{"id":593,"date":"2019-02-15T10:38:05","date_gmt":"2019-02-15T10:38:05","guid":{"rendered":"http:\/\/qsms.mokk.bme.hu\/?p=593"},"modified":"2019-02-15T12:33:29","modified_gmt":"2019-02-15T12:33:29","slug":"luyao-zhang-qsms-seminar","status":"publish","type":"post","link":"https:\/\/qsms.bme.hu\/index.php\/2019\/02\/15\/luyao-zhang-qsms-seminar\/","title":{"rendered":"27 Feb: Luyao Zhang (QSMS Seminar)"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium\" src=\"https:\/\/economics.osu.edu\/sites\/economics.osu.edu\/files\/zhang.2625.jpg\" alt=\"Luyao Zhang\" width=\"150\" height=\"184\" \/>Presenting <em>Partition Obvious Preference and Mistrust in Mechanism Design: Theory and Experiment\u00a0<\/em>at 12:15-13:30 in QA406.<\/p>\n<p><!--more--><span id=\"more-538\"><\/span><\/p>\n<p>On 27th February 2019 we have\u00a0<a href=\"https:\/\/www.luyaozhang.co\/\">Luyao Zhang<\/a> of The Ohio State University visiting us. She is going to give a seminar titled <em>Partition Obvious Preference and Mistrust in Mechanism Design: Theory and Experiment<\/em>\u00a0at 12:15-13:30 in room A406\u00a0 in Building Q,\u00a0Budapest University of Technology and Economics, Faculty of Economic and Social Sciences, Magyar tud\u00f3sok k\u00f6r\u00fatja 2, 1117 Budapest.\u00a0Sandwiches will be provided. Please\u00a0<a href=\"https:\/\/goo.gl\/forms\/8eVGDSidlpzHrtq13\"><strong>register<\/strong>.\u00a0<\/a>Also see our <a href=\"https:\/\/www.facebook.com\/events\/2028002183901858\"><strong>Facebook event<\/strong><\/a>.<\/p>\n<p>Abstract: Substantial evidence in field, laboratory, and thought experiments in multiple disciplines shows that\u00a0decision makers often choose a dominated strategy, which contradicts current economic theory.<br \/>\nMoreover, experimental evidence shows that the choice of dominated strategies in some mechanisms\u00a0are significantly reduced in their counterparts. To bridge this gap between theory and reality, we<br \/>\nfirstly propose two alternative axiomatic approaches: formalizing a distinct anomaly in human\u00a0reasoning that agents fail to reason state-by-state and tying together a broad range of evidence for\u00a0the choice of dominated strategies. Secondly, we extend the concept to game theory and mechanism<br \/>\ndesign, where we identify a large class of mechanisms that successfully achieve desirable goals even\u00a0with boundedly rational agents or agents who mistrust the market makers. Thirdly, we test and verify\u00a0our theory and its implications in a laboratory experiment with a crossover design that enables pooled\u00a0data, within-subject, and cross-subject comparisons in both decision problems and games. Finally, we\u00a0address how our approach contributes to accomplishing two goals simultaneously in modelling<br \/>\nbounded rationality: providing a unified framework that subsumes existing ones as limiting cases and stimulating transdisciplinary conversations connecting the concepts of heuristics and emotions in\u00a0psychology, the utilization of eye-tracking technology in neuroscience, and considerations of the\u00a0moral foundation underlying a mechanism design in ethics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Presenting Partition Obvious Preference and Mistrust in Mechanism Design: Theory and Experiment\u00a0at 12:15-13:30 in QA406.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22,4,17],"tags":[62,86,87],"class_list":["post-593","post","type-post","status-publish","format-standard","hentry","category-event","category-news","category-seminar","tag-experiment","tag-luyao-zhang","tag-mechanism-design"],"_links":{"self":[{"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/posts\/593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/comments?post=593"}],"version-history":[{"count":4,"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/posts\/593\/revisions"}],"predecessor-version":[{"id":598,"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/posts\/593\/revisions\/598"}],"wp:attachment":[{"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/media?parent=593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/categories?post=593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qsms.bme.hu\/index.php\/wp-json\/wp\/v2\/tags?post=593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}