Last Updated August 2011
B.A., Economics, Honors College, Michigan State University, December 1972
Ph.D., Economics, University of Arizona, December 1978
ACADEMIC EMPLOYMENT HISTORY
Department of Economics
Indiana University, Bloomington
Professor, 1990 - present
Associate Professor, 1985 - 1990
Assistant Professor, 1979 - 1985
Economic Science Laboratory for Research and Education
University of Arizona
Senior Associate, 1988 - 2001
Visiting Research Associate, 1987 - 1988
Department of Economics
University of Arizona
Research Specialist, 1978 - 1979
Research and Teaching Associate, 1974 - 1978
"Intertemporal Competitive Equilibrium: Further Experimental Results," in Research in Experimental Economics,
volume 1, edited by Vernon L. Smith, Greenwich, CT: JAI Press, 1979, pp. 255-278.
"Computerized Double-Auction Markets: Some Initial Experimental Results," Journal of Business, 53, July 1980, pp. 235-258.
"On Nonbinding Price Controls in a Competitive Market," American Economic Review, 71, June 1981, pp. 467-474 (with Vernon L. Smith).
"Competitive Market Institutions: Double Auctions versus Sealed Bid-Offer Auctions," American Economic Review, 72, March 1982, pp. 58-77 (with Vernon L. Smith, W. Kenneth Bratton, Michael G. Vannoni).
"An Experimental Study of Alternative Rules for Competitive Market Exchange," in Auctions, Bidding and Contracting: Uses and Theory, edited by R. Engelbrecht-Wiggans, M. Shubik, R. Stark, New York University Press, 1983, pp. 307-334 (with Vernon L. Smith).
"The Effects of Rent Asymmetries in Experimental Auction Markets," Journal of Economic Behavior and Organization, 3, March 1982, pp. 99-116 (with Vernon L. Smith).
"Cyclical Double-Auction Markets With and Without Speculators," Journal of Business, 57, January 1984, pp. 1-33 (with Vernon L. Smith).
"A Comparison of Posted Offer and Double Auction Pricing Institutions," Review of Economic Studies, October 1984, pp. 595-614 (with Jon Ketcham and Vernon L. Smith).
"The Effects of Market Organization on Conspiracies in Restraint of Trade," Journal of Economic Behavior and Organization, 5, June 1984, pp. 191-222 (with R. Mark Isaac and Valerie Ramey).
"Individual Rationality, Market Rationality, and Value Estimation," American Economic Review Papers and Proceedings, May 1985, pp. 397-402 (with Peter Knez and Vernon L. Smith).
"Assessing Personnel Practices In Higher Education: A Case Study in the Hiring of Females," Economics of
Education Review, September 1986, pp. 265-272 (with William E. Becker).
"The Effects of Rent Asymmetries in Posted-Offer Markets," Journal of Economic Behavior and Organization, September 1986, pp. 303-316 (with Douglas D. Davis).
"The Formation of Price Forecasts in Experimental Markets," Journal of Money, Credit, and Banking, February 1987, pp. 1-18.
"Market Behavior in Bid, Offer, and Double Auctions: A Reexamination," Journal of Economic Behavior and Organization, 9, June 1988, pp. 301-314 (with James M. Walker).
"Bubbles, Crashes and Endogenous Expectations in Experimental Spot Asset Markets," Econometrica, 56, September 1988, pp. 1119-1151 (with Vernon L. Smith and Gerry L. Suchanek).
"An Experimental Analysis of Stock Market Bubbles: Prices, Expectations and Market Efficiency," Financial Markets and Portfolio Management, 2, 1988, pp. 19-32 (with Vernon L. Smith and Gerry L. Suchanek).
"The Boundaries of Competitive Price Theory: Convergence, Expectations and Transactions Costs," in Advances in Behavioral Economics, volume 2, edited by Leonard Green and John Kagel, Norwood, NJ: Ablex Publishing, 1990, pp. 31-53 (with Vernon L. Smith).
"Market Power and the Institutional Asymmetry of the Posted Offer Trading Institution," Economics Letters, 34, November 1990, pp. 211-214 (with Douglas D. Davis).
"Competitive Equilibrium Convergence in a Posted-Offer Market with Extreme Earnings Inequities," Journal of Economic Behavior and Organization, 14, December 1990, pp. 331-352 (with Timothy N. Cason).
"The Efficiency of Experimental Asset Markets: Empirical Robustness and Subject Sophistication," in Research in Experimental Economics, volume 4, edited by R. Mark Isaac, Greenwich, CT: JAI Press, 1991, pp. 107-190 (with Scott Anderson, David Johnston, and James Walker).
"The Hayek Hypothesis in Experimental Auctions: Institutional Effects and Market Power", Economic Inquiry, 29, April 1991, pp. 261-274 (with Douglas D. Davis).
"Experimental Market Economics," Scientific American, 276, December 1992, pp. 116-121 (with Vernon L. Smith).
"Tests of Rational Expectations in a Stark Setting," Economic Journal, 103, May 1993, pp. 586-601 (with Gerald Dwyer, Raymond Battalio, and Timothy Mason).
"Price Bubbles and Crashes in Experimental Call Markets," Economics Letters, 41, 1993, pp. 179-185 (with Mark Van Boening and Shawn Lamaster).
"The Robustness of Bubbles and Crashes in Experimental Stock Markets," in Nonlinear Dynamics and Evolutionary Economics edited by Richard H. Day, and Ping Chen, Oxford: Oxford University Press, 1993, pp. 183-200 (with Ronald R. King, Vernon L. Smith, and Mark Van Boening).
"Computerized Laboratory Exercises for Microeconomics Education: Three Applications Motivated by Experimental Economics", Journal of Economic Education, 24, Fall 1993, pp. 291-315 (with James M. Walker).
"Convergence to Nonstationary Competitive Equilibria: An Experimental Analysis," Journal of Economic Behavior and Organization, 22, December 1993, pp. 305-326 (with Douglas D. Davis and Glenn W. Harrison).
"Group Size and the Voluntary Provision of Public Goods: Experimental Evidence Utilizing Very Large Groups," Journal of Public Economics, 54, May 1994, pp. 1-36 (with R. Mark Isaac and James M. Walker).
"Anonymity and the Voluntary Provision of Public Goods," Journal of Economic Behavior and Organization, 27, December 1995, pp. 365-380 (with Susan K. Laury and James M. Walker).
"The Voluntary Provision of a Threshold Public Good: Further Experimental Results," in Research in Experimental Economics , volume 6, edited by R. Mark Isaac, Greenwich, CT: JAI Press, 1996, pp. 149-163 (with Michael B. Mysker and Peter K. Olson).
"Experimental Price Bubbles," Business Cycles and Depressions: An Encyclopedia, edited by David Glasner, New York, NY: Garland Publishing Company, 1997, pp. 207-209 (with Vernon L. Smith).
"The Effects of Nonstationarities on Performance in Call Markets," Journal of Economic Behavior and Organization, 32, 1997, pp. 39-54 (with Douglas D. Davis).
"The Voluntary Provision of a Pure Public Good with Diminishing Marginal Returns," Public Choice, 99, April 1999, pp. 139-160 (with Susan K. Laury and James M. Walker).
"Price and Volume Reactions to Public Information Releases: An Experimental Approach Incorporating Traders’ Subjective Beliefs," Contemporary Accounting Research, 16, Fall 1999, pp. 437-79 (with Ann B. Gillette, Douglas E. Stevens, and Susan G. Watts).
"Concurrent Trading in Two Experimental Markets with Demand Interdependence," Economic Theory, 16, November 2000, pp. 511-528 (with Vernon L. Smith, John O. Ledyard, and Steven Gjerstad).
"Experimental Economics Methods in the Large Undergraduate Classroom: Practical Considerations," Research in Experimental Economics, volume 8, edited by R. Mark Isaac, Amsterdam: Elsevier Science Press, 2001, pp. 1-23 (with R. Mark Isaac and James M. Walker).
"Inefficiency in Earnings Forecasts: Experimental Evidence of Reactions to Positive vs. Negative Information," Experimental Economics, 7, January 2004, pp. 75-92 (with Douglas E. Stevens).
"The Voluntary Provision of a Public Good with Binding Multi-Round Commitments," Research in Experimental Economics, volume 11, edited by Douglas D. Davis and R. Mark Isaac, Elsevier Press, 2006, pp. 225-246 (with Matthew A. Halloran and James M. Walker).
"Price Bubbles in Large Financial Asset Markets," Handbook of Experimental Economics Results, edited by Charles R. Plott and Vernon L. Smith, Amsterdam: North Holland, 2008, pp. 242-246.
"The Effect of Nonbinding Price Controls in Double Auction Trading," Handbook of Experimental Economics Results, edited by Charles R. Plott and Vernon L. Smith, Amsterdam: North Holland, 2008, pp. 46-53 (with Vernon L. Smith).
"Risk Preference Differentials of Small Groups and Individuals," Economic Journal, 118, January 2008, pp. 258-283 (with Robert S. Shupp).
"Comparing Small-Group and Individual Behavior in Lottery-Choice Experiments," Southern Economic Journal, 75, October 2008, pp. 367-382 (with Ronald J. Baker and Susan K. Laury).
"Matching Contributions and the Voluntary Provision of a Pure Public Good: Experimental Evidence," Journal of Economic Behavior and Organization, 70, May 2009, pp. 122-134 (with Ronald J. Baker and James M. Walker).
“An Exploration of the Robustness of Alternative Laboratory Methodologies: Matching Funds and the Provision of Public Goods, forthcoming in the Journal of Socio-Economics (with Ronald J. Baker and James M. Walker).
GRANTS, FELLOWSHIPS, AWARDS
National Science Foundation Grant (University of Arizona subcontract through Vernon L. Smith), "Experimental Studies of Resource Allocation Mechanisms," January - August 1980.
National Science Foundation Grant, "Computerized Experimentation with Competitive Market Environments," January 1981 - February 1984, renewed March 1984 - July 1987, renewed August 1987 - January 1989.
National Science Foundation Grant, "Competitive Exchange and Information Aggregation in Computerized Environments," June 1988 - May 1992.
National Science Foundation Grant, "Public Goods Research: An Extensive Experimental Investigation Into Endogenous Organization for Communication and Large Group Properties," collaborative research with James M. Walker (Indiana University) and R. Mark Isaac (University of Arizona), March 1989 - August 1993.
Indiana University Grant-in-Aid of Research and Inter-campus Research Fund Grant, "An Experimental Study of Public and Private Information in Financial Asset Markets," with Ann B. Gillette and Susan G. Watts, June 1993 - June 1995.
Indiana University Center on Philanthropy Research Grant, "Experimental Research on the Voluntary Provision of a Pure Public Good," with James. M. Walker (Indiana University), May 1993 - May 1994.
Indiana University Center on Philanthropy Research Grant, "The Provision of Public Goods with Matching Contributions: An Experimental Study," with James. M. Walker and Ronald Baker (Indiana University), August 2004 - June 2006.
Lilly Foundation Postdoctoral Teaching Fellowship, design undergraduate seminar in experimental economics and develop instructional software, 1983 - 84.
Consultant, Economic Science Laboratory for Research and Education, University of Arizona, design and implementation of instructional and research software, 1985 - 2001.
National Science Foundation Grant, "Laboratory Experiments for Undergraduate Instruction in Economics," Summer 1989, renewed for Summer-Fall 1991, renewed for Summer-Fall 1993, consultant and co-instructor (Principle Investigator: Donald Wells, University of Arizona), conduct professional development seminars on integrating experiments into the teaching of undergraduate economics. Additional workshops were conducted during the Summers of 1995, 1996, and 1997 via private-sector funding from the Armstrong, Mariposa, and Mulcahy Foundations.
Teaching Excellence Recognition Award, Department of Economics, Indiana University, 1996-1997 academic year.
Teaching Excellence Recognition Award, Department of Economics, Indiana University, 1999-2000 academic year.
Teaching Excellence Recognition Award, Department of Economics, Indiana University, 2004-2005 academic year.
SOFTWARE DEVELOPMENT ACTIVITIES
Author of the "PLATO Double Auction" (PDA) software package. PDA has logged thousands of subject contact hours since 1976. The package current contains options for conducting several variations of double continuous auctions, double sealed auctions, and one-sided (bid or offer) auctions in both standard induced MV/MC environments as well as multi-period "asset market" environments.
Co-author of the "PLATO Posted Offer" (PO) software package and technical consultant for many other interactive experiments on PLATO developed at the University of Arizona and Indiana University.
Author of a TUTOR language implementation of the "Binger-Hoffman" public goods allocation mechanism. (See B. Binger and E. Hoffman, "A New Approach to the Efficient Allocation of Public Goods," Purdue University, 1985; Binger, Hoffman and Williams, "Experiments on a Tatonnement Mechanism for Allocating Public Goods," Economic Science Association Meetings, March 1987.)
Co-author of a monopoly price-searching experiment for Digital Equipment Corp.'s VAX minicomputer (written in DAL and PASCAL). Author of an extensively improved version called "MONOP" written in TUTOR. This package is specifically designed for use in microeconomic theory classes; several 1,000 student contact hours have been logged since the Fall of 1986.
Author of a version of the Voluntary Contributions Mechanism (VCM) experiment designed for use as an
educational tool in microeconomics and for research focusing on free riding behavior in large decision-making groups.
This software is written in TUTOR for access via the NovaNET computer network (formerly PLATO).
Author of a "Single-Price Double-Auction Market" experiment designed for use as an educational tool in microeconomics and for research focusing on asset market behavior with a large number number of traders. This software is written in TUTOR for access via the NovaNET computer network.