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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 several…
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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.…
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 unobserved…
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 incomplete…
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Quantal Response Equilibrium and Overbidding in Private-Value Auctions
TLDR
A model in which players experience a "joy of winning" provides a reasonable fit of the data but does significantly worse than the risk aversion model, and a model that is essentially equivalent to risk aversion in this context.
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A theoretical analysis of altruism and decision error in public goods games
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Newsvendor "Pull-to-Center" Effect: Adaptive Learning in a Laboratory Experiment
TLDR
An adaptive learning model is constructed that incorporates memory, reinforcement, and probabilistic choice to explain individual decisions and tracks the observed data patterns across treatments.
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Preference Reversals and the Independence Axiom
Of all of the paradoxical patterns of behavior reported in laboratory experiments, one of the most perplexing for decision theorists is the preference reversal phenomenon. A subject in a preference…
A model of noisy introspection
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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 risk…
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