Our major claim is that when people behave strategically,it is wrong to interpret the betting rates they announce as their subjective probabilities of the different events. Instead, these rates should be understood as the prices at which subjects are willing to trade certain goods (simple...

We illustrate by means of a dynamic research and development race that, while at some points in the race, social incentives and private incentives may coincide, at other points they may diverge-- too many researchers remain that race.