There are many important decision problems where learning through experimentation is costly or impossible. In these situations, individuals may try to learn from observing the outcomes of others who have made similar decisions. Often, however, information about others comprises a selected...

This paper investigates how framing manipulations affect the quantity and quality of decisions. In a field experiment in elementary schools, 1.377 pupils are randomly assigned to one of three conditions in a multiple-choice test: (i) gain frame (Control), (ii) loss frame (Loss) and (iii) gain...

The study examines the place of behavioral economics in the structure of economic science and the practice of state regulating. The thesis that neoclassicism is an appropriate normative approach for analyzing human behavior is defended but the comparative advantages are on the side of behavioral...

The subject of this paper is how the epistemic limitations of individuals and their biases in reasoning affect collective decisions and in particular the functioning of democracies. In fact, while the cognitive sciences have largely shown how the imperfections of human rationality shape...

The choice experiment elicitation format confronts survey respondents with repeated choice tasks. Particularly within the context of valuing pure public goods, this repetition raises two issues. First, does advanced awareness of multiple tasks influence stated preferences from the outset, and...

We present an experiment designed to investigate the presence and nature of ordering effects within repeated response stated preference studies. We formulate a general structural model of such effects and use this to isolate signature patterns for position-dependent effects (learning about...

Trait-based personality psychology and economics have taken different approaches to understanding individual differences, with the former emphasizing variables derived from the factor analysis of trait assessments, and the latter emphasizing variables derived from formal decision theory. In a...