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Risk Aversion and Incentive Effects
A menu of paired lottery choices is structured so that the crossover point to the high-risk lottery can be used to infer the degree of risk aversion. With normal laboratory payoffs of severalExpand
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Information Cascades in the Laboratory
When a series of individuals with private information announce public predictions, initial conformity can create an 'information cascade' in which later predictions match the early announcements.Expand
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Estimating Risk Preferences from Deductible Choice
We develop a structural econometric model to estimate risk preferences from data on deductible choices in auto insurance contracts. We account for adverse selection by modeling unobservedExpand
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Ten Little Treasures of Game Theory and Ten Intuitive Contradictions
This paper reports laboratory data for a series of two-person games that are played only once. These games span the standard categories: static and dynamic games with complete and incompleteExpand
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Quantal Response Equilibrium and Overbidding in Private-Value Auctions
TLDR
This paper reports the results of a private-values auction experiment in which expected costs of deviating from the Nash equilibrium bidding function are asymmetric, with the implication that upward deviations will be more likely in one treatment than in the other. Expand
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A theoretical analysis of altruism and decision error in public goods games
Abstract We formalize an equilibrium model in which altruism and decision-error parameters determine the distribution of contributions for linear and quadratic public goods games. The equilibriumExpand
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Newsvendor "Pull-to-Center" Effect: Adaptive Learning in a Laboratory Experiment
TLDR
In the newsvendor game, the expected-profit-maximizing order quantity is higher in the demand interval when the per-unit profit margin is high. Expand
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Risk Aversion and Incentive Effects: New Data without Order Effects
Holt and Laury (2002) used a menu of ordered lottery choices to make inferences about risk aversion under various payment conditions. The main results of that paper were: (a) subjects are riskExpand
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A model of noisy introspection
TLDR
We present a theoretical model of noisy introspection designed to explain behavior in games played only once. Expand
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Industrial Organization: A Survey of Laboratory Research
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