include assumptions on expectations and preferences. We aim at reducing some of these requirements by using direct subjective … information on respondents’ preferences and expectations. The results suggest that individually measured welfare functions and … expectations have predictive power for the variation in consumption across households. Furthermore, estimates of the intertemporal …

attributed to responders' provision of a public good: Punishment creates a group reputation for being "tough" and effectively …-informed proposers, the hypothesis of responders' enjoyment of overt punishment is not supported. …

We combine the choice data of proposers and responders in the ultimatum game, their expectations elicited in the form … smaller impact on decisions of proposer's in the ultimatum game, a result due to proposers subjective expectations about … responders' decisions.The model which uses subjective data on expectations has better predictive power and lower noise level than …

Abstract: This paper models expectation formation by taking into account that agents produce heterogeneous expectations …

between employment and unemployment states are identified using monthly transition expectations. Firstly, it is shown that … expectations have significant predictive power conditional on individual characteristics and a set of time-varying controls. This … allows us to use a two-stage estimation strategy, where expectations are used to explain anticipated changes in employment …

behavior. Instead, we analyze a system of what we call local control (LC), where the enforcement of punishment lies in the … executed and threatened punishment. Agents maximize their payoffs and underlie a constant drift towards not controlling others …. If the educational impact of control is too weak LC breaks down. Moreover, there exists a non{monotonic punishment effect …