In this paper individual overconfidence within the context of an experimental asset market is investigated. Overall, 72 participants traded one risky asset on six markets of 12 participants each. The results indicate that individuals were not generally overconfident. Moreover, overconfidence was...

In equal punishment games first the proposer suggests how to split the pie, i.e. a positive monetary reward. Unlike in the ultimatum game, the responder can decide among many (for proposer and responder) equal penalty payments. To exclude negative payoffs, punishment was bounded from above...

In this paper we investigate four hypotheses which are inconsistent with expected utility theory, but may well be explained by prospect theory. It deals with framing, the non-linearity of subjective probabilities, the disposition effect, and the correspondence of different experimental risk...