The majority of papers reporting the results of experimental tests on individual behaviour concentrate on the average or aggregate behaviour of the subjects, even though different subjects may exhibit different kinds of behaviour. At the same time, it is well known that subjects are noisy in...

A crucial basic assumption of economic theories of dynamic behaviour is that people plan ahead. This paper reports on an extremely simple experimental test of this fundamental principle. Indeed the experiment is so simple and so straightforward that it is difficult to believe that anyone would...