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In a lab experiment, we test standard consumption and portfolio choice predictions against those of expectations-based reference-dependent and hyperbolic-discounting preferences. The experiment… (More)
We examine bidding behavior in first-price sealed-bid and Dutch auctions, which are strategically equivalent under standard preferences. We investigate whether the empirical breakdown of this… (More)
This dissertation consists of four papers that analyze how individuals decide under uncertainty and focuses on determinants of such decisions: Preferences, Institutions, and Social Interaction.
This paper examines whether investment in a risky asset depends on future circumstances. We conduct a laboratory experiment where subjects have the opportunity to invest earned income in a risky… (More)