In the 40’s and early 50’ two decision theories were proposed and have since dominated the scene of the fascinating field of decision-making. In 1944 – when von Neumann and Morgenstern showed that if preferences are consistent with a set of axioms then it is possible to represent these...

This paper investigates experimentally a market inspired by two separate strands of economic literature. The first strand is that of herd behaviour in non-market situations and the second that of the aggregation of private information in markets. The first suggests that socially undesirable herd...

Models of herd behaviour and informational cascades were theoretically developed in 1992 respectively by Banerjee (A simple model of herd behavior) and Bikhchandani, Hirshleifer and Welch (A Theory of Fads, Fashion, Custom and Cultural Change as Informational Cascades). Both articles pointed out...

Türkiye açisindan büyük öneme sahip KOBI’lerin Nazilli’deki durumunu ve sorunlarini ortaya koymaya çalisan bir çalisma.

A mail survey choice experiment and in-store controlled experiment were conducted concurrently in the same location to test for hypothetical bias in choice experiments using a new product—freshwater prawns. Findings suggest that hypothetical bias in the mail survey was not present for the new...

We analyze the probability of an incumbents winning in the consecutive election, under the assumption that all individual candidates are equally likely (i.e. random selection) when they are from the same party. We estimate the probability of winning by ruling party. Using Indian panel data from...

This paper reports the findings of a meta-analysis of 37 papers with 75 results from ultimatum game experiments. We find that on average the proposer offers 40% of the pie to the responder. This share tends is smaller for larger pie sizes and larger when a strategy method is used or when...

The ultimatum game experiment has a long history in experimental economics. In-vivo ultimatum like strategic settings often involve uncertain rejection and payoff reversals. This paper presents the results of an ultimatum like experiment extended to reflect characteristics of a shared...

We study experimentally a class of pure coordination games as a special case of the Consumer Choice of Prizes game developed by Rapoport et al. (2000). We find a high level of group coordination coupled with considerable switching in the choice of locations. Two models are proposed and tested to...