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Behavioral Measures for Laboratory Market Experiments: A Survey

Author

Listed:
  • Binierose Cacho

    (University of Hawaii)

  • Katerina Sherstyuk

    (University of Hawaii)

Abstract

Measuring individual behavioral traits may help explain observed deviations from predicted behavior and differences among participant actions in many experimental market and auction settings. We discuss existing measures of risk and time preferences, cognitive abilities, financial literacy, regret and other emotions, overconfidence, and competitiveness. We focus on short tasks and survey items that may be used as simple add-ons to main laboratory market tasks. We further touch upon methodological issues such as monetary incentives, presentation options, repeat measurements and task timing. Finally, we catalog existing laboratory market experiments that employ behavioral measures.

Suggested Citation

  • Binierose Cacho & Katerina Sherstyuk, 2026. "Behavioral Measures for Laboratory Market Experiments: A Survey," Working Papers 202603, University of Hawaii at Manoa, Department of Economics.
    • Handle: RePEc:hai:wpaper:202603
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    File URL: http://www.economics.hawaii.edu/research/workingpapers/WP_26-03.pdf
    File Function: First version, 2026
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    Keywords

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    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • C91 - Mathematical and Quantitative Methods - - Design of Experiments - - - Laboratory, Individual Behavior
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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