A vast literature shows that individuals frequently violate normative principles in reasoning. In evaluatingthe relevance of these findings for psychology, economics, and related disciplines, it is natural to askwhether reasoning errors reflect random aberrations or systematic biases. One...

A vast literature shows that individuals frequently fail to identify the normative solutionsin logical reasoning tasks. Much attention has been devoted to the study ofthese deviations at the individual level; less effort was exerted to investigate whetherinstitutional settings might facilitate...

The results of an asset market experiment, in which 64 subjects trade two assets oneight markets in a computerized continuous double auction, indicate that objectivelyirrelevant information influences trading behavior. Moreover, positively and negativelyframed information leads to a particular...