Monetary rewards and decision cost in experimental economics

By Vernon L. Smith, James M. Walker. 2000

277 citations recorded by the source corpus.

Subfields: Economics and Econometrics, Safety Research

View Paper: https://www.semanticscholar.org/paper/4590018efaa2df1f7c9136712200c512c5ff16dd

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Citations in the corpus

The effects of payoff magnitude and heterogeneity on behavior in 2 x 2 games with unique mixed strategy equilibria (2000, methodology): “In order to provide an alternative model of behavior, we compare the fit of QRE to that of a simple one-parameter model, which adds error to the Nash model in a different way, similar to the approach of Smith and Walker (1993).”
Incentive-Aligned Conjoint Analysis (2005, methodology): “On the basis of the induced value theory (Smith 1976), we expect that an incentive-aligned conjoint analysis outperforms traditional hypothetical conjoint analysis in predicting actual behaviors.”
Third Party Punishment and Social Norms (2004, unknown): “This coincides with the results of a similar study by Smith and Walker (1993).”
Pay One or Pay All: Random Selection of One Choice for Payment (2005, background): “For examples see Kachelmeier and Shehata (1992), Smith and Walker (1993), Camerer and Hogarth (1999), Holt and Laury (2002), and Laury (2002).”
Motivation and cognitive control: from behavior to neural mechanism. (2015, methodology): “The idea that cognitive control may be inherently costly or aversive has cropped up not only in the depletion literature but also in connection with other topics in social cognition (Taylor 1981) and behavioral economics (Bonner & Sprinkle 2002, Smith & Walker 1993, Wilcox 1993).”
Rationality on the rise: Why relative risk aversion increases with stake size (2010, background): “A large body of experimental evidence shows that it makes a difference whether subjects respond to decision situations with hypothetical or real monetary consequences: In general, subjects tend to be relatively more risk averse when real money is at stake (Smith and Walker 1993; Wilcox 1993; Beattie”
The effects of monetary incentives on effort and task performance: theories, evidence, and a framework for research (2002, background): “…in the presence of incentives (e.g. exhibit higher effort intensity or higher effort duration) but, if they lack the skill needed for a given task, their performance will be invariant to increases in effort (e.g. Arkes, 1991; Bonner et al., 2000; Camerer, 1995; Kanfer, 1987; Smith & Walker, 1993).”
The 7R polymorphism in the dopamine receptor D4 gene (DRD4) is associated with financial risk taking in men (2009, background): “Independently, Smith and Walker (1993) reached a similar conclusion.”
A parameter-free analysis of the utility of money for the general population under prospect theory (2009, background): “In general, real incentives do seem to reduce data variability (Camerer & Hogarth, 1999; Smith & Walker, 1993), and increase risk aversion (e.g. Holt & Laury, 2002; Weber, Shafir, & Blais, 2004) compared to hypothetical incentives, although several studies have suggested that the latter difference…”
Getting the word out: Enforcement information dissemination and compliance behavior (2009, background): “The stakes are small, but the decision is simplified implying that the ratio of decision costs and rewards parallels the naturally occurring setting (Smith and Walker, 1993).”
The Method of Experimental Economics (2005, unknown): “Smith and Walker (1993) survey 31 experimental economics studies varying incentives and conclude that " in virtually all cases, rewards reduce the variance of the data around the predicted outcome " (245).”
The Hot Versus Cold Effect in a Simple Bargaining Experiment (2003, result): “In a survey of 31 experiments with regard to the effects of monetary reward and opportunity costs, Smith and Walker (1993) report similar results.”
Determinants of Moral Judgments Regarding Budgetary Slack: An Experimental Examination of Pay Scheme and Personal Values (2011, unknown): “These features are important in experimental tests of the effects of economic incentives on judgments Smith 1991; Smith and Walker 1993; Moser 1998 .”