In an experimental evolutionary game framework we investigate whether subjects end up in a socially efficient state. We examine two games, a game where the socially efficient state is also an equilibrium and a game which has no equilibrium in pure strategies at all. Furthermore, we distinguish...

In an experimental study the auction procedure of the fixed rate tender is investigated with which the main refinancing operation of the Eurosystem was carried out in the past. In June 2000 the fixed rate tender was replaced by the 'American' variable rate tender. This change was occasioned by...

In game-theoretical models with local interaction it is usually assumed that fixed local interaction structures are imposed exogenously and do not evolve during the course of the game. However, this assumption does not make much sense in economics. We model the evolution of interaction...

From an analysis of the available national allocation plans for the first period (2005-2007) of the EU emissions trading scheme (EU ETS), it can be inferred that (i) the total allocation to installations covered under the EU ETS is rather generous and (ii) most EU Member States ban the transfer...

We investigate equilibrium bidding behavior of bidders with reference-dependent preferences and independent private values in single-unit English and Dutch clock auctions. Bidders' reference points are endogenous and determined by their strategy and their beliefs about the other bidders. In...

We introduce a binding unanimous voting rule to a public goods game with an uncertain threshold for the total group contribution. In a laboratory experiment we find that voting generates significantly higher total contributions than making individual voluntary contributions to the public good....

We conduct an experiment in continuous time: every subject can change her links to others and her action in a Hawk–Dove game, which she plays bilaterally with each of her linked partners, at any time. We hypothesize that norms exist regarding who establishes and thus pays for links, and that...