"Economics has a problem. It cannot distinguish the causes of human action from the consequences of human action. It models representations of optimal agents, not flesh-and-blood human beings in ordinary life. Meaningful Economics is about understanding the principles of economics-the exchange...

This paper reports an experiment designed to evaluate interrelationships between strategic buyers, market power and merger-induced synergies. The experiment consists of 40 posted-offer quadropolies. Treatments include the use of simulated or human buyers, seller consolidations and merger-induced...

Our primary purpose in this article is to draw upon the literature of classical liberal economy to show how it informs and is informed by the results from experimental economics. Adam Smith's first great book, <italic>The Theory of Moral Sentiments</italic>, serves as our chief source of insights for...

We conduct a laboratory experiment to examine the performance of a market for protection. As the central feature of our treatment comparisons, we vary the access that “peasants” have to violence-empowered “elites”. The focus of the experiment is to observe how elites enforce and operate...