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Laboratory subjects repeatedly played one of two variations of a simple two-person zero-sum game of ``hide and seek.'' Three puzzling departures from the prescriptions of equilibrium theory are found in the data: an asymmetry related to the player's role in the game; an asymmetry across the game...
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The demonstration by Smith [1962] that prices and allocations quickly converge to the competitive equilibrium in the continuous double auction (CDA) was one of the first – and remains one of the most important results in experimental economics. His initial experiment, subsequent market...
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When second-price auctions have been conducted in the laboratory, most of the observed bids have been “overbids†(bids that exceed the bidder’s value) and there are very few underbids. Few if any of the subjects in those experiments had any prior experience bidding in auctions....
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The bombshell arrest of Ivan Boesky on November 14, 1986 signaled the intention of then-US attorney for the southern district of New York, Rudy Giuliani, to increase enforcement of laws against insider trading. Looking at concurrent stock price changes, we find that New York companies were...
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