The Behavioral and Economic Decision Making Laboratory (BEDMLab)
The Behavioral and Economic Decision Making Laboratory (BEDMLab) has been founded to improve the understanding of the behavioral aspects of economic, financial, managerial, and social decision-making by individuals, firms, and institutions. By using a combination of data from public and private registers, surveys, and experiments, researchers will be able to study empirical problems in many fields. This will enhance experiential learning in the taught courses by using the experimental methodology, whilst facilitating and encouraging an interdisciplinary approach to research and teaching among the different departments at the university.
A long methodological literature has demonstrated the importance of induced valuation, which is, paying experimental participants for their participation in the experiment (Smith 1976).
The most critical attribute of induced valuation is that participants are incentivized in a way, which matches real-world outcomes. In order to imitate these real-world outcomes, experimentalists provide participants with an opportunity to earn different amounts of money. Each experiment has its own payment rules but, in general, the amount earned by an individual can depend on the decisions they made, decisions made by other participants, and an element of chance.
For each experiment, a certain number of registered individuals will get an invitation by email. This email will allow the participant to take part in the experiment that will be conducted. Participants are requested to indicate their availability to participate by replying positively to the email.
All invited individuals consenting to participate in an experiment will be asked to sign an Informed Consent form before the beginning of an experiment. This will outline all the experiment's procedures and the participant's right for participation.
During an experiment, each participant must act upon the rules stated by the experimentalists in the instructions. Individuals failing to follow the rules will be asked to leave the lab and will not get the chance to be financially compensated for their time.
All payments will be made at the end of the experimental session.
Participants who have positively responded to an invitation email will be asked to kindly show proof of their Student ID upon their arrival. This will ensure that only those individuals who have signed up for the experiment get to participate.