In many experiments, experimenters use the random lottery incentive mechanism and ask many questions to each subject. That is, at the end of the experiment, just one of the questions is picked at random, and the subject paid on the basis of their answer to this one question. The idea is that...

We carry out two experiments to test a model of herd behaviour based on the work of Banerjee (Quarterly Journal of Economics, CVII, 797–817, 1992). He shows that herding occurs as a result of people observing the actions of others and using this information in their own decision rule. In...

This paper represents an intersection between two lines of research. The first is portfolio choice theory, which underlies much of finance; the second is the elicitation of preferences under uncertainty. The theory of the behaviour of financial markets builds heavily on portfolio choice theory;...

The recent spate of theoretical models of behaviour under ambiguity can be partitioned into two sets: those involving multiple priors and those not involving multiple priors. This paper provides an experimental investigation into the first set. Using an appropriate experimental interface we...

<Para ID="Par1">This paper identifies, and tests experimentally, a prediction of the Nash bargaining axioms that may appear counterintuitive. The context is a simple bargaining problem in which two players have to agree a choice from three alternatives. One alternative favours one player and a second favours...</para>

<Para ID="Par1">This is an account of my work on experimental economics over the years. Copyright Springer Science+Business Media New York 2014

The random lottery incentive (RLI) mechanism (which involves subjects taking many decisions, only a randomly chosen one of which determines the payment to the subject) is widely used in many experiments, and hence its validity is of crucial importance to the inferences that can be drawn from the...

Representing ambiguity in the laboratory using a Bingo Blower (which is transparent and not manipulable) and asking the subjects a series of allocation questions, we obtain data from which we can estimate by maximum likelihood methods (with explicit assumptions about the errors made by the...

Potentially dynamically-inconsistent individuals create particular problems for economics, as their behaviour depends upon whether and how they attempt to resolve their potential inconsistency. This paper reports on the results of a new experiment designed to help us distinguish between the...

Numerous prior experimental studies have attempted to elicit people’s preferences over income distributions through appropriately incentivated questions asking subjects to choose between distributions. Instead, we follow the theoretical literature and start with the principles underlying these...