The cohesion of a society depends to large extend on the degree to which its members coincide in their preferences (the consensus). This paper proposes axioms a consensus measure should satisfy from a normative point of view and characterizes first a class of linear and additive measures which...

In this paper, we suggest new ways of how to measure the similarity of preferences in a group of individuals. For simplicity, we refer to this as the cohesiveness (of preferences). We propose axioms a cohesiveness measure should satisfy and show that these properties fully characterize a family...

In this paper, we propose an intuitive way of how to measure residential segregation. Individuals are located in different nodes on a network that are interconnected through links. Each period, an individual either advances to an adjacent node or she stops moving. In this setting, the...

We show by means of a laboratory experiment that the relaxation of short–selling constraints causes the price of both an overvalued and an undervalued asset to decrease. Hence, the aggregation of information by the market price becomes better in case the asset is overvalued but worse if the...

We study with the help of a laboratory experiment the conditions under which an uninformed manipulator –a robot trader that unconditionally buys several shares of a common value asset in the beginning of a trading period and unwinds this position later on –is able to induce higher asset...

We study experimentally in the laboratory the situation when individuals have to report their private information (that is commonly known to be the sum of an observable and a random component) to a public authority that then makes inference about the true value hold by each of the individuals....