John Duffy

University of California, Irvine

Department of Economics

3151 Social Science Plaza

Irvine, CA 92697

United States

  • University of California, Irvine

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    • Tel: 949-824-8341
SCHOLARLY PAPERS

43

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136

Scholarly Papers (43)

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1.

The Impact of ETF Index Inclusion on Stock Prices

Number of pages: 54 Posted: 06 Apr 2022 Last Revised: 07 May 2023
John Duffy, Daniel Friedman, Jean Paul Rabanal and Olga Rud
University of California, Irvine, University of California, Santa Cruz - Department of Economics, University of Stavanger and University of Stavanger
Downloads 699 (78,926)

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index premium, ETFs, experimental finance

2.

Trade, Voting, and ESG Policies: Theory and Evidence

Number of pages: 48 Posted: 28 Dec 2022 Last Revised: 29 Jan 2025
Daniel Friedman, John Duffy, Jean Paul Rabanal and Olga Rud
University of California, Santa Cruz - Department of Economics, University of California, Irvine, University of Stavanger and University of Stavanger
Downloads 514 (115,803)

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shareholder voting, social responsibility, ESG, experimental finance

3.

Trust Among Strangers

Philosophy of Science 71: 1-34, 2004
Number of pages: 42 Posted: 10 Apr 2002 Last Revised: 26 Jul 2012
Cristina Bicchieri, John Duffy and Gil Tolle
University of Pennsylvania, University of California, Irvine and Carnegie Mellon University
Downloads 428 (144,100)
Citation 2

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Trust, social norms, simulations

4.

An Experimental Study of Bond Market Pricing

Journal of Finance, Forthcoming
Number of pages: 105 Posted: 09 Aug 2016 Last Revised: 13 Nov 2017
Matthias Weber, John Duffy and Arthur J. H. C. Schram
University of St. Gallen - School of Finance, University of California, Irvine and University of Amsterdam - Faculty of Economics and Business (FEB)
Downloads 367 (171,491)
Citation 8

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experimental finance, asset pricing, bond markets, real effects of financial markets, experimental markets

5.

Asset Pricing with Ambiguous Signals: An Experiment

Number of pages: 40 Posted: 01 Jun 2020
Te Bao, John Duffy and Jiahua Zhu
Nanyang Technological University (NTU) - Division of Economics, University of California, Irvine and Ma Yinchu School of Economics
Downloads 322 (197,520)

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Ambiguity Aversion, Asset Bubbles, Experimental Finance, Signal Extraction, Negative Skewness

6.

An Experimental Test of the Lucas Asset Pricing Model

Review of Economic Studies, Vol. 86(2), pp. 627-667
Number of pages: 81 Posted: 06 May 2010 Last Revised: 28 Jan 2020
Sean Crockett, John Duffy and Yehuda (Yud) Izhakian
Chapman University, University of California, Irvine and City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance
Downloads 315 (202,199)
Citation 15

Abstract:

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Experiment, Asset Pricing, Bubble, Disequilibrium

7.

Market Reactions to Stock Splits: Experimental Evidence

Number of pages: 40 Posted: 25 Feb 2021 Last Revised: 16 Mar 2023
John Duffy, Jean Paul Rabanal and Olga Rud
University of California, Irvine, University of Stavanger and University of Stavanger
Downloads 303 (210,871)
Citation 3

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Stock splits, asset pricing, behavioral finance, cognitive reflection, experimental finance

8.

Dollarization Traps

Journal of Money, Credit, and Banking, Vol. 38, No. 8, 2006
Number of pages: 36 Posted: 27 Nov 2004 Last Revised: 06 May 2016
John Duffy, Maxim Nikitin and R. Todd Smith
University of California, Irvine, Higher School of Economics and University of Alberta
Downloads 303 (210,871)
Citation 3

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Dollarization, Asset Substitution, Hysteresis, Inflation, Financial Intermediation

9.

Do Actions Speak Louder than Words? An Experimental Comparison of Observation and Cheap Talk

Number of pages: 31 Posted: 14 Nov 2000
John Duffy and Nick Feltovich
University of California, Irvine and University of Houston - Department of Economics
Downloads 294 (217,625)
Citation 12

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Coordination Games, Cheap Talk, Observation, Information, Experimental Economics

10.

ETF Indexing Strategies and Asset Prices: Experimental Evidence

Number of pages: 43 Posted: 16 Apr 2024 Last Revised: 09 Sep 2024
Peter Bossaerts, John Duffy, Jean Paul Rabanal, Olga Rud and Nitin Yadav
University of Cambridge, University of California, Irvine, University of Stavanger, University of Stavanger and University of Melbourne - Department of Finance
Downloads 268 (239,448)

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asset pricing, ETFs, experimental finance

11.

Liquidity constraints, income variance, and buffer stock savings: Experimental evidence

Number of pages: 78 Posted: 13 Nov 2020 Last Revised: 28 Mar 2024
John Duffy and Andreas Orland
University of California, Irvine and Corvinus University of Budapest
Downloads 242 (265,231)
Citation 1

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Experimental Economics, Inter-Temporal Optimization, Liquidity Constraints, Consumption, Saving, Debt Aversion

12.

Pricing Indefinitely Lived Assets: Experimental Evidence

Downloads 235 (272,905)
Citation 5

Pricing Indefinitely Lived Assets: Experimental Evidence

Number of pages: 42 Posted: 16 Jul 2019 Last Revised: 09 Sep 2021
John Duffy, Janet Jiang and Huan Xie
University of California, Irvine, Bank of Canada and Concordia University
Downloads 186 (339,226)
Citation 5

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asset pricing, behavioral finance, experiments, indefinite horizon, random termination, risk and uncertainty, expected utility, Epstein-Zin recursive preferences, probability weighting

Pricing Indefinitely Lived Assets: Experimental Evidence

Number of pages: 45 Posted: 09 Feb 2022
Admin SSRN au/at CIRANO, John Duffy, Janet Hua Jiang and Huan Xie
CIRANO, University of California, Irvine, Government of Canada - Bank of Canada and Concordia University
Downloads 49 (838,492)

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asset pricing, behavioral finance, experiments, indefinite horizon, random termination, risk and uncertainty, Epstein-Zin recursive preferences, probability weighting

13.

Social Conformity Under Evolving Private Preferences

Number of pages: 44 Posted: 17 Aug 2018 Last Revised: 02 Sep 2020
John Duffy and Jonathan Lafky
University of California, Irvine and Carleton College - Department of Economics
Downloads 213 (299,818)
Citation 5

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Conflict, Conformity, Social Change, Hypocrisy, Insincerity, Groupthink, Pluralistic Ignorance, Preference Falsification, Experimental Economics

14.

Learning, Forecasting and Optimizing: An Experimental Study

Downloads 208 (306,674)
Citation 22

Learning, Forecasting and Optimizing: An Experimental Study

European Economic Review, Vol. 61, No. July, 2013, Tinbergen Institute Discussion Paper No. 12-015/1
Number of pages: 52 Posted: 18 Feb 2012 Last Revised: 06 May 2016
Te Bao, John Duffy and Cars H. Hommes
Nanyang Technological University (NTU) - Division of Economics, University of California, Irvine and Government of Canada - Bank of Canada
Downloads 107 (536,421)
Citation 1

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Learning, Rational Expectations, Optimization, Experimental Economics, Bounded Rationality

Learning, Forecasting and Optimizing: An Experimental Study

European Economic Review, Vol. 61, 2013
Number of pages: 59 Posted: 16 Feb 2012 Last Revised: 13 May 2013
Te Bao, John Duffy and Cars H. Hommes
Nanyang Technological University (NTU) - Division of Economics, University of California, Irvine and Government of Canada - Bank of Canada
Downloads 101 (559,950)
Citation 21

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learning, rational expectations, optimization, experimental economics, bounded rationality

15.

The Impact of ETFs in Secondary Asset Markets: Experimental Evidence

Number of pages: 48 Posted: 28 Dec 2019 Last Revised: 19 Jan 2021
John Duffy, Jean Paul Rabanal and Olga Rud
University of California, Irvine, University of Stavanger and University of Stavanger
Downloads 197 (322,587)
Citation 1

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ETF, Asset Pricing, Volume, Experimental Finance

16.

Social Norms, Information and Trust Among Strangers: Theory and Evidence

Economic Theory, Vol. 52, No. 2, 2013
Number of pages: 44 Posted: 06 Jul 2009 Last Revised: 06 May 2016
John Duffy, Huan Xie and Yong-Ju Lee
University of California, Irvine, Concordia University and Samsung - Samsung Research Institute of Finance
Downloads 195 (325,588)
Citation 6

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Social Norms, Trust Game, Experiments, Random Matching, Trust and Reciprocity, Information, Reputational Mechnisms, Credit Bureaus, Contagious Equilibrium

17.

Internet Auctions With Artificial Adaptive Agents: A Study on Market Design

Number of pages: 36 Posted: 30 Aug 2006
John Duffy and M. Utku Ünver
University of California, Irvine and Boston College - Department of Economics
Downloads 179 (352,080)
Citation 2

Abstract:

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auctions, artificial agent simulations, genetic algorithm, finite automata

18.

Information Ambiguity, Market Institutions and Asset Prices: Experimental Evidence

Number of pages: 84 Posted: 20 Apr 2021 Last Revised: 02 Oct 2021
Te Bao, John Duffy and Jiahua Zhu
Nanyang Technological University (NTU) - Division of Economics, University of California, Irvine and Ma Yinchu School of Economics
Downloads 174 (360,908)
Citation 2

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Ambiguity Aversion, Information ambiguity, Asset Bubbles, Experimental Finance, Signal Extraction

19.

Credit Default Swap Regulation in Experimental Bond Markets

Tinbergen Institute Discussion Paper 2019-039/I
Number of pages: 55 Posted: 21 Jun 2019
Matthias Weber, John Duffy and Arthur J. H. C. Schram
University of St. Gallen - School of Finance, University of California, Irvine and University of Amsterdam - Faculty of Economics and Business (FEB)
Downloads 168 (372,165)
Citation 4

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experimental finance, asset market experiment, CDS, financial regulation, behavioral finance

20.

Sunspots in the Laboratory

American Economic Review, Vol. 95, No. 3, 2005
Number of pages: 54 Posted: 17 Dec 2003 Last Revised: 06 May 2016
John Duffy and Eric O'Neill Fisher
University of California, Irvine and California State Polytechnic University, San Luis Obispo - Orfalea College of Business
Downloads 166 (376,023)
Citation 14

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Sunspots, Asset Markets, Self-fulfilling Prophecies, Extrinsic Uncertainty, Correlated Equilibrium, Experimental Economics

21.

Financial Contagion in the Laboratory: Does Network Structure Matter?

Journal of Money, Credit, and Banking Vol 51, 2019, pp.1097-1136.
Number of pages: 34 Posted: 11 Jun 2016 Last Revised: 19 Aug 2020
John Duffy, Aikaterini Karadimitropoulou and Melanie Parravano
University of California, Irvine, University of East Anglia (UEA) and University of Newcastle
Downloads 143 (425,752)
Citation 5

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Contagion, Networks, Experiments, Bank Runs, Interbank Deposits, Financial Fragility

22.

Does Competition Affect Giving? An Experimental Study

Journal of Economic Behavior and Organization, Vol. 74, No. 1-2, 2010
Number of pages: 44 Posted: 29 Jul 2005 Last Revised: 06 May 2016
John Duffy and Tatiana Kornienko
University of California, Irvine and University of Edinburgh - Economics
Downloads 138 (437,824)
Citation 7

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Charitable giving, competitive altruism, experimental economics, status, relative concerns, tournaments

23.

Bargaining Under Liquidity Constraints: Nash vs. Kalai in the Laboratory

Downloads 120 (488,763)
Citation 3

Bargaining Under Liquidity Constraints: Nash vs. Kalai in the Laboratory

FRB of Dallas Working Paper No. 2113
Number of pages: 59 Posted: 22 Nov 2021
John Duffy, Lucie Lebeau and Daniela Puzzello
University of California, Irvine, Federal Reserve Banks - Federal Reserve Bank of Dallas and Indiana University Bloomington - Department of Economics
Downloads 63 (741,586)

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Bargaining, Monetary Economics, Experimental Economics

Bargaining Under Liquidity Constraints: Nash vs. Kalai in the Laboratory

Number of pages: 53 Posted: 19 Oct 2021
John Duffy, Lucie Lebeau and Daniela Puzzello
University of California, Irvine, Federal Reserve Banks - Federal Reserve Bank of Dallas and Indiana University Bloomington - Department of Economics
Downloads 57 (780,164)
Citation 3

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Bargaining, Monetary Economics, Experimental Economics

24.

Learning and Structural Change in Macroeconomic Data

FRB of St. Louis Working Paper No. 2004-016A
Number of pages: 47 Posted: 01 Aug 2005
James Bullard and John Duffy
Federal Reserve Banks - Federal Reserve Bank of St. Louis and University of California, Irvine
Downloads 119 (491,828)
Citation 2

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Business cycle theory, learning, structural change, new economy, productivity slowdown

25.

Do Tax Deferred Accounts Improve Lifecycle Savings? Experimental Evidence

Number of pages: 75 Posted: 27 Sep 2021 Last Revised: 13 Aug 2023
John Duffy and Yue Li
University of California, Irvine and SUNY University at Albany
Downloads 112 (514,751)
Citation 1

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Tax Deferred Accounts, Lifecycle Model, Consumption, Savings, Retirement Planning, Behavioral and Experimental Economics.

26.

The Friedman Rule:Experimental Evidence

Number of pages: 53 Posted: 03 Jan 2019 Last Revised: 28 Sep 2020
John Duffy and Daniela Puzzello
University of California, Irvine and Indiana University Bloomington - Department of Economics
Downloads 104 (543,440)

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Money, Search, Monetary Policy, Friedman Rule, Experimental Economics

27.

On the Origin of Polarization

Number of pages: 63 Posted: 16 Feb 2022 Last Revised: 16 Mar 2024
John Duffy and Seung Han Yoo
University of California, Irvine and Korea University, Department of Economics
Downloads 103 (547,323)

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Polarization, group bias, homophily, private monitoring, sorting, Bayesian learning

28.

Lifecycle Consumption under Different Income Profiles: Experimental Evidence

Number of pages: 62 Posted: 19 Oct 2016
John Duffy and Yue Li
University of California, Irvine and SUNY University at Albany
Downloads 103 (547,323)
Citation 1

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Lifecycle Model, Consumption and Savings, Retirement Planning, Behavioral and Experimental Economics

29.

(Re-) Inventing the Traffic Light: Designing Recommendation Devices for Play of Strategic Games

Number of pages: 63 Posted: 25 May 2023
Mikhail Anufriev, John Duffy, Valentyn Panchenko and Benjamin Young
University of Technology Sydney (UTS), University of California, Irvine, UNSW Business School, Economics, University of New South Wales and University of Technology Sydney (UTS)
Downloads 98 (566,404)
Citation 1

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Mechanism Design, Recommendations, Correlated Equilibrium, Nash Equilibrium, Experimental Economics

30.

Search, Unemployment, and the Beveridge Curve: Experimental Evidence

Number of pages: 41 Posted: 04 Jan 2023 Last Revised: 17 May 2023
John Duffy and Brian C. Jenkins
University of California, Irvine and University of California, Irvine - Department of Economics
Downloads 83 (627,471)

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Unemployment, Beveridge curve, job search, matching, experimental economics

31.

Innovate Versus Imitate: Theory and Experimental Evidence

Journal of Economic Behavior & Organization, Vol.177, September 2020, pp. 727-751
Number of pages: 53 Posted: 24 Apr 2019 Last Revised: 19 Aug 2020
John Duffy and Jason Ralston
University of California, Irvine and Whitman College
Downloads 83 (627,471)

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Innovation, Imitation, Risk, Ambiguity, Regret Minimization, Experimental Economics

32.

Correlated Equilibria, Good and Bad: An Experimental Study

University of Aberdeen Business School Working Paper No. 2008-6
Number of pages: 24 Posted: 14 Jul 2008
John Duffy and Nick Feltovich
University of California, Irvine and University of Aberdeen - Business School
Downloads 80 (640,879)

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correlated equilibrium, recommendation, coordination problem, chicken game, hawk

33.

Learning in Two-Dimensional Beauty Contest Games: Theory and Evidence

UNSW Business School Research Paper Forthcoming
Number of pages: 88 Posted: 20 Jun 2019 Last Revised: 11 Sep 2021
Mikhail Anufriev, John Duffy and Valentyn Panchenko
University of Technology Sydney (UTS), University of California, Irvine and UNSW Business School, Economics, University of New South Wales
Downloads 69 (694,694)
Citation 3

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Beauty Contest, Learning, Stability, Simultaneous Equation Systems, Level-k theory, Cognitive hierarchy model, Experimental Economics

34.

Least Squares Learning? Evidence from the Laboratory

Number of pages: 67 Posted: 25 Sep 2022
Te Bao, Yun Dai and John Duffy
Nanyang Technological University (NTU) - Division of Economics, Lingnan College, Sun Yat-Sen University and University of California, Irvine
Downloads 66 (710,852)
Citation 2

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Rational Expectations Equilibrium, Least Squares Learning, Experimental Economics, Learning-to-Forecast Experiment, Behavioral Macroeconomics.

35.

Asset Prices and Bank Runs: Theory and Experimental Evidence

Number of pages: 63 Posted: 10 Feb 2025
Diemo Dietrich, John Duffy, Aikaterini Karadimitropoulou and Melanie Parravano
University of Greifswald - Department of Economics, University of California, Irvine, University of Piraeus - Department of Economics and University of Newcastle
Downloads 64 (722,105)

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Asset prices, bank runs, strategic uncertainty, financial fragility

36.

Adoption of a New Payment Method: Experimental Evidence

Number of pages: 72 Posted: 13 Jan 2022
Jasmina Arifovic, John Duffy and Janet Jiang
Simon Fraser University (SFU) - Department of Economics, University of California, Irvine and Bank of Canada
Downloads 63 (727,925)
Citation 6

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Payment methods, network effects, experimental economics

37.

Public Good Bargaining under Mandatory and Discretionary Rules: Experimental Evidence

Number of pages: 70 Posted: 01 Feb 2023
John Duffy and SunTak Kim
University of California, Irvine and affiliation not provided to SSRN
Downloads 49 (819,637)

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Public Good, Dynamic Bargaining Game, Mandatory Rules, Discretionary Rules, Bargaining Experiment

38.

Heterogeneous Experience and Constant-Gain Learning

Number of pages: 33 Posted: 23 Sep 2023
John Duffy and Michael Shin
University of California, Irvine and The University of Sydney
Downloads 38 (910,946)

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Bounded rationality, Learning, Experience, Heterogeneity, Perpetual-youth model

39.

A Double Slit Experiment with Human Subjects

Number of pages: 42 Posted: 25 Aug 2020 Last Revised: 28 Jan 2021
John Duffy and Ted P. Loch-Temzelides
University of California, Irvine and Rice University
Downloads 37 (920,321)

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Double Slit Experiment, Non-Commutativity, Wave-Particle Duality, Decision-Making, Human Subject Experiment

40.

Paying to Avoid the Spotlight

Number of pages: 40 Posted: 16 Apr 2024
Te Bao, John Duffy and Nobuyuki Hanaki
Nanyang Technological University (NTU) - Division of Economics, University of California, Irvine and Osaka University - Institute of Social and Economic Research
Downloads 32 (969,219)

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Privacy, Monitoring, Surveillance, Willingness to Pay, Dishonesty, Lying, Social Image Concerns

41.

Individual Evolutionary Learning in Repeated Beauty Contest Games

UNSW Business School Research Paper Forthcoming
Number of pages: 38 Posted: 20 Dec 2023
Mikhail Anufriev, John Duffy and Valentyn Panchenko
University of Technology Sydney (UTS), University of California, Irvine and UNSW Business School, Economics, University of New South Wales
Downloads 27 (1,023,083)

Abstract:

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Beauty Contest Game, Learning, Evolutionary Dynamics, Testbed, Agent-based model

42.

Asset Prices and Bank Runs: Theory and Experimental Evidence

Number of pages: 63
Diemo Dietrich, John Duffy, Aikaterini Karadimitropoulou and Melanie Parravano
University of Greifswald - Department of Economics, University of California, Irvine, University of Piraeus - Department of Economics and University of Newcastle
Downloads 1

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Asset prices, bank runs, strategic uncertainty, financial fragility, experimental economics. JEL classification numbers: C92, D81, G21

43.

Does Observation of Others Affect Learning in Strategic Environments? An Experimental Study

Posted: 20 Apr 1999
John Duffy and Nick Feltovich
University of California, Irvine and University of Houston - Department of Economics

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Other Papers (1)

Total Downloads: 41
Actions:
Email selected abstracts
1.

An Experimental Study of Bond Market Pricing

Tinbergen Institute Discussion Paper 16-059/I
Number of pages: 50 Posted: 10 Aug 2016
Matthias Weber, John Duffy and Arthur J. H. C. Schram
University of St. Gallen - School of Finance, University of California, Irvine and University of Amsterdam - Faculty of Economics and Business (FEB)
Downloads 41

Abstract:

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bond markets, experimental finance, experimental markets, asset pricing, learning