This dissertation includes three essays using the methodology of experimental economics in order to analyze three separate topics: (1) rate of return dominance, (2) the effect of non-monetary punishment in the voluntary contribution mechanism, and (3) futures contracts in multi-period asset...

This thesis includes three essays that examine issues on two different topics: (1) trading behavior in financial markets, and (2) economic growth. In Essay 1, we report the results of an experiment designed to study the role of speculation in the formation of bubbles and crashes in laboratory...

This paper examines simple parimutuel betting games under asymmetric information, with particular attention to differences between markets in which bets are submitted simultaneously versus sequentially. In the simultaneous parimutuel betting market, all (symmetric and asymmetric) Bayesian-Nash...

We elicit willingness-to-pay information for similar food products that differ only in their content of genetically modified organisms (GMOs). Participants in the experiment are a demographically representative sample of French consumers. 35% of participants are unwilling to purchase products...

This paper tests whether changes in 'incidental emotions' lead to changes in economic choices. Incidental emotions are experienced at the time of an economic decision but are not part of the payoff from a particular choice. As such, the standard economic model predicts that incidental emotions...

Major bubble episodes are rare events. In this paper, we examine what factors might cause some asset price bubbles to become very large. We recreate, in a laboratory setting, some of the specific institutional features investors in the South Sea Company faced in 1720. Several factors have been...

Abstract: We report results from three well-known experimental paradigms, where we use time, rather than money, as the salient component of subjects’ incentives. The three experiments, commonly employed to study social preferences, are the dictator game, the ultimatum game and the trust game....

Abstract This paper selectively surveys some of the more prominent laboratory experimental studies on asset market behavior. The strands of literature considered are market microstructure, pari-mutuel betting markets, characteristics of participants, the effect of information release, and...

We report the results of an experiment designed to measure how well asset market prices track fundamentals when the latter experience peaks and troughs. We observe greater price efficiency in markets in which fundamentals rise to a peak and then decline, than in markets in which fundamentals...