A recent paper by Cappelen et al. (2007) reports on the estimation of a finite mixture model of fairness using experimental data. Their estimation approach is based on a choice model. However, we argue strongly that since the data is not choice data, it should not be modelled as such. We adopt a...

Data on contestantsÕ choices in Italian Game Show Affari Tuoi are analysed in a way that separates the effect of risk attitude from that of beliefs concerning the amount of money that will be offered to contestants in future rounds. The importance of belief-formation is confirmed by the...

Data on contestantsÕ choices in Italian Game Show Affari Tuoi are analysed in a way that separates the effect of risk attitude (preferences) from that of beliefs concerning the amount of money that will be offered to contestants in future rounds. The most important issue addressed in the paper...