A laboratory experiment studies coordination and cooperation in games played in different networks - local, random and small-world. Coordination on the payoff-dominant equilibrium was faster in small-world networks than in local and random networks. However, in a prisoner's dilemma game,...

Discrimination is a pervasive aspect of modern society and human relations. Statistical discrimination theory suggests that profit-maximizing employers should use all the information about job candidates, including information about group membership (e.g., race or gender), to make accurate...

Exams are designed to rank students objectively by their abilities, including elements such as time limits, the number and difficulty of questions, and negative marking policies. Using data from a lab-in-field experiment, we develop and estimate a model of student behavior in multiple-choice...

We investigate the effect of positional goods (goods for which one's consumption relative to others’ matters) on saving, based on results from a life-cycle consumption/saving experiment. In a Group treatment, we allow inter-personal comparisons by assigning subjects to groups and displaying...

In this paper we analyze a large sample of individual responses to six lottery questions. We derive a simultaneous estimate of risk aversion and the time preference discount rate per individual. This can be done because the consumption of a large prize is smoothed over a larger time period. It...

Everyday, millions of decision makers receive advice from one or more sources. Although research has addressed some of the issues concerning how people take and use advice that they are given, less is known about the psychological processes that underlie decision makers' willingness to pay for...