Showing 1 - 10 of 33
Are individuals expected utility maximizers? This question represents much more than academic curiosity. In a normative sense, at stake are the fundamental underpinnings of the bulk of the last half-century's models of choice under uncertainty. From a positive perspective, the ubiquitous use of...
Persistent link: https://www.econbiz.de/10008866480
We implement a public goods game and a social intervention modeled after a public goods game in rural Sierra Leone near the Gola Forest Reserve. We also collect demographic, economic and forest conservation data on households in the area. We use this data to assess the mapping of social...
Persistent link: https://www.econbiz.de/10009132539
An important class of investment decisions is characterized by unrecoverable sunk costs, resolution of uncertainty through time, and the ability to invest in the future as an alternative to investing today. The options model provides guidance in such settings, including an investment decision...
Persistent link: https://www.econbiz.de/10008740461
We use a sample of subsistence farmers in Sierra Leone as respondents to compare behavior in a context-free experiment (a standard public goods game) and behavior in the field (a real development intervention). There is no meaningful correlation in behavior across contexts. This casts doubt on...
Persistent link: https://www.econbiz.de/10011041690
Laboratory and field experiments have grown significantly in prominence over the past decade. The experimental method provides randomization in key variables therefore permitting a deeper understanding of important economic phenomena. This path-breaking volume provides a valuable collection of...
Persistent link: https://www.econbiz.de/10011178768
In settings where there is imperfect information about an underlying state of nature, but where inferences are made sequentially and are publicly observable, information cascades can lead to rational herding. Cascade phenomena may be seen in a variety of areas including technology adoption,...
Persistent link: https://www.econbiz.de/10009442990
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Persistent link: https://www.econbiz.de/10005757156
Recent auction theory and experimental results document strategic demand reduction by bidders in uniform-price auctions. The present article extends this area of research to consider the effects of varying the number of bidders. Our theoretical model predicts that demand reduction should...
Persistent link: https://www.econbiz.de/10005230490
An asymmetric information differential game is utilized to explore the normative issue: should environmental regulations be carried out locally or centrally? Modeling localities as having superior information, or more leniency to adopt new environmental regulations, results from simulations...
Persistent link: https://www.econbiz.de/10005615853