Recent years have seen the development of new theories of market failure based on asymmetric information and network effects. According to the new paradigm, we can expect substantial failure in the markets for labor, credit, insurance, software, new technologies and even used cars, to give but a...

The voluntary provision of a pure public good is studied in the presence of an anonymous external donor. New data generated using experimental procedures employing both extra-credit and cash incentives, as well as asynchronous access to real-time decision rounds lasting several days, are...

Lottery-choice experiments are conducted to compare risk preferences revealed by three-person groups versus isolated individuals. A lottery-choice experiment consists of a menu of paired lottery choices structured so that the crossover point from a low-risk to a high-risk lottery can be used to...

The voluntary provision of a pure public good is studied in the presence of an anonymous external donor. New data generated using experimental procedures employing both extra-credit and cash incentives, as well as asynchronous access to real-time decision rounds lasting several days, are...