Determining the relationship between marihuana and economic activity is an important factor in establishing social policy in this area. The effects of marihuana availability and consumption on production, hours worked, and output per hour are reported from an experimental microeconomy involving...

We experimentally investigate a legislative bargaining model with both public and particularistic goods. Consistent with the qualitative implications of the model: There is near exclusive public good provision in the pure public good region, in the pure private good region minimum winning...

Subjects update prior information simultaneously versus sequentially. The mean prediction is remarkably close to the correct Bayesian estimate with simultaneous information, but differs significantly conditional on whether good news precedes bad news or vice versa.

Group decision making provides a mechanism for channeling individual members' knowledge into productive organizational outcomes. However, in hidden profile experiments in which group members have common information favoring an inferior choice, with private information favoring a superior choice,...

Experienced construction industry executives suffer from a winner's curse in laboratory common value auction markets (Dyer et al. [Dyer, D., J. H. Kagel, D. Levin. 1989. A comparison of naive and experienced bidders in common value offer auctions: Laboratory analysis. Econom. J. 99 108--115.])....

Recent studies suggest that payoffs in cents, compared to dollars, produce less defection in a repeated prisoner’s dilemma game. We are unable to replicate these findings with conventional economic procedures or in a direct replication.