model based on cognitive dissonance thatfocuses on the importance of self-image. An experiment (a dictator game variant …

competition a¤ects the industrial dynamics of investment, concentration, and expected returns. When firms have similar production …

We present an experiment designed to test the Modigliani-Miller theorem. Applyinga general equilibrium approach and not …, participantswell recognize changes in the systematic risk of equity associated with increasingleverage and, accordingly, demand higher … rate of return. Yet, this adjustment is notperfect: subjects underestimate the systematic risk of low-leveraged equity …

process in which normative conflicts explain the nally emerging norm. The theory is tested with adynamical experiment on …

. In our experiment, before playing the generosity game,participants are asked to buy their role via a random price ….Interpreting participants' willingness to pay as an aspiration level of how muchthey want to earn, our design further allows us to test for …