We reinvestigate data from the voting experiment of Forsythe, Myerson, Rietz, and Weber (1993). In every one of 24 rounds 28 players were randomly (re)allocated into two groups of 14 to play a voting stage game with or without a preceding opinion poll phase. We find that the null hypothesis that...

A decision maker (DM) is asked to make choices from a set of acts, which entail both risk and uncertainty in the sense of knight (1921). Extending Raiffa's (1961) argument I show that, provided the DM can choose acts objectively randomly (by flipping her own fair coin, for instance), provided...

Stockwell, Auld, Zhao, and Martin (2012) claim that minimum alcohol prices had a signi cant impact on total alcohol consumption in British Columbia, Canada. To show this they perform a regression with the log of total alcohol consumption as the dependent variable and the log of the average of...

Ambiguity averse decision-makers can behave in financial portfolio problems in ways that cannot be rationalized as subjective expected utility maximization. Indeed, [Dow and da Costa Werlang, Econometrica 1992] show that an ambiguity-averse decision-maker might abstain from trading an asset for...

We study the potential evolutionary appeal of rationality in a model in which different populations differ with respect to their experimentation over rules of behavior. We show that more risky experimentation in the sense of mean preserving spread dominates less risky experimentation....

In an exchange economy in which there is a complete set of markets for macroeconomic risks but no market for idiosyncratic risks, we consider how the efficient risk-sharing rules for the macroeconomic risk are affected by the heterogeneity in the consumers' risk attitudes and idiosyncratic...

Suppose a decision maker (DM), in the language of Anscombe and Aumann (1963), has preferences over acts (horse-race lotteries) that satisfy the von Neumann and Morgenstern (1944) axioms for objective lotteries (constant acts) and Anscombe and Aumann's (1963) Axioms of Reversal of Order and...