Improving Choice Models: Multiple Goal Pursuit and Multi-Stage Decision Processes. This project aims to develop new econometric models of choice behaviour that recognise individuals adopt “how to decide” strategies when choosing between alternatives. Existing models simplistically assume that people evaluate all goods and choose the best of them, when in fact they ignore some goods, select what information is relevant, pursue multiple goals, and otherwise deviate from the assumptions commonly ma ....Improving Choice Models: Multiple Goal Pursuit and Multi-Stage Decision Processes. This project aims to develop new econometric models of choice behaviour that recognise individuals adopt “how to decide” strategies when choosing between alternatives. Existing models simplistically assume that people evaluate all goods and choose the best of them, when in fact they ignore some goods, select what information is relevant, pursue multiple goals, and otherwise deviate from the assumptions commonly made in econometric models. Filling in this significant gap in the choice modelling literature constitutes a significant contribution to improving our understanding of human decision making and policy analysis in every area of human endeavour.Read moreRead less
Accounting for preference seperability in stated choice experiments. This project aims to unite three separate streams of applied economic research into a single framework in order to develop a micro-economically consistent framework for demand forecasting and analysis. Forecasting demand to improve product performance or policy impacts requires realistic representations of how humans actually make choices. Combining theories of preference separability with recent developments in both activity a ....Accounting for preference seperability in stated choice experiments. This project aims to unite three separate streams of applied economic research into a single framework in order to develop a micro-economically consistent framework for demand forecasting and analysis. Forecasting demand to improve product performance or policy impacts requires realistic representations of how humans actually make choices. Combining theories of preference separability with recent developments in both activity and time use modelling and stated choice techniques, the project plans to develop new insights into consumer equilibrium as well as new econometric methods to test for the assumption of preference separability. Project outcomes would lead to an improved understanding of consumer behaviour as well as demand forecasting, with benefits to studies involving the need for benefit cost comparisons.Read moreRead less
A New framework to improve human-robot interaction in financial markets. This project aims to investigate the interaction of humans with robots (automated, algorithmic traders) in financial markets. It will build a novel environment based on controlled experiments within the context of financial markets. It is expected to discover how market participants choose to engage robots, and when and why robots are disengaged. The project will also investigate how the use of robots affects price behavio ....A New framework to improve human-robot interaction in financial markets. This project aims to investigate the interaction of humans with robots (automated, algorithmic traders) in financial markets. It will build a novel environment based on controlled experiments within the context of financial markets. It is expected to discover how market participants choose to engage robots, and when and why robots are disengaged. The project will also investigate how the use of robots affects price behaviour, and efficiency of allocation. This will provide significant benefits, such as enhancing Australia’s capacity for the scientific study of financial markets and for developing financial technology using an experimental method.Read moreRead less
Discovery Early Career Researcher Award - Grant ID: DE170100608
Funder
Australian Research Council
Funding Amount
$396,000.00
Summary
The economic and social consequences of illicit drug markets. This project aims to understand the economic and social effects of illicit drugs. An estimated one-quarter of a billion people use illicit drugs each year. This causes major health and personal problems, while the violence and organised crime associated with illicit drug markets affect society. This project will apply econometric techniques to administrative and survey data to establish the long-term causal effects of illicit drug mar ....The economic and social consequences of illicit drug markets. This project aims to understand the economic and social effects of illicit drugs. An estimated one-quarter of a billion people use illicit drugs each year. This causes major health and personal problems, while the violence and organised crime associated with illicit drug markets affect society. This project will apply econometric techniques to administrative and survey data to establish the long-term causal effects of illicit drug markets on crime, health, education and employment. The results are expected to show how illicit drug policies can improve health and well-being in communities.Read moreRead less
A study of consumers' competence when choosing between complex mobile phone contracts and the regulatory implications of their coping strategies. The main outcome of this project will be a better understanding of which kinds of mobile phone contracts and methods of displaying them to potential users are the biggest sources of decision making errors, and which techniques for coping with a plethora of such contracts are the most reliable ones. This knowledge will be used to derive recommendations ....A study of consumers' competence when choosing between complex mobile phone contracts and the regulatory implications of their coping strategies. The main outcome of this project will be a better understanding of which kinds of mobile phone contracts and methods of displaying them to potential users are the biggest sources of decision making errors, and which techniques for coping with a plethora of such contracts are the most reliable ones. This knowledge will be used to derive recommendations for consumer policy agencies and advice for consumers that will increase financial welfare and reduce mental stress for consumers. Some of the findings may have implications for regulators seeking to design consumer protection policies in other area where firms deliberately offer customers opaque contracts.Read moreRead less
Discovery Early Career Researcher Award - Grant ID: DE160100213
Funder
Australian Research Council
Funding Amount
$335,000.00
Summary
Optimising the National Benefits From Restoring Environmental Water Flows. The project plans to evaluate strategies that may maximise the national benefits from restoring environmental flows in Australia’s Murray–Darling Basin (MDB). MDB water supply is characterised by prolonged droughts and flood events, and future climatic projections anticipate that these water supply events will intensify. As the uncertainty of future water supply increases, it is important that the volume of water provided ....Optimising the National Benefits From Restoring Environmental Water Flows. The project plans to evaluate strategies that may maximise the national benefits from restoring environmental flows in Australia’s Murray–Darling Basin (MDB). MDB water supply is characterised by prolonged droughts and flood events, and future climatic projections anticipate that these water supply events will intensify. As the uncertainty of future water supply increases, it is important that the volume of water provided by the portfolio of water rights is known. By examining how decision-makers adapt to water supply uncertainty, optimal management strategies could be determined for watering key ecological assets, trading water between irrigators and the government; and private and public investments.Read moreRead less
Price-Setting Rules and Allocative Efficiency in Oligopolies. This project aims to investigate under which circumstances restrictions on how often firms can change prices increase competition in an oligopoly and bring down prices. For this, we propose the use of laboratory experiments with a novel design followed by field experiments and a real price-data analysis for external validation. This study will result in both the advancement of theory describing how firms compete in dynamic oligopolies ....Price-Setting Rules and Allocative Efficiency in Oligopolies. This project aims to investigate under which circumstances restrictions on how often firms can change prices increase competition in an oligopoly and bring down prices. For this, we propose the use of laboratory experiments with a novel design followed by field experiments and a real price-data analysis for external validation. This study will result in both the advancement of theory describing how firms compete in dynamic oligopolies and practical policy advice on how price setting rules can be used to improve consumer welfare. This project has the potential to generate sizable benefits to Australian consumers, as the resulting policy advice would be applicable to large markets such as those for petrol, groceries and online retail.Read moreRead less
Competition in medical labour markets. A sharp increase in the supply of medical practitioners has occurred in Australia. This is expensive and has uncertain effects on population health, earnings, and the distribution of medical practitioners. The aim of this project is to examine the impact of competition and increased supply on the prices charged, the quality of care provided, and the health status of patients. The research also aims to examine the location choices of medical practitioners an ....Competition in medical labour markets. A sharp increase in the supply of medical practitioners has occurred in Australia. This is expensive and has uncertain effects on population health, earnings, and the distribution of medical practitioners. The aim of this project is to examine the impact of competition and increased supply on the prices charged, the quality of care provided, and the health status of patients. The research also aims to examine the location choices of medical practitioners and is expected to generate new and important evidence using unique longitudinal data.Read moreRead less
Adaptive economic management of Australia's urban water. This project responds to the so-called 'wicked problem' of ensuring an adequate supply of water to urban consumers at the lowest price even during long-term droughts. The project will generate, for the first time in the world, an integrated, dynamic, and adaptive supply and demand model to manage urban water optimally over time.
Market Design for the Reallocation of Land. This fellowship uses laboratory and lab-in-the-field experiments to explores how market design can be used to develop combinatorial exchanges that allow participants to exchange packages of land. Allowing for package bids can facilitate trade in situations where owning one piece of land increases the value of adjacent land and where assembling contiguous pieces of land is important. Combinatorial exchanges have the potential to increase the productivit ....Market Design for the Reallocation of Land. This fellowship uses laboratory and lab-in-the-field experiments to explores how market design can be used to develop combinatorial exchanges that allow participants to exchange packages of land. Allowing for package bids can facilitate trade in situations where owning one piece of land increases the value of adjacent land and where assembling contiguous pieces of land is important. Combinatorial exchanges have the potential to increase the productivity of agriculture land in both Australia and developing countries, encourage urban redevelopment, and help the government secure land for infrastructure and environmental protection in a cost-effective way.Read moreRead less