In both consumer purchasing and industrial procurement, combinatorial interdependencies among the items to be purchased are commonplace. E-commerce compounds the problem by providing more opportunities for switching suppliers at low costs, but also potentially eases the problem by enabling...

A growing literature reports the conclusions that: (a) expected utility theory does not provide a plausible theory of risk aversion for both small-stakes and large-stakes gambles; and (b) this decision theory should be replaced with an alternative theory characterized by loss aversion. This...

Meta-analysis, or the "study of studies", attempts to statistically measure systematic relationships between reported valuation estimates for an environmental good or service and attributes of the study that generated the estimates including valuation methods, human population and sample...

Departures from "economic man" behavior in many games in which fairness is a salient characteristic are now well documented in the experimental economics literature. These data have inspired development of new models of social preferences incorporating inequality aversion and quasi-maximin...

Both mainstream economics and its critics have focused on models of individual rational agents even though most important decisions are made by small groups. Little systematic work has been done to study the behavior of small groups as decision-making agents in markets and other strategic games....

We model and experimentally examine the board structure-performance relationship. We examine single-tiered boards, two-tiered boards, insider-controlled boards, and outsider-controlled boards. We find that even insider-controlled boards frequently adopt institutionally preferred rather than...

This paper describes central topics in our research program on social preferences. The discussion covers experimental designs that discriminate among alternative components of preferences such as unconditional altruism, positive reciprocity, trust (in positive reciprocity), negative reciprocity,...

This paper reports three experiments with triadic or dyadic designs. The experiments include the moonlighting game in which first-mover actions can elicit positively or negatively reciprocal reactions from second movers. First movers can be motivated by trust in positive reciprocity or fear of...