Laboratory experiments were conducted to investigate how private and public information affect the selection of an innovation and the timing of adoption. The results shed light on the behavioral anomaly called the "energy-efficiency gap" in which consumers and firms delay adoption of...

This paper introduces the concept of categorizing the amount and speed of a discounting procedure in order to generate well-characterized families of procedures for use in social project evaluation. Exponential discounting isolates the concepts of amount and speed into a single parameter that...

This paper introduces the concept of categorizing the amount and speed of a discounting procedure in order to generate well-characterized families of procedures for use in social project evaluation. Exponential discounting isolates the concepts of amount and speed into a single parameter that...

The authors extend the standard public goods game in a variety of ways, in particular by allowing for endogenous preference over institutions and by studying the relationship between individual types, their preferences, and later behavior within the various institutional environments. They...

Laboratory experiments were conducted to investigate how private and public information affect the selection of an innovation and the timing of adoption. The results shed light on the behavioral anomaly called the "energy-efficiency gap" in which consumers and firms delay adoption of...

Ellsberg (1961) proposes two alternative frames to elicit individuals' preferences for ambiguity. Through an experiment, we find that Ellsberg's three-color one-urn frame induces very different revealed preferences than the two-color two-urn frame. In both frames, we document ambiguity aversion...

We conducted laboratory experiments to investigate how private and public information affect the selection and timing of technology adoption. Our experiments extend the standard herding model to more accurately represent the innovation decision problem. Subjects drew private signals and observed...