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Rare but extreme events, such as pandemics, terror attacks, and stock market collapses, pose a risk that could undermine cooperation in societies and groups. We extend the public goods game (PGG) to investigate the relationship between rare but extreme external risks and cooperation in a laboratory experiment. By incorporating risk as an external random variable in the PGG, independent of the participants’ contributions, we preserve the economic equilibrium of non-cooperation in the original game. Furthermore, we examine whether cooperation can be restored by the relatively simple intervention of informing about countermeasures while keeping the actual risk constant. Our experimental results reveal that on average extreme risks indeed decrease contributions by about 20%; however, countermeasure information increases contributions by about 10%. Specifically, in the first interactions, cooperation levels can even reach those observed in the riskless baseline. Our results suggest that countermeasure information could help reinforce social cohesion and resilience in the face of rare but extreme risks.
Auction format and auction sequence in multi‐item multi‐unit auctions : an experimental study
(2017)
We experimentally study the effect of auction format (sealed‐bid versus closed clock versus open clock) and auction sequence (simultaneous versus sequential) on bidding behaviour and auction outcomes in auctions of multiple related multi‐unit items. Prominent field applications are the sale of emission permits, fishing rights, and electricity. We find that, when auctioning simultaneously, clock auctions outperform sealed‐bid auctions in terms of efficiency and revenues. This advantage disappears when the items are auctioned sequentially. In addition, auctioning sequentially has positive effects on total revenues across all auction formats, resulting from fiercer competition on the item auctioned first.
In the evolving landscape of legal information systems, ChatGPT-4 and other advanced conversational agents (CAs) offer the potential to disruptively transform the law industry. This study evaluates commercially available CAs within the German legal context, thereby assessing the generalizability of previous U.S.-based findings. Employing a unique corpus of 200 distinct legal tasks, ChatGPT-4 was benchmarked against Google Bard, Google Gemini, and its predecessor, ChatGPT-3.5. Human-expert and automated assessments of 4000 CA-generated responses reveal ChatGPT-4 to be the first CA to surpass the threshold of solving realistic legal tasks and passing a German business law exam. While ChatGPT-4 outperforms ChatGPT-3.5, Google Bard, and Google Gemini in both consistency and quality, the results demonstrate a considerable degree of variability, especially in complex cases with no predefined response options. Based on these findings, legal professionals should manually verify all texts produced by CAs before use. Novices must exercise caution with CA-generated legal advice, given the expertise needed for its assessment.
In the evolving field of legal information systems, Claude 3 and other advanced conversational agents (CAs) are emerging as transformative forces. This interdisciplinary study combines quantitative methods, legal analysis, and digital transformation approaches to evaluate the efficacy of leading commercially available CAs in the German legal environment. Employing a corpus of 200 unique legal tasks, the research benchmarks Claude 3 against notable systems such as Google Gemini and ChatGPT versions 4 and 3.5. Through automated evaluations of 1,600 responses generated by these CAs, Claude 3 is demonstrated to be the most effective system, capable of successfully addressing realistic legal challenges and passing a German business law examination with an overall score of 60%—significantly surpassing the 50% score of the previous performance leader ChatGPT-4. Despite its superior performance, Claude 3, along with other evaluated systems, exhibits considerable limitations that can be difficult to identify. Based on these insights, it is recommended that legal professionals thoroughly verify all CA-generated content before use. Additionally, caution is advised for novices utilizing CA-generated legal advice, due to the specialized knowledge required for proper evaluation. This study contributes to the ongoing study of digital transformation in the legal domain, offering insights for both academic and industry stakeholders.
Twitter and citations
(2023)
Social media, especially Twitter, plays an increasingly important role among researchers in showcasing and promoting their research. Does Twitter affect academic citations? Making use of Twitter activity about columns published on VoxEU, a renowned online platform for economists, we develop an instrumental variable strategy to show that Twitter activity about a research paper has a causal effect on the number of citations that this paper will receive. We find that the existence of at least one tweet, as opposed to none, increases citations by 16-25%. Doubling overall Twitter engagement boosts citations by up to 16%.
We analyze economics PhDs’ collaborations in peer-reviewed journals from 1990 to 2014 and investigate such collaborations’ quality in relation to each co-author’s research quality, field and specialization. We find that a greater overlap between co-authors’ previous research fields is significantly related to a greater publication success of co-authors’ joint work and this is robust to alternative specifications. Co-authors that engage in a distant collaboration are significantly more likely to have a large research overlap, but this significance is lost when co-authors’ social networks are accounted for. High quality collaboration is more likely to emerge as a result of an interaction between specialists and generalists with overlapping fields of expertise. Regarding interactions across subfields of economics (interdisciplinarity), it is more likely conducted by co- authors who already have interdisciplinary portfolios, than by co-authors who are specialized or starred in different subfields.
Die Veröffentlichung von ChatGPT-3 im November 2022 und ChatGPT-4 im März 2023 verspricht, bisher Menschen vorbehaltene Denkaufgaben in zahlreichen Bereichen, von der Medizin bis zur Juristerei, zu automatisieren. Die vorliegende Untersuchung stellt das Versprechen auf die Probe, indem 200 Fälle aus dem Bereich des Wirtschaftsrechts in die derzeit leistungsfähigsten Chatbots zur Lösung eingegeben werden. Es ergibt sich ein nuanciertes Bild: Zwar wird erkennbar, dass der menschliche Experte nach wie vor überlegen ist. Trotzdem können Chatbots teilweise erstaunlich gute Ergebnisse erzielen, wenn sie einfache Fälle mit geringer Komplexität lösen.
This book presents two experimental studies that deal with the comparison of multi-item auction designs for two specific applications: the sale of 2.6 GHz radio spectrum rights in Europe, and the sale of emissions permits in Australia. In order to tackle the complexity of these experiments, a cognitively based toolkit is proposed, including modularized video instructions, comprehension tests, a learning platform, a graphical one-screen user interface, and comprehension-based group matching.
We investigate economics PhDs minted at German, Austrian, and Swiss universities from 1991 to 2008. We find that cohort sizes increased overall, and the share of PhDs who publish in a peer-reviewed journal within 6 years after graduation increased from 18% in 1991 to 46% in 2008. Publishing rates are heterogeneous across departments. Younger cohorts publish slightly more compared to older cohorts, but these publications are not significantly better in terms of quality. Publication productivity is highly skewed within and between departments. A key difference between PhDs of the German-speaking area and North America lies in their patterns of collaboration.
Academic research is vital for innovation and industrial growth. However, a potential burden of processing ever more knowledge could be affecting research output and researchers’ careers. We look at a dataset of researchers who have published in journals in the field of economics during a period of 45 years. For a subset of these researchers, we amass data from journals listed in the EconLit database, supplemented with years of birth from public sources. Our results show an increase in the age of researchers at their first publication, in the number of articles referenced in debut articles, and in the number of co-authors. Simultaneously, we observe a decline in the probability of researchers changing research fields. Our findings extend earlier findings on patents and hint at a burden of knowledge pervading different areas of human progress. Moreover, our results indicate that researchers develop strategies of specialisation to deal with this challenge.
