to coordinate, on one of multiple equilibria, and if so are there general principles that can help predict which equilibrium is likely to be chosen? (2) Can laboratory subjects coordinate, or learn to coordinate, on the Pareto best equilibrium and if not, are there conditions or mechanisms which would help subjects coordinate on the Pareto best equilibrium? Deductive selection principles are those that allow predictions based on the properties of the game alone.

Design and experimental investigation of a herringbone grooved gas bearing supported turbocharger

Jürg Alexander Schiffmann, Wanhui Liu

The design of an oil free turbocharger supported on herringbone grooved gas bearing was formulated as a multi-objective problem, which was solved by coupling a reduced order parametric model for gas bearing supported rotors with an evolutionary algorithm. ...

2023

Multi-agent actor-critic with time dynamical opponent model

Olga Fink, Yuan Tian, Qin Wang

In multi-agent reinforcement learning, multiple agents learn simultaneously while interacting with a common environment and each other. Since the agents adapt their policies during learning, not only the behavior of a single agent becomes non-stationary, b ...

ELSEVIER2023

Equilibria in Network Constrained Energy Markets

Design and experimental investigation of a herringbone grooved gas bearing supported turbocharger

Multi-agent actor-critic with time dynamical opponent model

Design and experimental investigation of a herringbone grooved gas bearing supported turbocharger

Equilibria in Network Constrained Energy Markets

Multi-agent actor-critic with time dynamical opponent model