bidder can more fully express his preferences. This is particular important when items are complements. In the experiment …. The design of the laboratory experiment is presented in the next section and the results are shown in the last section. …

various groups of people who undertake the experiment. Our experiments try to (1) Evaluate real outcomes of model situations … economists behave more selfishly than any other group of people. We employed game theory and its fundamental models - Prisoner …

This paper pits expected utility theory and cumulative prospect theory against each other as regards their descriptive … utility theory is not descriptively valid. The most promising alternative, cumulative prospect theory, is then presented in … evidence. It is pointed out that there are other empirical observations which cannot be explained by cumulative prospect theory …

the basics of expected utility theory, the key pieces of evidence are described which showed that under certain … circumstances, this theory is not descriptively valid. The most promising alternative, cumulative prospect theory, is then presented … prospect theory either, so that a model which would explain all evidence on decisions under risk is still to be found. …