We consider a voluntary contributions game, in which players may punish others after contributions are made and observed. The productivity of contributions, as captured in the marginal-per-capita return, differs among individuals, so that there are two types: high and low productivity. Every two...

We consider a voluntary contributions game, in which players may punish others after contributions are made and observed. The productivity of contributions, as captured in the marginal-per-capita return, differs among individuals, so that there are two types: high and low productivity. Every two...

We study sequential parimutuel betting markets with asymmetrically informed bettors, usingan experimental approach. In one treatment, groups of eight participants play twenty repetitionsof a sequential betting game. The second treatment is identical, except that bettors are observedby other...