This paper reports a new experimental test of prospect theoryâ??s reflection effect. We conduct a sequence of experiments that allow us to directly compare choices under reflected gains and losses where real and hypothetical payoffs range from several dollars to over $100. Lotteries with...

The existence of a beauty premium in the labor market and the male-female wage gap suggests that appearance can matter in the real world. We explore beauty and gender in a public goods experiment and find similar effects. We find a beauty premium, even though beautiful people contribute, on...

We conduct experiments in which humans repeatedly play one of two games against a computer decision maker that follows either a reinforcement learning or an Experience Weighted Attraction algorithm. Our experiments show these learning algorithms more sensitively detect exploitable opportunities...

We extend the basic model of spatial competition in two directions. First, political parties and voters do not have complete information but behave adaptively. Political parties use polls to search for policy platforms that maximize the probability of winning an election and the voting decision...

We consider two mechanisms to procure differentiated goods: a request for quote and an English auction with bidding credits. In the request for quote, each seller submits a price and the inherent quality of his good. Then the buyer selects the seller who offers the greatest difference in quality...

We conduct experiments in which humans repeatedly play one of two games against a computer decision maker that follows either a reinforcement learning or an Experience Weighted Attraction algorithm. Our experiments show these learning algorithms more sensitively detect exploitable opportunities...

This paper develops a nonparametric theory of preferences over one's own and others' monetary payoffs. We introduce "more altruistic than" (MAT), a partial ordering over preferences, and interpret it with known parametric models. We also introduce and illustrate "more generous than" (MGT), a...

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This paper reports laboratory experiments investigating behavior when players may make inferences about the intentions behind others' prior actions based on higher- or lower-accuracy information about those actions. We investigate a trust game with first mover trembling, a game in which nature...

We conduct an experiment to investigate (i) whether rotation in voting increases a committeeâ??s efficiency, and (ii) the extent to which rotation is likely to critically influence collective and individual welfare. The experiment is based on the idea that voters have to trade-off individual...