Pioneer in experimental economics visit Monash ? News and Events

Behavioural foundations of economics and political science, laboratory experimental methods, regulation, deregulation and policy design were some of the topics discuss by Professor Charles Plott, a pioneer in the field of experimental economics from the California Institute of Technology (Caltech). Professor Plot presented a paper ?The Design and Performance of the Victoria Gaming Entitlements Auction? in the Department of Economics at Clayton Campus. Attendees included academics, students and government officials from the Department of Treasury and Finance from the Victorian Government. ?During his day long visit Professor Plot showed keen interest in research undertaken by the Experimental and Behavioral group in the Department of Economics. He discussed some of his current research in testing some key elements of neoclassical economic theory as well as research on Mistakes, Closure and Endowment Effect in Laboratory experiments,? said Dr An mol Ratan from the Department of Economics. ?Charles?s work shows how experiments can help test theories. The demonstrations show that well-structured markets produce efficient outcomes,? he said. Professor Plott is an Edward S. Harkness Professor of Economics and Political Science at Caltech. The 2002 Nobel Laureate Vernon L. Smith lauded Professor Plott in his speech at the Nobel Banquet, with a toast to The pioneering influence of Sidney Siegel, Amos Tversky, Martin Shubik, and Charles Platt on the intellectual movement that culminated in the economics award for 2002. He is also a member of the National Academy of Sciences, Fellow of the American Academy of Arts and Sciences, Fellow of the Econometric Society, Distinguished Fellow from the American Economic Association and many other fellowships and awards. Charles Plott is also a past president and currently on the board of advisors for the Society for the Advancement of Economic Theory.

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Source: http://news-events.buseco.monash.edu.au/2012/08/pioneer-in-experimental-economics-visit-monash/

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