In this paper we analyze a consumer choice model with price uncertainty, loss aversion, and expectation-based reference points. The implications of this model are tested in an experiment in which participants have to make a consumption choice between two sandwiches. We make use of the fact that...

This paper shows how conflicting normative views of fair contribution rules can be used to design sequential contribution mechanisms to foster human cooperation in heterogeneous populations. Our model predicts that a sequential mechanism which solicits contributions first from wealthy actors...

This paper shows how conflicting normative views of fair contribution rules can be used to design sequential contribution mechanisms to foster human cooperation in heterogeneous populations. Our model predicts that a sequential mechanism which solicits contributions first from wealthy actors...

In this paper we analyze a consumer choice model with price uncertainty, loss aversion, and expectation-based reference points. The implications of this model are tested in an experiment in which participants have to make a consumption choice between two sandwiches. We make use of the fact that...