This repository provides relevant material related to the JBF paper. In particular, it includes the instructions in German language, the software files (z-tree), the experimental data, and the analysis code. Using this material, please cite the paper.
The folder 1_instructions includes (0) the presentation used in the sessions with the general session overview and the trader screen for the explanation of the market environment, the instructions in German used in the experiments, i.e., (1) instructions for the EET, (2) instructions for the market experiment (once for treatment FIXED and once for treatment FLUCT), and (3) the experimenter instructions separated by treatment and regime order.
The folder 2_software includes the packages for experimental implementation in zTree (v3.6.7) separated by treatment and regime order. .ztt files include the software text. .zdata files store input data, e.g., structure.zdata sets the regime order, and tagnums.zdata sets trader tags that link traders’ actions for observers. Questionnaire.ztq is the post-experiment questionnaire and concludes the session.
The folder 3_data_zTree (separated into/FIXED and /FLUCT) includes the original data records from zTree.
The folder 4_data_excel stores the renamed .xls files of folder 3_data_zTree. The files in both folders are linked via their file names. We modified the files in 4_data_excel such that the variable Date includes the GroupID and euro signs are replaced by 'Euro'.
The folder 5_analyses provides the codes for (1) data preparation and (2) the analyses shown in the paper. Detailed variable descriptions are provided in 2_analyses_vote.pdf.
The file 1_dataPreparation_vote.R scripts the steps from loading files from the folder 4_data_excel to the output of file Data.RData.
Data.RData consists of nine data tables: marketsummary, tradersummary, subjects, Votes, observers, transactions, offers, seconds, and avgtraderprofit.
The file 2_analyses_vote.Rmd scripts the analyses in Rmarkdown format, i.e., calculations are in .R format and can be replicated in the R console. Moreover, this file compiles the 2_analyses_vote.pdf as an output.