By means of a laboratory experiment, we show that, contrary to standard consumer theory, financially equivalent balance sheet profiles may be perceived as non fungible in a controlled frictionless environment with no probabilistic attributes. A large majority of subjects indeed have a bias in...

How do staying minorities that evade ethnic cleansing integrate into re-settled communities? After World War Two, three million ethnic Germans were expelled from Czechoslovakia's Sudetenland, but some were allowed to stay, many of them left-leaning anti-fascists. We study quasi-experimental...