It is common in studies of individual choice behavior to report averages of the behavior under consideration. In the social sciences the mean is, indeed, often the quantity of interest, but at times focusing on the mean can be misleading. For example, it is well known in labor economics that...

We propose and analyze a generalization of present value maximization, 'time-order dependent present value (TODPV),' for intertemporal income choice. The model is analagous to the rank dependent expected utility model (RDEU) for choice under risk. The main feature of interest in the model is the...

We conduct an experiment to (i) measure the structure of preferences over lotteries and (ii) test for stability of the probability transformation functions over different choice sets. The design is based on manipulations of the 'probability triangle' A disaggregated nonparametric analysis in...

This paper presents an experimental test of the theory of individual sense of fairness of Karni and Safra (2000). According to this theory individuals' choice among random procedures designed to allocate indivisible goods is motivated, in part, by concern for fairness. The experimental study is...

We present the results of an experiment on learning in a continuous-time low-information setting. For a Cournot oligopoly with differentiated products, a dominance solvable game, we find little evidence of convergence to the Nash equilibrium. In an asynchronous setting, play tends toward the...

The paper studies the role of information transparency on fairness concerns, welfare and efficiency. When the firm's productivity and ultimately profits are revealed, wage offers induce relatively fair divisions of potential gains and workers respond with higher performance. Workers respond not...

In the real world, when people play games, they often receive advice from those that have played it before them. Such advice can facilitate the creation of a convention of behavior. This paper studies the impact of advice on the behavior subjects who engage in a non-overlapping generational...

We study experimentally partnership protocols of the sort proposed by Kalai and Kalai (2010), for bilateral trade games with incomplete information. We utilize the familiar game analyzed by Chatterjee and Samuelson (1983) and Myerson and Sattherwaite (1983), with a buyer and seller with value...