We report results from experimental first-price, sealed-bid, all-pay auctions for a good with a common and known value. We observe bidding strategies in groups of two and three bidders and under two extreme information conditions. As predicted by the Nash equilibrium, subjects use mixed...

It has been widely documented in laboratory experiments that subjects act more risk-averse when they make their decisions frequently (e.g., one as opposed to several decisions at a time), a phenomenon dubbed "myopic loss aversion" by Benartzi and Thaler (1995). The present paper uses two new...

The ratio bias – according to which individuals prefer to bet on probabilities expressed as a ratio of large numbers to normatively equivalent or superior probabilities expressed as a ratio of small numbers – has recently gained momentum, with researchers especially in health economics...