This paper brings experimental evidence on investors' behavior subject to an "illiquidity" constraint, where the success of a risky project depends on the participation of a minimum number of investors. The experiment is set up as a frameless coordination game that replicates the investment...

This paper brings experimental evidence on investors' behavior subject to an "illiquidity" constraint, where the success of a risky project depends on the participation of a minimum number of investors. The experiment is set up as a frameless coordination game that replicates the investment...

In this article I have attempted to discuss two points brought up by Sunstein and Thaler's new perspective on paternalism. The first is that whatever individuals do, they have to take second rank decisions, i.e. decisions that are equally attractive for them but impact others' people welfare....