We study search behavior in a generalized "secretary problem" environment in which consumers search sequentially for the best alternative from a known and finite set of multi-attribute alternatives. In contrast to most previous studies, we make no distributional assumptions about the quality of...

We propose a quantum-like description of markets and economics. The approach has roots in the recently developed quantum game theory. Quantum Zeno paradoxes and noncomutative quantum mecanics are also discussed.

We introduce a class of two-player cooperation games where each player faces a binary decision, enter or exit. These games have a unique Nash equilibrium of entry. However, entry imposes a large enough negative externality on the other player such that the unique social optimum involves the...

One of the most striking results in experimental economics is the ease with which market bubbles form in a laboratory setting and the difficulty of preventing them. This article re-examines bubble experiments in light of the results of an earlier series of market experiments that examine how...

Researchers who have examined markets populated by "robot traders" have claimed that the high level of allocative efficiency observed in experimental markets is driven largely by the "intelligence" implicit in the rules of the market. Furthermore, they view the ability of agents (artificial or...

A number of recent theoretical papers have shown that for buyer-size discounts to emerge in a bargaining model, the total surplus function over which parties bargain must have certain nonlinearities. We test the theory in an experimental setting in which a seller bargains with a number of buyers...

We study both theoretically and experimentally the decisions players make in two queueing games with batch service. In both games, players are asked to independently decide when to join a discrete-time queue to receive service, or they may simply choose not to join it at all. Equilibrium...