We compare behaviour of students and professional traders from an influential German bank in an option pricing experiment. The arbitrage free price is independent of the probability distribution of the underlying asset. Students show a probability-dependent option valuation, but learn to exploit...

We experimentally investigate behavior in sequential one-shot transactions which are governed by non-binding contracts. In a second, incomplete information treatment, contracts are binding for some players. While according to traditional game-theoretical analysis no trade is expected in the...

We investigate an experimental representatives' trust game which resembles trust relationships between representatives of organisations. Personality traits of subjects are elicited by a personality questionnaire (Cattell's 16 PF-R) which is well established in personnel psychology. For the first...