UROP Project
Hedging in Ambiguity Experiments
Economics, Math, Psychology, Experiment, Risk
Research Mentor: Jose Lopez,
Department, College, Affiliation: Economics, Social Sciences and Public Policy
Contact Email: jlopez4@fsu.edu
Research Assistant Supervisor (if different from mentor):
Research Assistant Supervisor Email:
Faculty Collaborators:
Faculty Collaborators Email:
Department, College, Affiliation: Economics, Social Sciences and Public Policy
Contact Email: jlopez4@fsu.edu
Research Assistant Supervisor (if different from mentor):
Research Assistant Supervisor Email:
Faculty Collaborators:
Faculty Collaborators Email:
Looking for Research Assistants: Yes
Number of Research Assistants: 2
Relevant Majors: Open to all majors.
Priority will be given to students majoring (or planning to major) in Economics, Math, Psychology, or any field related to these 3.
Project Location: On FSU Main Campus
Research Assistant Transportation Required: Remote or In-person: In-person
Approximate Weekly Hours: 10, During business hours
Roundtable Times and Zoom Link:
Number of Research Assistants: 2
Relevant Majors: Open to all majors.
Priority will be given to students majoring (or planning to major) in Economics, Math, Psychology, or any field related to these 3.
Project Location: On FSU Main Campus
Research Assistant Transportation Required: Remote or In-person: In-person
Approximate Weekly Hours: 10, During business hours
Roundtable Times and Zoom Link:
- Day: Tuesday, September 2
Start Time: 12:00
End Time: 12:30
Zoom Link: https://fsu.zoom.us/j/91912565846 - Day: Wednesday, September 3
Start Time: 5:00
End Time: 5:30
Zoom Link: https://fsu.zoom.us/j/94596827434 - Day: Friday, September 5
Start Time: 1:00
End Time: 1:30
Zoom Link: https://fsu.zoom.us/j/93244441037
Project Description
This is an economic experiment testing individual decision making under risk and ambiguity. (*Note that risk and ambiguity are distinct concepts in economics.)Bag 1 has 100 balls. 50 are red and 50 are blue.
Bag 2 has 100 balls. Each ball is either red or blue, but you are not told how many are red/blue.
The experimenter is going to draw one ball from each bag. You win $10 if the experimenter draws a red ball from Bag 1, and you win $10 if the experimenter draws a red ball from Bag 2.
The relevant question: How much do you value each bet?
Bag 1 is the "Risky Bag" because you know your probability of winning. You have a 50% chance of winning $10.
Bag 2 is the "Ambiguous Bag" because you DON'T know your probability of winning. It is possible that you could have as high as a 100% chance of winning or as low as a 0% chance of winning.
*We will test behavior in a setting similar to this. There are different economic models that predict behavior in these kinds of settings. We will compare the results of our experiment to the behavior predicted by the different economic models.
Research Tasks: Data collection, literature review, writing assistance, etc.
Skills that research assistant(s) may need: Required:
1. Reliable (you do what you say you are going to do)
2. Responsive (you promptly respond to messages)
Recommended:
1. You are not scared of math
Mentoring Philosophy
As a research mentor, I want to encourage students to think critically and be open to defending their perspectives. My goal is to foster an environment where students feel comfortable being wrong and they feel confident that I will allow them to be right. (This just means that I will not try to twist things so that I am always right and you are always wrong.) I believe that this kind of environment is the best way to facilitate learning.This fall, I am starting my 9th (and final) year of college. I say this to acknowledge that I have been studying economics for a very long time. BUT, I want to stress that this does not mean that I think I am smarter than you. All that this means is that I've had more years to accumulate knowledge. I value the perspectives of my students, and I really do believe that I can learn from them. With that said, I know that the only way that I can learn from them is if I foster an environment where they are willing to share their perspective, even when it is contradictory to mine.
So, yes, my mentoring philosophy does benefit me, but I think it will benefit you as well.
*You will, of course, learn a lot about economics as my mentee. I am interested in the intersection between economic theory and experiments. If either of those are interesting to you, then this project may be a good fit.
Additional Information
When you apply, please provide any information that you think will make you stand out as a candidate. There are many students applying, and I will not be able to interview everyone. I can only speak for myself, but I promise that I will not view you as immodest. I want you to sell yourself to the best of your ability.Information that may be relevant:
Prior research experience, career goals that make this project relevant, high GPA/test scores, relevant awards/certifications, etc.
Also, don't be afraid to include things that you are unsure if I will find relevant. If you believe it is relevant, I encourage you to include it.
Examples:
Yes, I believe being the captain of your sports team is impressive and says something positive about you.
Yes, I believe starting a small business, even if not super profitable, is impressive and says something positive about you.
*These are just 2 examples, but I could easily think of many more. Everyone has things like this, so please do not sell yourself short. If you are worried that I won't immediately see the value, feel free to explain it. (*I will say that an explanation is probably unnecessary in most cases.)