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at a fixed price before an auction. In the "Buy-It-Now" format, the seller has the bargaining power and offers a price … prior to the auction; whereas in the "Sell-It-Now" format, it is the buyer. Both formats are extensively used in online and … offline markets. Despite very different strategic implications for buyers and sellers, results from our experiment suggest no …
Persistent link: https://www.econbiz.de/10013009500
of play towards Nash equilibrium in repeated strategic interactions. We study behavior in a p-beauty contest experiment …
Persistent link: https://www.econbiz.de/10013052550
Using field and laboratory experiments, we demonstrate that the complexity of incentive schemes and worker bounded …
Persistent link: https://www.econbiz.de/10014347039
Many economic decisions involve a substantial amount of uncertainty, and therefore crucially depend on how individuals process probabilistic information. In this paper, we investigate the capability for probability judgment in a representative sample of the German population. Our results show...
Persistent link: https://www.econbiz.de/10013159743
We study and test a class of boundedly rational models of decision making which rely on sequential eliminative heuristics. We formalize two sequential decision procedures, both inspired by plausible models popular among several psychologists and marketing scientists. However we follow a standard...
Persistent link: https://www.econbiz.de/10013317410
In this paper we conduct a laboratory experiment to test the extent to which Moore and Repullo's subgame perfect …
Persistent link: https://www.econbiz.de/10013023778
democracy, subjects first earn their income by trading in a double auction market and thereafter vote on redistributive policies …
Persistent link: https://www.econbiz.de/10013134222
We investigate the emergence of discrimination in an experiment where individuals affiliated to different groups …
Persistent link: https://www.econbiz.de/10013117398
If choices depend on the decision maker's mood, is the attempt to derive any consistency in choice doomed? In this paper we argue that, even with full unpredictability of mood, the way choices from a menu relate to choices from another menu exhibits some structure. We present two alternative...
Persistent link: https://www.econbiz.de/10013133371
We study a psychologically based foundation for choice errors. The decision maker applies a preference ranking after forming a 'consideration set' prior to choosing an alternative. Membership of the consideration set is determined both by the alternative specific salience and by the rationality...
Persistent link: https://www.econbiz.de/10013141716