We argue that the literature on optimal international reserve holdings in an era of high-capital mobility fails to find interest rates is a strongly significant factor because of the endogeneity of interest rates and reserves under fixed exchange rate regimes. Using two-stage least squares we...

Optimal bidding strategies in first-price and Dutch auctions are theoretically isomorphic but depend on bidder risk attitudes. However, laboratory experiments consistently find different behaviour between auction formats. This article explores whether the notion in psychology that financial and...

Economists have noted the empirical regularity that an individual's attitude towards risk is not constant across elicitation settings. Such a pattern is conceptually consistent with the argument in psychology that risk is domain specific. To explore this view, we frame a common risk elicitation...