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My view of good graphs

My view of good graphs. Day 1 - 2012 OPIM900 Kahneman Knetsch and Thaler Tables 3&4. Four attributes. Punch line jumps at reader Are self-contained Most should be understandable without reading paper. Contain most info a table would contain Do not include clutter.

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My view of good graphs

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  1. My view of good graphs Day 1 - 2012 OPIM900 Kahneman Knetsch and Thaler Tables 3&4

  2. Four attributes • Punch line jumps at reader • Are self-contained • Most should be understandable without reading paper. • Contain most info a table would contain • Do not include clutter

  3. My view of good graphs(applying to Table 3) • Punch line jumps at reader • Endowment effect is pronounced (lack of trade) • Stable over repeated rounds • Absent from tokens experiment • Are self-contained • Don’t use “V/V*” • Explain “tokens” • Describe same subjects participated in all rounds. • Additional details about experiment • Contain most info a table would contain • Add labels with values for each round • Do not include clutter • Erase horizontal lines • Ensure y-axis does not go over plausible range

  4. Figure X. Ratio of observed/expected participants trading randomly assigned item Notes: Half of participants (N=20) were randomly endowed with an item, the other half were not. Experiment used three sets of items: tokens, mugs, and binoculars (same participants). Those with item set selling price, without buying. Based on set prices trades occur. Without endowment effect we should see about 100% of expected trades occurring. The stronger the endowment effect, the less trade.

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