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Marc T. P. Adam, Matthias Gamer, Stefan Hey, Wolfgang Ketter, and Christof Weinhardt. Measuring the impact of emotions on decision-making in electronic markets: A physio-economic approach. In Proceedings of the International Conference on Group Decision and Negotiation (GND), Toronto, Canada, June 14-17 2009.
Recent research in the field of behavioral economics provides strong evidence for the intuition that human decision-making is not merely a single, indivisible maximization of utility, but rather a complex and dynamic process comprising both rational and emotional components. In particular, when decision-making includes strategic interaction with, or even just the mere presence of, other human agents, the role of emotions becomes even more dominant. Therefore, especially bidding decisions in auctions and negotiations can involve a high degree of emotionality; for instance, one phenomenon often linked to a high degree of emotionality is auction fever. Smith and Dickhaut (2005) show that not only exogenously induced emotional states, but also the design of electronic markets itself has an influence on market participants' emotional processing. In order to analyze the interdependencies of single market design facets, market participants' emotional processing and their decision-making behavior, we propose a complementary approach to traditional behavioral laboratory and field experiment methodologies: Physio-Economics. The methodology of physio-economics allows for objectively assessing market participants' physiological arousal in laboratory as well as in field experiments. We claim that a deeper understanding of how single facets of market design affect market participants' emotional processing is essential for successful market engineering.
@InProceedings{Adam09GDN,
author = "Marc T. P. Adam and Matthias Gamer and Stefan Hey and
Wolfgang Ketter and Christof Weinhardt",
title = "Measuring the impact of emotions on decision-making in
electronic markets: A physio-economic approach",
booktitle = "Proceedings of the International Conference on Group Decision and Negotiation (GND)",
year = "2009",
address = {Toronto, Canada},
month = {June 14-17},
abstract={Recent research in the field of behavioral economics provides strong evidence for
the intuition that human decision-making is not merely a single, indivisible maximization of
utility, but rather a complex and dynamic process comprising both rational and emotional components.
In particular, when decision-making includes strategic interaction with, or even just the mere
presence of, other human agents, the role of emotions becomes even more dominant. Therefore,
especially bidding decisions in auctions and negotiations can involve a high degree of emotionality;
for instance, one phenomenon often linked to a high degree of emotionality is auction fever.
Smith and Dickhaut (2005) show that not only exogenously induced emotional states, but also the
design of electronic markets itself has an influence on market participants' emotional processing.
In order to analyze the interdependencies of single market design facets, market participants'
emotional processing and their decision-making behavior, we propose a complementary approach to
traditional behavioral laboratory and field experiment methodologies: Physio-Economics. The
methodology of physio-economics allows for objectively assessing market participants' physiological
arousal in laboratory as well as in field experiments. We claim that a deeper understanding of how
single facets of market design affect market participants' emotional processing is essential for
successful market engineering.},
bib2html_pubtype = {Refereed Conference},
bib2html_rescat = {Trading Agents: Physio-economics},
}
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