Recent survey evidence suggests that investors form beliefs about future stock returns by predominantly extrapolating their own experience: They overweight returns they have personally experienced while underweighting returns from earlier years and consequently expect high (low) stock market...

This article reports results from an economic experiment that investigates to what extent voters punish corruption and waste in elections. While both are responsible for a loss of welfare for voters, they are not necessarily perceived as equally immoral. The empirical literature in political...

Although pre-electoral political manipulation of the budget --- the political budget cycle (PBC) --- has been long investigated by scholars, empirical findings are mixed at best. This is partly because of the non-random nature of election timing. There also exist ongoing debates over how the...

This paper investigates the effects of different prize structures on the effort choices of participants in two-stage elimination contests. A format with a single prize is shown to maximize total effort over both stages, but induces low effort in stage 1 and high effort in stage 2. By contrast, a...

This paper experimentally tests the effectiveness of three crowdsourced signaling mechanisms on their ability to resolve an asymmetric information problem over product quality for a set of consumers. Motivated by naturally occurring environments, the first mechanism allowed experimental subjects...

This paper aims to deliver experimental evidence on the dispute between two behavioral models of electoral turnout (Bendor, Diermeier & Ting, APSR 2003; Fowler, JoP 2006). Both models share the idea that the subjects' voting propensities are updated from their past propensities, aspirations and...

We propose an agent-based computational model defining the following dimensions of structural change - organisation of production, technology of production, and product on the supply side, and income distribution and consumption patterns on the demand side - at the microeconomic level. We define...