The paper studies the interaction between aggregation and persistence pertaining to skip sampling of stock variables as well as temporal aggregation of flow variables for the generalized fractional processes. We show that, for skip sampling, the long memory feature at the zero frequency can...

Both the expected-utility maximization and the hierarchy property are very important properties in stochastic dominance. For almost stochastic dominance, Leshno and Levy (2002) propose a definition and Tzeng et al. (2013) modified it to give another definition. This note provides more...

This paper shows that in economies with several monies the Bailey–Divisia multidimensional consumers’ surplus formula may emerge as an exact general-equilibrium measure of the welfare costs of inflation, provided that preferences are quasilinear.

Using the experimental sessions of Goeree and Holt (2005), we show that step thinking fits the long-run outcome of minimum-effort and median-effort games surprisingly well for all values of the cost parameter. In the latter, the predicted discontinuous behaviour of step thinking accommodates the...

In Uttar Pradesh, teams of four are engaged to dig soil under the NREGA programme. In one treatment spouses work together; in the other treatment they work in separate teams. Working with spouses is associated with significantly higher output.

Recent studies suggest that payoffs in cents, compared to dollars, produce less defection in a repeated prisoner’s dilemma game. We are unable to replicate these findings with conventional economic procedures or in a direct replication.

Some problems are more easily solved if context is provided. A stylized result from beauty contest experiments is that most choices are consistent with level-1 or level-2 thinking rather than the Nash equilibrium. The beauty contest experiment reported in this paper includes treatments in which...

We explore the relationship between personal characteristics and the decision to lie to an anonymous partner in a cheap talk environment. We find that sex, age, grade point average, student debt, size of return, socioeconomic status, and average time spent in religious observation are not...

Responsiveness to payoffs and differences in culture have been considered as reasons why women have a greater aversion to lying than men. By using smaller stakes in a sender–receiver game than Dreber and Johannesson, but similar culture, no gender difference was found.

We experimentally study clock auctions to dissolve partnerships jointly owned by two players. Subjects are found to deviate systematically from the Nash equilibrium. We explain the bidding behaviour in terms of risk aversion and/or non-standard utility theory.