This study uses the methods of experimental economics to investigate possible reasons for the lack of empirical support for the Hotelling rule for nonrenewable resources. We argue that as long as resource stocks are large enough, producers may choose to (partially) ignore the dynamic component...

We report results from an experiment based on a simplified version of Hart's (1995) property rights theory of the firm. Only one manager invests and this investment is completely specific. In that case the theory predicts that the level of investment is not affected by the level of no-trade...

The formation of social ties is examined in an experimental study of voluntary public good provision. The experimental design consists of three parts. In the first part the value orientation (attitude to a generalized other) is measured. In the second part couples play a multi-period public good...