Experimental Economics Internal Research Seminar Series, Autumn Term 2023
11:00 - 12:30
Economics Common Room 5B.307
Nikhil Masters and Mikhail Freer
Lectures, talks and seminars
Experimental Economics Seminar Series
Economics, Department of
Music-related decision making encompasses a wide range of behaviours such as those associated with listening choices, composition and performance, as well as many applications of music including marketing, education and therapy. Although research programmes in psychology and economics have contributed to an improved understanding of music-related behaviour, historically these disciplines have been unconnected. Recently however, researchers have begun to bridge this gap by employing tools from behavioural economics. We contribute to the literature by providing a discussion about the benefits of using behavioural economics in music-decision research. We achieve this in two ways. First, through a systematic review, we identify the current state of the literature within key areas of behavioural economics. Second, we advance the discussion by honing in on new research questions, particularly with application to addressing real-world music issues. Based on this, we propose the Behavioural Economics of Music (BEM), an integrated research programme that aims to break new ground by stimulating interdisciplinary research at the intersection of music, psychology, and economics.
We compare performance of different mechanisms corresponding to anonymous social choice functions. Since there is no efficient dominant strategy mechanism, we aim at improving the efficiency by relaxing the dominance constraint. We replace the dominant strategy solution concept with behavioral but still relatively simple solution concepts. We show theoretically that this replacement allows us to gain improvement in efficiency. However, the empirical relevance of these concepts is still in question. Thus we test the theoretical predictions in the lab.
This seminar will be held in the Economics Common Room on Wednesday 29th November 2023 at 11.00am. This event is open to all levels of study and is also open to the public. To register your place, please contact the seminar organisers.
This event is part of the Experimental Economics Research Seminar Series.