We perform laboratory experiments comparing auctions with endogenous budget constraints. A principal imposes a budget limit on a bidder (an agent) in response to a principal-agent problem. In contrast to the existing literature where budget constraints are exogenous, this theory predicts that...

Standard models of observational learning in settings of sequential choice have two key features. The first is that players make decisions by using Bayes' rule to update their beliefs about payoffs from a common prior. The second is that each agent's decision rule is common knowledge, so that...

Survey designs for producing population prevalence estimates, such as abortion rates, need to consider multiple sources of error. Abortion prevalence has been found to suffer from underreporting. Abortion rates can also be underestimated due to unit nonresponse. However, it is when these two...

The purpose of this paper is to summarize the development of the notion of "model risk" and present the current state of the art, before outlining open issues that must be resolved in order to define a consistent framework for measuring model risk

A dominant firm can abuse its position by charging unfair prices under EU competition law. Among other things, this prohibition has been used to prohibit excessive prices that are ‘too high'. This abuse has remained underdeveloped conceptually and in practice at the EU level, so there is...