The robust laboratory evidence of preference reversal for lotteries has been interpreted as a threat to the general vailidity of standard theories of decision-making under uncertainty. This evidence is obtained from laboratory, that is, not real-world, lotteries with subjects who have not sought...

Preference reversal, or choice/reservation-price inconsistency, has been documented experimentally for certain types of lotteries. We argue that the relevance of these findings for real-world markets is uncertain because the type of objects used cannot exist on a market and because the extent to...

The robust laboratory evidence of preference reversal for lotteries has been interpreted as a threat to the general validity of standard theories of decision-making under uncertainty. This evidence is obtained from laboratory, that is, not real-world, lotteries with subjects who have not sought...

The Becker-DeGroot-Marschak mechanism is used in experimental economies as an incentive-compatible procedure for eliciting reservation prices. It is found here, where seller prices are elicited, that the mechanism is sensitive to the choice of upper bound of the randomly generated buyout prices....

Experimental methods have recently been used to evaluate environmental policy instruments, in particular -- and most suitably, it seems -- emissions trading programs of various designs. Some studies have focused on domestic emissions trading programs, while others have focused on international...

The purpose of this paper is to describe a test involving five different approaches to estimating the demand for a public good. The test was conducted in a setting which permitted a real collective choice and in which each subject was committed to actual payments when relevant. The results...

Preference reversal, or choice/reservation-price inconsistency, has been documented experimentally for certain types of lotteries. We argue that the relevance of these findings for real-world markets is uncertain because the type of objects used cannot exist on a market and because the extent to...