Humans differ greatly in their tendency to discount future events, but the reasons underlying such inter-individual differences remain poorly understood. The evolutionary framework of Life History Theory predicts that the extent to which individuals discount the future should be influenced by...

Humans often punish non-cooperators in one-shot interactions among genetically-unrelated individuals. So-called altruistic punishment poses an evolutionary puzzle because it enforces a cooperation norm that benefits the whole group, but is costly for the punisher. Under the “big mistake” (or...

"Winner-take-all" markets (i.e., markets in which the relative and not the absolute performance is decisive) have gained in importance. Such markets have a tendency to provoke inefficiently many entries. We investigate such markets in an experiment and show that there are even more inefficient...