This paper reports an exercise in adversarial collaboration. An adversarial collaboration is an investigation carried out jointly by two individuals or research groups who, having proposed conflicting hypotheses, seek to resolve the issue in dispute. The experiment reported was designed to...

This paper considers the ways in which information can impact contingent valuation estimates of environmental values. The Hoehn/Randall distinction between value formulation and value statement is employed. We distinguish several ways information should be expected to effect true Willingness to...

In this study, we add to the body of evidence on the reliability of risk preference measurements using evidence from a survey and experiment in rural Viet Nam. We conducted a field survey and experiment with a random sample of 350 households. Subjects face various incentivized elicitation...

We present the results of an experiment involving established couples, which uses choices between lotteries to test some economic models of household decision-making. Subjects make choices individually and jointly and are asked to make predictions about their partners choices. Income pooling is...

Given the evidence against the unitary model of the household, there is a need to understand the predictions of alternative household models within the context of valuation. This paper derives the relationship between household and individual willingness to pay (WTP) for the non-cooperative...

While a dominated choice involves a situation in which one option clearly dominates another on all relevant dimensions, an asymmetrically dominated choice typically involves more than two options in which at least two options do not dominate each other but one (but not both) of those options...

An experimental design using treatments of a voluntary contribution mechanism is used to test household efficiency. Efficiency is decisively rejected in all treatments contrary to the assumption of most household models. Information on initial endowments of spouses improves efficiency only in...

We present a new theory of decision under uncertainty: third-generation prospect theory (PT3). This retains the predictive power of previous versions of prospect theory, but extends that theory by allowing reference points to be uncertain while decision weights are specified in a rank-dependent...

It has been argued that cognitively constrained consumers respond sub-optimally to complex decision problems, and that firms can exploit these limitations by introducing spurious complexity into tariff structures, weakening price competition. We model a countervailing force. Restricting one's...

This paper reports experimental tests of two alternative explanations of how players use focal points to select equilibria in one-shot coordination games. Cognitive hierarchy theory explains coordination as the result of common beliefs about players' pre-reflective inclinations towards the...