We study how response time in a laboratory experiment on bank runs affects withdrawal decisions. In our setup, the bank has no fundamental problems, depositors decide equentially (if to keep the money in the bank or to withdraw) and may observe previous decisions depending on the information...

It is shown that no solution concept that selects sequentially rational (perfect, proper, persistent, or members of some stable set of) equilibria satisfies the following consistency property. Suppose that in every solution of the game G, player i's action is a, and denote by Ga the game in...

We show that an individual using a choice function is sequentially rational and the decisions he makes are independent of the order of implementation of the rationales if and only if he is rational with the union of the rationales as a base binary relation. When he makes his decisions following...