Blog

Ice cream study generates media feedback

posted Aug 16, 2017, 6:47 AM by Stefan Palan   [ updated ]

My joint paper with Michael Kirchler, "Immaterial and Monetary Gifts in Economic Transactions. Evidence from the Field. " has been accepted at Experimental Economics. In it, we explore the effect of complimenting or tipping the salesperson in a fast-food restaurant on the amount of ice cream or the weight of durum doner provided. The twist about the design is that we give the compliment or tip prior to the product's preparation.

We find that giving a compliment results in about 10% more ice cream in the cone, and tipping (about 10%) results in about 17% more ice cream. In the picture to the right, the left-hand cone was ordered normally, while the right-hand cone resulted from ordering and adding the sentence "You have the best ice cream in town".

In the case of the durum doner, the effects are not as strong (it is harder to pack more ingredients into a fixed-size bread), but in the compliment treatment, they increase over time. When we visit the same salesperson five days in a row, doner weight increases by 7% (23g) relative to the baseline when we compliment, while it stays relatively constant at 4% (17g) higher than in the baseline when we tip.

There has also been significant media reaction to the publication. A selection (see the full list in Media Exposure):
Die Presse (German)
Handelsblatt (German)
Kronen Zeitung (German)
Der Standard (German)

See the published version (open access) for further information.

Article on insider trading research in "Die Presse"

posted Jul 24, 2017, 12:49 AM by Stefan Palan   [ updated Jul 24, 2017, 12:55 AM ]

"Die Presse", one of Austria's leading daily newspapers, recently published an article on my and Thomas Stöckl's research into insider trading legislation, mainly referring to our forthcoming paper in Journal of Financial Markets. The German-language article was titled "Der Börse sind Paragraphen egal" and can be viewed on the newspaper's website.

"The Case for Anarchy", by David Friedman

posted Jun 7, 2017, 1:19 AM by Stefan Palan   [ updated Jun 7, 2017, 12:47 PM ]

David D. Friedman recently visited the University of Graz and gave a talk on his ideas about a society without government. Hosted by the Economics Club Graz and the Austrian Libertarian Movement, he made the case that private institutions could provide the same services central governments do in most countries. While I see several problems with aspects of his plan, he offered some interesting ideas and a point of view that provokes thought. David allowed for recordings to be taken, so feel free to listen to his talk, in full, below.

Good news for the 'dismal science'

posted Jul 7, 2016, 12:53 AM by Stefan Palan   [ updated Jul 7, 2016, 12:58 AM ]

In a recent article, the Economist picked up on the results of a replication study in experimental economics, published in Science. It favorably compares experimental economics to other experimental disciplines, giving high grades for economics' performance. Way to go, experimental economics!

GIMS cited in Science

posted Mar 8, 2016, 6:29 AM by Stefan Palan   [ updated Jul 11, 2017, 10:24 AM ]

Science magazine title page
Since its publication in 2015, my asset market software GIMS ("Graz-Innsbruck Market System") has been downloaded several times and I have helped a number of researchers get started using it. Despite the interest, however, no study using GIMS had been published prior to today, leading me to fret a little bit about the delay between GIMS' publication and the appearance of studies utilizing it (my own first papers using GIMS are also still under preparation).

Now however I am proud to announce that a recent paper in Science, titled "Evaluating replicability of laboratory experiments ineconomics" is the first paper to be published reporting results obtained using GIMS. In this paper, my colleagues from the University of Innsbruck, Felix Holzmeister, Jürgen Huber, Michael Kirchler, and Michael Razen (with co-authors) study how well economic experiments replicate. They find that some 61% out of a set of 18 studies published in American Economic Review and Quarterly Journal of Economics in 2011 through 2014 replicate in their study, which uses a 90% power level to detect the original effect. Congratulations on this great and - from the view of the discipline - important paper, and thanks for using GIMS!

Website of the Finance Research Platform Graz online!

posted Nov 25, 2015, 12:50 AM by Stefan Palan


I am pleased to announce that the website of the Finance Research Platform Graz (FiRe) is now online under http://www.finance-graz.net. Let me know what you think and of course get in touch if you want to attend platform events or are thinking of possible cooperation projects!


Welcome Prof. Theissen, and first Research Day of the Finance Research Platform Graz

posted Nov 13, 2015, 4:21 AM by Stefan Palan   [ updated Nov 25, 2015, 12:54 AM ]

This week was the first time our newly appointed research Professor, Erik Theissen, who normally works at the University of Mannheim, joined us in Graz. Prof. Theissen has a five-year appointment at the University of Graz and will visit us about once a quarter to work on joint research. After he presented his own research agenda on Tuesday, Wednesday marked the first "Research Day" of the Finance Research Platform. We heard six great presentations and had animated discussions about different research approaches, study designs, motivations, and publication strategies. 

Overall,  the participants' feedback was very positive and we created momentum which we will carry over into our research work. I wish to thank all the participants for their presentations and their input into the discussion! I also look forward to Prof. Theissen's next visit (December) and our next research day (probably February).

Sightseeing in Graz

posted Sep 23, 2015, 3:03 AM by Stefan Palan   [ updated Sep 23, 2015, 3:10 AM ]

I just created a map for a colleague who will be visiting Graz and was asking for directions for a stroll around town. If you are also thinking of visiting Graz - feel free to follow my suggestions!

English (German is below):

Walk around Graz


German:

Stadtrundgang Graz


"Two heads are less bubbly than one" prezified

posted Sep 14, 2015, 2:08 AM by Stefan Palan

I recently stumbled over a Prezi I created a while ago to present my 2012 Experimental Economics paper co-authored with Stephen Cheung. Have fun checking it out below:

http://prezi.com/5rlbff-s1hwr/?utm_campaign=share&utm_medium=copy


Reference: Cheung, S. L., Palan, S., 2012. Two Heads are Less Bubbly than One. Team Decision-Making in an Experimental Asset Market, Experimental Economics 15(3), 373–397.

Newest GIMS version supports trading in multiple assets

posted Jul 27, 2015, 5:15 AM by Stefan Palan   [ updated Jul 27, 2015, 5:21 AM ]

I have just posted the latest version of my free, open-source asset pricing program GIMS. Version 7.2 supports trading in multiple markets/assets and offers a new results screen for the sealed bid-offer call auction practice period. If you are interested, check out my GIMS download page, where you can find the software including all documentation. Do not hesitate to mail me with questions and feedback!


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