The paradoxical full-surplus-extraction (FE) result, which can impair the mechanism design paradigm, is a long-standing concern in the literature. We tackle this problem by experimentally testing the performance of an FE auction, which is a second-price (2P) auction with lotteries. In the FE...

This study examined participants' willingness to pay for stock price forecasts provided by an algorithm, financial experts, and peers. Participants valued algorithmic advice more highly and relied on it as much as expert advice. This preference for algorithms - despite their similar or even...

We conducted a sensitivity analysis of the results of weighted voting experiments by varying two features of the experimental protocol by Montero et al. (Soc Choice Welf 30(1):69–87, <CitationRef CitationID="CR15">2008</CitationRef>): (1) the way in which the roles of subjects are reassigned in each round [random role (RR) vs. fixed role...</citationref>

This paper presents a model of learning about a game. Players initially have little knowledge about the game. Through playing the same game repeatedly, each player not only learns which action to choose but also constructs a personal view of the game. The model is studied using a hybrid payoff...

This paper suggests that people can learn to behave in a way which makes them unlucky or lucky. Learning from experience will lead them to make choices which may lead to "luckier" outcomes than others. By so doing they may reinforce the choices of those who find themselves with unlucky outcomes....

It has been argued in the economic literature that job search through informal job networks improves the employer-employee match quality. This paper argues that inventors' research collaboration networks reduce the uncertainty of firms about the match qualities of inventors prior to hiring. We...

Economists and sociologists disagree over markets' potential to assume functions typically performed by networks of personal connections, first among them the transmission of information. This paper begins from a model of labor markets where social ties are stronger between similar individuals...

Adaptive learning models that have been tested against experimental data typically share two features: (i) initial attractions (or beliefs) are given exogenously, and (ii) learning is based on the performance of stage-game actions rather than repeated game strategies. We develop a model of...

Many scholars in the fields of organization theory and management strategy have argued that there is a tension between the two types of organizational learning activities, exploration and exploitation. They appear to be substitutes: the greater the skill at one, the harder it is to do the other...