The Big Issue is a not-for-profit organisation that gives homeless people the opportunity to reclaim ownership over their lives by selling a street magazine. The vendors must purchase the magazine from the Big Issue office before making sales, and may do so multiple times each day. The vendors...

Mass media consumption has increasingly been found to adversely impact upon psychological states but research has largely neglected the potential influence of media onaspirations. An experiment demonstrates aspirational incomes to be dramatically altered by a textual narrative despite it not...

We analyze a model of Internet auctions. Sellers each offer one item of a heterogeneous good to bidders who have unit-demand preferences. Items are sold in second-price proxy auctions. We derive a perfect Bayesian (epsilon-) equilibrium. Our experimental findings support the theoretical results....

"Policy design is largely informed by the traditional economic viewpoint that humans behave rationally in the pursuit of their own economic welfare, with little consideration of other regarding behavior or reciprocal altruism. New paradigms of economic behavior theory are emerging that build an...

"A common-pool resource (CPR) is defined as any resource in which exclusion is difficult and consumption of resource units is rival. Examples of CPRs include groundwater basins, fisheries, forests, grazing ranges, and irrigation systems in which property rights--or the ability to uphold such...

"In this study, individual level behavior is investigated in the context of computer assisted voluntary contribution mechanism public good (VCM) provision experiments and common pool resource (CPR) appropriation experiments. Previous studies of these environments have concentrated on aggregate...

"We develop an evolutionary game theory model for a limited access common pool resource. With full disclosure of individual extraction decisions and payoffs we conjecture that subjects will imitate the most successful players’ strategy as long as their payoffs increase. We derive a stable...

"Laboratory experiments have generally supported the fundamental theorem that, in classical property rights environments, noncooperative behavior in large group markets yields efficient social outcomes. Experiments, however, regularly fail to support the game theoretic prediction of...

"In particular, the academic debate over the best prediction about the behavior of people that use a common-pool resource (CPR), and the recommended policy approaches to the CPR dilemma have undergone a very interesting evolution throughout the last 3 decades of the pastcentury, since the...

"In 1968, Hardin argued that all commonly-owned resources would tragically be depleted unless private ownership was granted. There are many case studies which prove Hardin wrong. Common-pool resources have been managed with success. However, this success does not imply (as some believe) that...