Rod Garratt

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We examine decision-making under risk and uncertainty in a laboratory experiment. The heart of our design examines how one's propensity to use Bayes' rule is affected by whether this rule is aligned with reinforcement or clashes with it. In some cases, we create environments where Bayesian updating after a successful outcome should lead a decision-maker to(More)
  • Working Departmental, Papers, Ted C Bergstrom, Rod Garratt, Damien Sheehan-Connor
  • 2008
For patients who suffer from leukemia or other blood diseases, a stem cell transplant frequently offers the best chance of survival. Such a transplant is likely to be a life saving event. According to the Web site of the London Health Sciences Centre (2006): " Long-term survival may be greater than 80 per cent, … depending on the type of disease treated,(More)
We reexamine the canonical question of Myerson and Satterth-waite (1983) whether two parties can trade an indivisible good in a Pareto efficient way when they are both privately-informed about their valuations for the good. Relaxing the assumption that utilities are quasi-linear, we show that efficient trade is generically possible if agents' utility(More)
We analyze sunspot-equilibrium prices in nonconvex economies with perfect markets and a continuous sunspot variable. Our primary result is that every sunspot equilibrium allocation can be supported by prices that, when adjusted for probabilities, are constant across states. This result extends to the case of a finite number of equally probable states under(More)
A model of coalition government formation is presented in which inefficient, non-minimal winning coalitions can form in Nash equilibrium. Predictions for five games are presented and tested experimentally. The experimental data support potential maximization as a refinement of Nash equilibrium. In particular, the data support the prediction that non-minimal(More)