Die mit unterschiedlichen Organisationsformen des Wertpapierhandels einhergehende Liquidität und ihre Messung ist eine der zentralen Fragen im Zusammenhang mit der Gestaltung von Wertpapiermärkten. Zunächst wird die Eignung verschiedener in der Literatur vorgeschlagener Liquiditätsmaße...

The ability to cooperate in collective action problems — such as those relating to the useof common property resources or the provision of local public goods — is a key determinant ofeconomic performance. In this paper we discuss two aspects of collective action problemsin developing...

Few micro…nance-funded businesses grow beyond subsistence entrepreneur-ship. This paper considers one possible explanation: that the structure ofexisting micro…nance contracts may discourage risky but high-expected returninvestments. To explore this possibility, I develop a theory that uni…es...

This article examines the nature of human behavior in a nested socialdilemma referred to as the Spillover Game. Players are divided into twogroups with positive production interdependencies. Based on theoreticallyderived opportunistic, local, and global optima, our experimental...

In this paper, we study a voluntary contribution mechanism withone-way communication. The relevance of one person’s words is assessedby assigning exogeniously the role of the ‘communicator’ to onegroup member. Contrary to the view that the mutual exchange ofpromises is necessary for the...

We construct a simple three person trust game with one trustor and two trustees. The trustorhas the possibility to either trust both trustees or none, while the trustees make their decisionseither sequentially or simultaneously, depending on the treatment. When trustees play...

E-nstructions facilitates the use of electronic instructions in computerized laboratory ex-periments in social sciences. In this article I provide a set of guidelines for the installationand the use of E-nstructions.

According to the accountability principle a person’s fair allocation takes into accountthe input-relevant variables she can influence, like effort, but not the variablesshe cannot influence, like a randomly assigned exogenous factor. This study is basedon a real effort-task experiment, where...

One-way communication has been found to substantially increasecontributions in linear voluntary contribution mechanisms. We confirmthe robustness of this result in the presence of income heterogeneity.

Whether behavior converges toward rational play or fair play in repeated ultimatum games depends on which player yields first. If responders concede first by accepting low offers, proposers would not need to learn to offer more, and play would converge toward unequal sharing. By the same token,...