Social learning is the process of individuals learning by observing the actions of others. In the real world, however, although people learn by observing the actions of others, they also learn from advice. This paper introduces advice giving into a standard social-learning problem. The...

Following Fehr and Gäechter (Am Econ Rev 90(4):980–994, <CitationRef CitationID="CR5">2000</CitationRef>), a large and growing number of experiments show that public goods can be provided at high levels when mutual monitoring and costly punishment are allowed. Nearly all experiments, however, study monitoring and punishment in a...</citationref>

It is commonly thought that a picture is worth a thousand words. If that is so, one might ask how much data is a piece of advice worth. In other words, if advice is important than we should be able to measure it in two ways: How much data would a rational decision maker be willing to give up in...

While widely accepted models of labor market search imply a constant reservation wage policy, the empirical evidence strongly suggests that reservation wages decline over the duration of a search spell. This paper reports the results of the first real-time search laboratory experiment. The...