Auctions are increasingly being used to allocate emissions allowances (“permits”) for cap and trade and common-pool resource management programs. These auctions create thick markets that can provide important information about changes in current market conditions. This paper reports a...

This chapter surveys the past and future role of experimental economics in legal research and practice. Following a brief explanation of the theory and methodology of experimental economics, the chapter discusses topics in each of three broad application areas: (1) the use of experiments for...