We experimentally manipulate agents' information regarding the rationality of others in a setting in which previous studies have found irrationality to be present, namely the asset market experiments introduced by Smith et al. (1988). Recent studies suggest that mispricing in such markets may be...

The author describes a classroom game demonstrating the process of adjustment to long-run equilibrium in a market consisting of price-taking firms. This game unites and extends key insights from several simpler games in a framework more consistent with the standard textbook model of a...

This paper reports a test of employer learning for a panel of young Australian men. The information contained in a test score is found to already be observed by employers at the time a worker enters the labour market. However the return to parental education is found to increase with experience,...