informational efficiency of the price system. We show that, when agents have private information about monetary shocks, the cost can …

response to earn cigarette puffs. Changing the number of responses required per puff is conceptualized as a price manipulation …. Our experiments show that these price increases decrease cigarette consumption and that price elasticity of demand … increases with increases in price. When from 74 different smokers, participating in 17 different experiments, in our laboratory …

ethanol exposure via a variant of the Samson ethanol fading technique) respond to changes in the price of ethanol. For both … of ethanol exposure did not interfere with rats' ability to behave according to economic theory. In the first experiment …, rats responded only moderately to a 100% price increase (especially when compared to the response for the non …

This paper uses laboratory experiments to directly test a central prediction of disclosure theory: that strategic …

qualities, but because of them. There is also evidence that genuine medical advances, such as the rise of the germ theory of …

This paper analyzes the importance of household perceptions of house price risk in explaining homeownership choice … rent are strongly correlated with perceptions of house price risk. Households' exposure to housing risk due to financial … response to past (local) house price changes, but renters are much slower to update than owners. Since renters' decisions to …

The well-known option pricing formula of Black and Scholes depends upon the assumption that price fluctuations are log … be more nearly the case in most markets, price fluctuations are in fact symmetrics table or log-symmetric stable. This … generating log-normal price uncertainty. It is then used to derive the value of a short-lived option for certain processes that …

-independent models of fairness. Our results have implications for price discrimination, labor markets, and dynamic pricing …