We report the results of a laboratory experiment, in which we observed the behavior of agents in a simple macroeconomic setting. The core question of this paper is whether standard macroeconomic models generate correct predictions despite their unrealistic assumptions of prefectly rational...

Macroeconomics must take radical uncertainty into account, if it aims at contributing to the solution of serious real-world problems such as climate change. Allowing for radical uncertainty must happen at two levels: the level of modeling and the level of the scientific discipline. I argue that...

While most papers on team decision-making find teams to behave more selfish, less trusting and less altruistic than individuals, Cason and Mui (1997) report that teams are more altruistic than individuals in a dictator game. Using a within-subjects design we re-examine group polarization by...