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We investigate the origin of stochastic choice and differentiate between three classes of models that account for it: Random Utility, Bounded Rationality, and Deliberate Randomization. We conduct an experiment in which subjects face the same questions repeated multiple times, but we consider...
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We experimentally study unanimity and majority voting rules in multilateral bargaining environments with stochastic future surplus. In these settings, reaching agreement when expected future surplus is sufficiently higher than the current surplus is inefficient. Theoretically, such...
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Ngangoué and Schotter (2023) investigate common-probability auctions. By running an experiment, they find that, in contrast to the substantial overbidding found in common-value auctions, bidding in strategically equivalent common-probability auctions is consistent with the Nash equilibrium. We...
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We compare preferences for temporal resolution when uncertainty is resolved over a probability rather than a value. In various frameworks-e.g., Kreps and Porteus (1978)-, preferences over gradual versus one-shot resolution do not depend on whether values or probabilities define the main object...
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