Economics
  1. Behavioural Economics
Economics

Behavioural Economics Research Group

The research of the Behavioural Economics Research Group focuses on auction experiments, models of bounded rationality and behavioural game and decision theory and aims to explain consistent violations of rationality and biases frequently observed in economic experiments and other environments.

Staff

Dr Sotiris Georganas

Sotiris' primary area of research until now has been in auction experiments, models of bounded rationality and applied game theory. In general Sotiris is interested in many, quite diverse areas of economics, ranging from experimental economics, game theory and bounded rationality to political economy, urban economics and trade.

Dr Sergiu Ungureanu

Sergiu's main focus is microeconomic theory, with interests in decision theory and behavioural economics. He worked extensively on a classical rational decision theory account of behavioural observations like loss aversion and probability weightings, which are summarised in prospect theory. The goal is to use a bounded rationality mechanism which, when paired with other regular/classical assumptions, predicts the experimental biases observed.

Professor Klaus G. Zauner 

Klaus' research focuses on explaining the observed behaviour in experiments that is at odds with standardd economic theory using noisy payoffs and other-regarding preferences in classical strategic situations like ultimatum bargaining games or dynamic versions of the prisoners' dilemma. Recently, puzzled about issues of corporate asset stripping and tunnelling in transitional economies, he has started to investigate the impact of private benefits of control of managers on the investment behaviour of firms.

Publications

Journal articles

Georganas, S. (2013), 'Coalition Formation in a Legislative Voting Game' (with Nels Christiansen and John Kagel) (Aug 2011), in press, American Economic Journal (Microeconomics).

Georganas, S. (2011), 'English Auctions with Resale: An Experimental Study', Games and Economic Behavior, vol. 73(1), pp.147-66.

Georganas, S. (2011), 'Asymmetric Auctions with Resale: An Experimental Study' (with John Kagel), Journal of Economic Theory, vol.146(1), pp.359-71.

Georganas, S. (2011), 'Auctions with Toeholds: An Experimental Study of Company Takeovers' (with Rosemarie Nagel), International Journal of Industrial Organization, vol.29(1), 2011, 34-45.

Zauner, K.G. (2013), 'Investment behavior and ownership structures in Ukraine: Soft budget constraints, government ownership and private benefits of control' (with D. Mykhayliv), Journal of Comparative Economics, vol.41(1), pp.265-78.

Working papers

Georganas, S. (2011), Do Irrelevant Payoffs Affect Behavior when a Dominant Strategy is Available: Experimental Evidence from Second-Price Auctions (with Dan Levin and Peter McGee) (Feb 2011).

Ungureanu, S. (2013), Inefficient Reallocation, Loss Aversion and Prospect Therapy.

Ungureanu, S. (2013), Dynamic Contracting Under Permanent and Transitory Private Information.

Grants

Georganas: ESRC Small Grant "The Role of Speculators in Standard Auctions: An Experimental Study", with Rod Garratt (approx. £40,000).

Georganas: Post-doctoral fellowship, The Ohio State University, 2007-09, (Georganas, S.).

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City, University of London

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London EC1V 0HB

United Kingdom

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