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Becker, Otwin and Leopold-Wildburger, Ulrike and Schuetze, Joerg (2004) Some new Lotka-Volterra experiments. CEJOR, Cent. Eur. J. Oper. Res. , 12 (2). pp. 187-196. ISSN 1435246X

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Summary: The experiment described here has the problems of economic stabilisation in mind, but, mainly for reasons of simplicity, it tackles the problem in the field of biology. A biotope consisting of two populations — hares and foxes — should be brought to a stationary fixpoint level by means of four different instruments. In each treatment of the experiment, however, only one instrument can be used to reach the two-dimensional goal. In the treatment described here in more detail the subjects had to decide about adding or taking away certain numbers of hares to reach the equilibrium point. This sort of direct intervention causes changes in both populations.\par Our aim is mainly to collect information about the behaviour of the subjects and the heuristics adopted by the participants. We ask questions about the prominence of numbers and we are able to figure out useful explanations with empirical evidence.

Item Type: Article
Uncontrolled Keywords: experimental economics; predator-prey model; Goodwin's trade cycle theory; business fluctuations; Lotka-Volterra model; heuristics for stabilisation processes; prominence of numbers
Depositing User: Dr. Joerg Schuetze
Date Deposited: 24 Jun 2012 23:26
Last Modified: 25 Jun 2012 06:37
URI: http://opendepot.org/id/eprint/1162

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