The random lottery incentive (RLI) mechanism (which involves subjects taking many decisions, only a randomly chosen one of which determines the payment to the subject) is widely used in many experiments, and hence its validity is of crucial importance to the inferences that can be drawn from the...

Jekyll and Hyde were in fact two people inside the same person - an obviously dynamically-inconsistent person. In the book and in the movie, the dynamic inconsistency was resolved in a rather dramatic way. We investigate its resolution in the laboratory.

A constitution is a collection of principles or axioms determining how society should be organized and a description of the ordering of the axioms in terms of their importance and invocation. We report on an exploratory experiment aimed at discovering preferred axioms relating to the...

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...